In a move which may have gone relatively unnoticed
over the holiday break, HMRC has delisted all Cyprus-based Qrops (overseas
pension schemes) from its published list of approved Qrops, mirroring the fate
which befell the Guernsey Qrops industry earlier this year.
QROPS, which were introduced by the UK in 2006, are popular
with expats as they offer significant tax and investment advantages when
compared with UK pensions. However, HMRC is
now clamping down on what is sees as territories which abuse Qrops regimes – a
move which is raising concerns about the future of the industry. The reasons for Cyprus Qrops being delisted
are not entirely clear, and the move has come as a surprise to many
practitioners who thought that, as an EU member state, Cyprus would avoid the
harsh treatment meted out to Guernsey.
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