If you are contemplating to live in Dubai after retirement and you have funds in UK pension, QROPS Dubai would be a good option for you. Suppose you hang about being a UK non-resident for 5 years or more and you are presently residing in Dubai or have it in mind to settle there, why leave matters in UK? Dubai is virtually a no-tax zone, which is to say that tax regimes are rather flattering and flexible there. Then why will you choose to hand over a part of your hard earned and hard saved money to UK Government? Fund transfers through QROPS Dubai will be of your help under this circumstance.
United Arab Emirates or UAE is composed of seven states out of which the state of Dubai is one of the noteworthy international cities in this century. It is becoming a hot target zone of settlement by British expatriates, mainly because of the luxury it promises in terms of money. However, at present there are no QROPS funds in Dubai. But there is nothing to worry, as there is another way to avail of the benefits.
You can shift your UK pension funds through QROPS Dubai to a QROPS in an impartial and nonaligned jurisdiction like Guernsey or the Isle of Man. This will ensure flexibility for a longer period of time. Moreover, this transfer of funds does away with two major risks, namely, problems due to currency fluctuations and the never-ending hopes associated with improvement of exchange rates.
The advantages you could reap by going for QROPS Dubai are:
1. It will guarantee tax efficiency to a great degree
2. You will have a wide choice as far as selections of investment are concerned
3. You can pass on 100% of the funds to your chosen recipient
4. You are not required to pay for annuity or various UK tax charges
5. Once your UK pension is moved to QROPS Dubai you are no more in the domain of UK inheritance tax
The rules of HRMC (Her Majesty’s Revenue and Customs) regarding QROPS Dubai, or for that matter, any QROPS scheme, is quite complex. Many legal procedures are involved and definite imperatives need to be followed to make the most of this scheme. Therefore hunt for a fine and experienced advisor and get his assistance.