There are two parts to Ireland. In the north is Northern Ireland, one of the parts of the United Kingdom, while the rest is called the Republic of Ireland, an independent nation. An island located next to the United Kingdom, Ireland provides its residents the opportunity for easy access to major European centers such as London while still providing a unique heritage all its own.
Often called the Emerald Isle, Ireland is known for its lush vegetation which is due to a mild climate that includes substantial rainfall. The rains are heavier in the western part of Ireland which also gets more snow and hail than the east. Surrounded by the Atlantic Ocean, the island has an oceanic climate that does not often see extremes of temperature and weather. This is mostly due to the Atlantic winds that frequently cross the island.
Ireland’s culture has been heavily influenced from outside sources due to frequent conquests and immigration over the centuries. This is particularly evident in the religious culture of the island’s two nations, with ancient pagan customs mixing with early Christian practices to make a unique combination. This also manifests itself in Ireland’s rich art history. Ireland is the home of the Book of Kells, a famous Celtic Christian manuscript. Irish literary greats include Oscar Wilde, Jonathan Swift, and George Bernard Shaw. And in science, Ireland is the birthplace of Lord Kelvin, the namesake of the absolute temperature unit.
Once known for people migrating out of the country after a potato famine, since the end of the 20th Century Ireland has seen that turn around with the nation becoming a desirable destination for immigrants. Polish people make up the bulk of immigrants to Ireland, but there are also substantial numbers of Latvians, Czechs and Lithuanians. With about ten percent of its population made up of immigrants, Ireland shows it is an open door to someone thinking of moving there for work or to retire.
For those resident in Ireland and have an Irish pension scheme or those who have decided to reside elsewhere in the world and hold an Irish pension, the transfer to an EU approved pension could provide significant advantages.
QROPS Ireland could save you tax.
QROPS that are based in an offshore jurasdiction may provide up to 30% of the QROPS Pension fund as a tax free cash lump sum
In addition QROPS will allow for benefits to be received in a bank account of your choice in all major currencies including local currency
You will also avoid paying Irish tax and only pay tax locally if resident outside of Ireland
Avoid the Irish pensions levy
Benefits of a EU recognised QROPS
Income payments are paid gross
On death 100% of the remaining fund is passed to your named beneficiaries
Wider investment choice enabling you the opportunity to invest in global assets.
Benefits of transferring your pension out of Ireland
The pensions levy announced in May 2011 and retrospectively enforced from 1st January 2011 applies to individual pension policies, company pension schemes, personal retirement bonds, Personal Retirement Savings Accounts and buy out bonds. The levy could be as much as 10% of your pension fund.
A transfer to an EU approved pension scheme as permitted under the Occupational Pension Schemes and PRSA (Overseas Transfer Payments) Regulations 2003 are exempt from the pensions levy.
If you live outside Ireland, transferring your pension to an EU approved scheme will avoid all Irish taxes.
Who is eligible for QROPS ?
- A UK national moving to Ireland
- Anyone who has built up UK pension benefits and is now resident or looking to become resident in Ireland
- Anyone holding an Irish pension either living in Ireland or overseas
As QROPS experts QROPS-advice.net can provide you with all the help and guidance you may need. Contact us today to see how we can help with your QROPS Ireland enquiry.