Are You Thinking of Moving To Bahrain?
Small in size but not in influence, Bahrain is one of the Middle East’s primary oil giants. An island in the Persian Gulf, the kingdom of Bahrain was one of the first regions in the world to convert to Islam after the formation of the religion in Saudi Arabia. In addition to this historical connection to Saudi Arabia, the island is physically will soon be connected to the Middle Eastern giant by way of a two hundred-kilometer causeway, that once completed will be the longest marine bridge in the world.
Bahrain’s climate is heavily influenced by its position within the Persian Gulf. Low humidity in the region leads Bahrain and its neighbors to experience hot, dry summers. However, the shallow waters surrounding the island can be heated enough on summer days to produce a scorching humidity. Temperatures can get as high as fifty degrees Celsius during the summer. Bahrain does not see a lot of rainfall, but what it does get is sparse and not regular. This occurs more in the winter than in other times of the year.
Although governed by a king, Bahrain is known for its monarchy keeping a somewhat hands-off approach to the economy. In fact, the country is known for having the most-free economy in the Middle East as well as the fastest-growing economy in all of Arabia. The oil industry makes up ninety percent of the country’s economic activity, but Bahrain also exports aluminum and does substantial business with finance and exporting construction-related materials. Although Bahrain’s culture is influenced by its Islamic heritage, it does take a more relaxed stance than some of its Arab neighbors. The wearing of western clothing is acceptable and tolerance of other religions is practiced.
A small island with a substantial population, more than 1.2 million people, Bahrain is ranked number four of sovereign states for population density. All about about two tenths of the population are Muslim, represented by both Shia and Sunni ethnic groups. However, the country has a growing population of immigrants that represent a wide variety of religious and ethnic backgrounds.
Bahrain is a poular destination for the international workforce due to a high standard of living and of course the advantage of tax free income. Expats from around the globe are coming here to work and retire. If you have built up UK pension benefits whilst working in the UK then its worth considering the advantages of a QROPS.
QROPS Bahrain 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 compared to only 25% in the UK.
In addition QROPS will allow for benefits to be received in a bank account of your choice in all major currencies including the local currency unlike a UK pension.
You will also avoid paying UK tax and benefit from the tax free status in the Bahrain, meaning no tax to pay on your income.
Benefits of a HMRC recognised QROPS
Income payments are paid gross and not subject to 20% income tax at source as in the UK.
On death 100% of the remaining fund is passed to your named beneficiaries and not subject to 55% tax as in the UK.
Wider investment choice enabling you the opportunity to invest in global assets.
Who is eligible for QROPS ?
- A UK national moving to the Bahrain
- Anyone who has built up UK pension benefits and is now resident or looking to become resident in the Bahrain
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 Bahrain enquiry.