Qualifying Recognised Overseas Pension Schemes in Vietnam
As a British expat in Vietnam, you can transfer your pension pot to a Qualifying Recognised Overseas Pension Scheme, tax-free up to £1 million.
For British expats residing abroad, UK pension pot transfers to QROPS are a viable option because they are protected with a ‘double taxation treaty’, meaning transfers won’t be hit with a 25% tax charge.
How it works
QROPS is a personal pension scheme which was established outside of the UK and which is recognised by HMRC – Her Majesty’s Revenue and Customs. If you qualify, QROPS enables you to transfer your existing UK pension and receive your benefits free of tax.
QROPS is for expats who have previously worked in the UK and have earned an income that has been paid into a Registered Pension Scheme.
Which pensions can be transferred to QROPS?
Providing you fit the QROPS criteria, you can transfer any of the following recognised pensions:
- Personal pensions
- Final salary pensions
- Money purchase
If you'd like to learn more about QROPS in Vietnam, speak to one of our pension specialists today.