QROPS in Spain -
Help and Advice
Blacktower are Spain's top advisory firm. We are committed to arranging the very best pension solutions for our clients. If you have a UK pension and live in Spain you could benefit from a transfer to an international scheme, remove UK tax liabilities and gain your pension freedom.
Following recent reforms the UK government has shown clear intent to tax more pensions. After Brexit they may stop transfers altogether.
Flexible Access QROPS
Over 55s resident in Spain can take retirement benefits how and when they want from a QROPS - with no UK limits or tax.
Don't lose 45% to UK tax man
The UK tax man can take 45% from your UK pension when you die. With a QROPS 100% goes to your beneficiaries.
You may live in Spain but are likely still UK domiciled. QROPS and QNUPS do not form part of your estate for UK inheritance tax.
What is a QROPS?
QROPS are international pension schemes designed to receive transfers from UK pensions. It stands for Qualifying Recognised Overseas Pension Scheme. They emerged in April 2006 as a result of a UK government overhaul of the pension system. 'Qualifying' as they adhere to rules set down by HMRC in the UK and thus being 'recognised' by them. This is important as it allows a UK pension to be transferred to another European Economic Area (EEA) jurisdiction (country) without incurring any penalties and potentially freeing it from UK tax obligations.