Since the HMRC started clamping down strongly on QROPS products in December 2011 many jurisdictions have moved to close schemes which fall fowl of the new regulations. However, Malta has been proactive in supporting its growing QROPS industry and promoting it to expats around the world.
This week has seen Malta’s financial regulators the Inland Revenue Service introduce new guidelines designed to make the Mediterranean island an even more stable location for expats looking to take advantage of tax efficient QROPS products hosted in the territory.
The rules aim to further establish Malta as a responsible and transparent location for offshore wealth management which should ensure that HMRC does not look unkindly on Malta’s lucrative QROPS industry.
If the expat is resident in a country with which Malta has a Double Tax Agreement then evidence of this will need to be supplied.