Financial experts within the United Kingdom have praised the growing QROPS market, with many stating it is reaching a new height of maturity, as well as suggesting that QROPS for American residents are also becoming a possibility.
Introduced in 2006, the QROPS (Qualified Overseas Pensions Schemes) is already a very popular pension alternative for UK expatriates. More QROPS transfers have been created in 2011 than any previous year, and experts predict that the imminent 2012 will record even more.
Now, as the market is said to be reaching ‘maturity’ there is talk that QROPS could also be available to expatriates who are in the US. Previously, QROPS for American residents were thought to be a no-go area due to US tax restrictions. However, this is not completely true, and it is actually possible for UK expatriates in the USA to utilise a QROPS. Developments in 2010 led to the IRS recognising the QROPS in certain circumstances. Of course, it’s not a simple procedure to carry out and to utilise a QROPS in the US you must speak with a financial adviser who is well experienced in the market.
If you are a British expat in the USA and would like to get in touch with an experienced, recommended financial adviser, visit the Contact an IFA page and fill out the short form.