International Pensions

Although pension investment is usually tax efficient in high tax countries, as an internationally mobile professional you can find yourself unable to benefit fully from this treatment because of being an expatriate.

Your situation, however, means you can transfer any accumulated pension rights overseas.

This could be to your new country of residence or, if your location changes frequently (and you would not want to constantly transfer the pension), to one suitable location.

If you are unsure of your 'base' location, an offshore financial centre such as Gibraltar may be an option to consider for your international pension.

In Gibraltar, approved occupational pension income has been subject to zero tax since 1 July 2006 (assuming certain conditions are satisfied) and tax relief is available for pension contributions.

Gibraltar pension schemes can also receive pension rights which have accumulated overseas tax efficiently.

We can also consider other jurisdictions when researching the best option for your situation.

In general, you can choose between a pre-wrapped pension plan or your own portfolio of investments.

The EU Commission has recently issued a communication stating that it would sue Member States that do not allow 'reasonable' tax treatment of mobile employees' income.

In addition, the European Pensions Directive allows the establishment of pan-European pension arrangements or the registration of national pension plans in alternative jurisdictions.

To discuss how we can help you, please email us or telephone us on Gibraltar (+350) 200 42686 and ask for a member of the Pensions Team.