guide to eurbs
TRANSCRIPT
Guide To EURBS
Introduction
An increasing number of professionals of all nationalities have been moving and working abroad in the last decade.
Whether you are a young executive or a high net worth individual, we understand that each client has specific financial requirements and objectives. Thanks to the deVere Group’s unique affiliations with the leading institutions in the market place, we can offer offshore financial products and services that can help you achieve financial security and provide you with the quality of life you require as an expatriate or international investor.
Investing in international accounts is no longer the premise of the rich and famous; all expatriates livingabroad can now enjoy the flexibility, among other benefits, by investing their money overseas.
In recent years, the offshore financial industry has become very popular, prompting financial institutions from around the world to enter the offshore market. Consequently, there are now many providers that offer a broad range of services ranging from saving schemes to pension and retirement plans; and wealth management accounts to lump sum investment products.
Over the years, the deVere Group has developed strong partnerships with some of the world’s leading investment houses and insurance companies, all of which offer some of the most competitive products in the marketplace and a high level of protection for the investor.
In this guide, our aim is to provide you with essential information about effective retirement planning as an international investor or expatriate.
In addition to the guide, our experienced financial consultants can assist you further by taking you through some of the options available to you, to help you start planning for your retirement with the transfer of some European pensions .
What is EURBS?
EURBS stands for European Union Retirement Benefits Scheme — allowing individuals to transfer their accrued pension into another EU jurisdiction when they move abroad or retire.
Traditionally, when an individual leaves a job position, their pension is frozen with no access to their money. However, European Union legislation allows freedom of movement of pensions between different EU countries and as such, via EURBS, pension holders can now transfer their substantial funds to another country when they retire to a different jurisdiction.
Guide to EURBS
The EURBS is a Malta-domiciled pension scheme. Malta is a full member of the European Unionand has a long history of economic and financial security. Every pension scheme is registered with the highly-respected Malta Financial Services Authority.
By transferring your pension into a Malta retirement scheme, not only will you have greater investment opportunities, but you will also be able to receive a lump sum, depending on your previous scheme and retirement destination and the potential to pass on your pension fund to your beneficiaries in full in the event of your death.
The Malta retirement scheme is also written to meet the UK HMRC recognised overseas pension rules.
BENEFITS OF TRANSFERRING YOUR PENSION INTO A EURBS
If you transfer your pension into a retirement plan that is based in another jurisdiction within the EU and you plan to retire abroad permanently, then the benefits open to you could help you live your retirement years with greater flexibility and benefits.
The major advantages of transferring your pension into a Malta retirement scheme can include:
• Greater investment freedom with the flexibility of investing in a wide range of funds and investments• The ability to pass on pension funds to your beneficiaries upon your death• Tax-efficiency• Up to 30% of the fund as a lump sum• A flexible currency choice• Inheritance mitigation opportunities
For your pension payments to become more flexible, it may be beneficial to transfer your pension into a EURBS in a neutral location, such as Malta.
Once transferred to a Malta-based pension, it is possible to have benefits paid gross from Malta depending on availability and definition of a tax treaty with the jurisdiction of residency.
WHO IS ELIGIBLE FOR A EURBS PENSION TRANSFER?
To be able to transfer your accrued pension to a EURBS in another jurisdiction you must be:• Between the ages of 18 and 70• Have a substantial pension of at least €50,000 to transfer• Ideally, you will planning to reside permanently overseas or living in the country you have retired
Potential EU jurisdictions allowing transfers include Ireland, UK, Switzerland, Netherlands and Belgium.
If you wish to learn more about transferring your pension to a EURBS, speak to one of our professionalfinancial consultants. The advice we provide is free and without obligation.
Guide to EURBS
WHAT HAPPENS IF I LEAVE THE PENSION IN THE HOME COUNTRY?
If you decide to leave your pension in your home country when you retire abroad, you could potentiallyface:• The application of higher tax rates• The inability to pass on the remainder of your pension to your beneficiaries upon your death, including your spouse and children• Poor investment flexibility and choice• Below-average growth in your pension fund• Currency issues
EURBS SOLUTIONS
Effective planning for your retirement can make the difference between just being able to live andhaving the retirement of your dreams. If you have a substantial pension and are planning to retire abroad, it makes sense to get professional financial advice from pension experts on pension transfers.
The deVere Group is committed to helping expatriate clients such as yourself to gain the most from your retirement-planning. If you wish to speak to one of our professional financial consultants about transferring your pension to a EURBS, please see our contact details below. The advice we provide is free and without obligation.
About The deVere Group
The deVere Group is the world’s largest independent financial consultancy group. We work with international investors and expatriates to find financial services products that best suit their medium to long-term requirements for investments, savings and pensions.
With in excess of US $10 billion of funds under advice and administration, the deVere Group has more than 80,000 clients in over a 100 countries. We believe that our success lies in our ability to offer independent financial advice on products that are tailor-made to fit an individual’s needs.
As a result, we now have offices in Abu Dhabi, Tokyo, Miami, Geneva, Johannesburg, Dubai, London, Bangkok, Shanghai, Zurich, and Moscow among others.
Note: not all schemes can be transferred and will depend on the jurisdiction, type of scheme and decision of the transferring company, insurer or regulator.
The advice we provide is free and without obligation.
All opinions expressed in this Guide constitute the author’s own judgment as of the date of the Guide. Please note that as we have only indicated the general position, and whilst every effort has been made to ensure the accuracy of the information, we can accept no responsibility for any act or failure to act based upon its content. The views expressed herein are purely those of deVere employees and are not to be construed as advice.
Guide to EURBS
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This material is for information purposes only and does not contain (and should not be construed as containing) investment advice or an investment recommendation, or, an offer of or solicitation for, a transaction in any financial instrument. Always seek independent financial advice before investing in any product. The information provided and contained in this brochure are believed to reliable, but are subject to change without notice and deVere makes no representation as to the completeness or accuracy of the information or of any opinions expressed.