QROPS ADVICE: Malta gains QROPS approval by Dan Judge

Malta has become the latest country to gain QROPS recognition from the HMRC following months of negotiations.
The development means Malta-domiciled pensions schemes that are approved by the Malta Financial Services Authority (MFSA) are eligible for QROPS status.
HRMC said it would assess schemes for suitability on a case-by-case basis.
The MFSA said it was processing a number of applications for retirement schemes under its Special Funds Act. Once authorised under the act, the schemes will be able to seek QROPS status from HMRC.
A number of these schemes are expected to then apply for QROPS status.
A spokesman for the MFSA said: “This is a significant development for Malta indicating. The strong reputation of the Maltese financial services industry coupled with the fact that Malta is an English speaking country, had already generated a lot of interest in this area.”
He added pension schemes established in Malta were included in the Mediterranean state’s network of more than 50 double taxation agreements and were also recognised in all countries in the European Economic Area (EEA).
News of Malta’s approval comes as Gibraltar, the British overseas territory on the tip of Spain, awaits a decision from HMRC over whether it will be able to continue as a QROPS domicile.
The jurisdiction voluntarily stopped processing QROPS business around six months ago after HMRC raised concerns over its tax treatment of pension benefits for over 60s – a zero per cent tax is applied.
HMRC is expected to make an announcement as soon as this week over its fate.

http://www.international-adviser.com/lwm/article/960