Bangkok, Thailand -- (SBWIRE) -- 09/20/2013 -- Iraqis who have built up a substantial pension in the UK as well as British expats in Iraq can now transfer their pension offshore to somewhere like Gibraltar or New Zealand to avoid paying UK taxes. Your UK pension can be transferred to a QROPS in Gibraltar or a QROPS in New Zealand to avoid the 55% tax upon death in the UK and UK income taxes of up to 50%.
How Many British Expats are in Iraq?
Over 9,000 Brits live in Iraq. Engineers, oil workers, diplomats, military personnel, ex-armed forces, security professionals, teachers and NGO’s all make up some of the British working in Iraq. Iraq’s modern borders were marked out in 1920 by the League of Nations when the Ottoman Empire was divided by the Treaty of Sèvres. Iraq was placed under the authority of the United Kingdom as the British Mandate of Mesopotamia.
A monarchy was established in 1921 and the Kingdom of Iraq gained independence from Britain in 1932. In 1958, the monarchy was overthrown and the Republic of Iraq was created. Iraq was controlled by the Arab Socialist Ba’ath Party from 1968 until 2003. After an invasion led by American and British forces, the Ba’ath Party was removed from power and Iraq came under a military occupation by a multinational coalition. Sovereignty was transferred to the Iraqi Interim Government in June 2004.
A new constitution was then approved by referendum and a new Government of Iraq was elected. Foreign troops remained in Iraq after the establishment of a new government due to an insurgency that developed shortly after the invasion. There were 46,000 British troops during the invasion. There are now no British troops in Iraq after they left in May, 2011.
For those Brits living in Iraq or any Iraqis who have worked in the UK and built up a substantial pension, you can now take advantage of your offshore status to move your pension to a QROPS Iraq in order to avoid UK taxes on your pension as well as giving you investment freedom to maximize your pension pot.
About QROPS Specialists
QROPS Specialists provide a comprehensive service for clients wishing to transfer their UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS).
We provide independent and fiduciary advice to our clients. We aren’t tied to any one pension company or provider, so we can genuinely find the best scheme to suit your preferences. QROPS specialists are experts in the field and will bring you constant news and updates concerning UK pension transfers abroad.
For enquiries, please send email to info@qropsspecialists.com