An offshore pension scheme, sometimes referred to as an overseas pension, is something that can be set up privately as an investment opportunity for one’s retirement years. It can be established through any bank branch that offers pensions, and differ in some respects from an onshore or local pension plan.
Why select an offshore pension scheme
Many jurisdictions located across the globe offer offshore pension schemes. An offshore pension scheme gives individuals the opportunity to apply a variety of techniques to saving towards retirement, including tax-free pensions contributions, tax-free investment gains and tax-free proceeds. All of these elements combined encourage many individuals to set up an offshore pension scheme.
Aside from tax benefits, there are numerous advantages to setting up an offshore pension. They offshore utmost safety and reliability, and are a much more lucrative option than keeping pensions in an onshore setting. Further still, they provide:
- Flexibility in currency choice
- Establishment within a well-regulated jursidiction
- No deductions of income tax
- Investment choice flexibility
- Ease of transferring pension funds to beneficiaries without major fees implemented
Offshore banking is now a modern business and technology such as e-banking has assisted in the speed and accuracy of services provided. Many offshore banks provide pension schemes as part of their services, and provided you meet the stipulated requirements, it can be relatively straightforward to set up an offshore pension plan.
Although traditionally perceived as exclusive to residents of high-tax countries, offshore pensions are also appealing to expatriates, residents living in low-tax countries and residents who plan to relocate from their home country to an offshore location, on or before their retirement. This is because many offshore jurisdictions offer high levels of banking safety, and therefore placing your funds overseas offers enhanced financial security.
Starting Business offer a wealth of advice and guidance on offshore accounts and funds, and can recommend the best offshore financial opportunity for your personal needs. To learn more, please Contact Us.