Five tips to consider when using an overseas pension
28 Apr 17
Given the recent dramatic changes to rules governing overseas pension transfers, Martin Hall, the director of Isle of Man-based pension provider Optimus, gives his tips on what to consider when using an international pension scheme.
We are living in an age now where is it becoming difficult, if not impossible to not disclose your client’s assets and wealth to local tax authorities no matter where they are based.
Common Reporting Standards (CRS) were introduced in 2016 and have already resulted in a major shift in people’s psyche that the global financial world needs to embrace transparency.
If your client’s overseas pension is CRS reportable, that demonstrates it is keeping in line with global regulations and transparency. There are reports of some international pension providers using the fact that they are non-CRS reportable as a unique selling point. Whether this has longevity only time will tell.
