QROPS in France
France remains one of the favourite destinations for British expats, particularly in retirement. Yet a poor exchange rate and rising cost of living have meant that pensions from the UK have dwindled in value for expats in France over recent years.
Make the most of your retirement with a QROPS
If you are a retiree living in France with a British private pension, a QROPS can help your money go much further than keeping it in the UK.
When you live in France for more than five years, there are numerous benefits to transferring your pension into a QROPS.
Advantages of a QROPS in France
As a British expat living in France, a QROPS arranged through STM allows you to:
- receive your pension income into your French bank account in local currency, making you less vulnerable to currency fluctuations and the current poor exchange rate with sterling
- avoid paying UK tax on the fund
- mitigate income tax rates in France
- choose the jurisdiction where your QROPS is held, to find the one that suits you best
- deal with a local adviser in France, making it easy to manage your account
- avoid UK inheritance tax and the complicated French inheritance system
- pass the fund on to your beneficiaries upon death
Is a QROPS right for me?
As long as you plan to live in France for more than five years and have over £100,000 to invest, then a QROPS is an excellent solution.
You’ll receive income in euros, avoiding exchange rate and cost of living issues. And as long as you hold a French residency certificate for tax purposes, you won’t need to pay UK tax on the fund.
Instead, you’ll pay French tax rates after five years of residency, currently between 14% and 41% after the allowance of €6,000, significantly lower than the top UK tax rates.
In addition, the French government is currently proposing to abolish wealth tax, currently charged at between 0.55% and 1.8% on income over £675,000.
Find out more about QROPS in France
Please contact STM QROPS for a no-obligation discussion to find out more about the advantages of a QROPS in France.