ROPS Monaco

Monaco is known for many things: its racing cars, casinos, boats, and world-famous Formula 1 track. Small wonder that expats choose this as one of their favourite countries for retirement. For those expats, they have a bonus. They can open a ROPS, once known as ROPS, which transfers their pension from their UK account to a Monaco bank. Their gain? You avoid any sort of UK tax which includes income tax, dividends tax, capital gains tax (CGT) and 55% tax upon death. The result? You save thousands of pounds in tax. Read below more on ROPS Monaco

How do I get a ROPS in Monaco?

You’ll have to open a scheme in Hong Kong or New Zealand to transfer your pension to Monaco, since Monaco only has ROPS schemes that cater for groups rather than for individuals. Both regions follow a Double Tax Agreement (DTA). which means that you’ll be paying tax only to the country you live in, namely Monaco.

Why open a ROPS in Monaco?

A ROPS Monaco Pension Transfer gives you the following benefits:

* Your family or beneficiaries receive a 100% lump sum of your lifetime savings upon your death

* You avoid currency fluctuations.

* You get a larger tax-free lump sum at 30% rather than the 25% in Britain.

* You have wider investment choices that include mutual funds, ETFs, banknotes, bond funds, and so forth.

What should you consider before choosing a ROPS In Monaco?

Only consider a ROPS if you’re planning to live in Monaco for at least five more years, are 55 or older, have at least £20,000 in your pension plan, and your funds do not exceed the current Lifetime Allowance. Any Monaco citizen working in Britain who has built up a UK pension can also register for a ROPS to avoid British deductions on that pension.

Your best bet is to solicit expert financial advice from a consultant who will consider various factors including product fee structures and regulations passed by the ROPS in Monaco Tax authorities.