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QNUPS in Spain

November 05, 2021

As a Brit living in Spain, you may have heard of a QNUPS but are unsure if this is suitable for you?



A Qualifying Non-UK Pension Scheme (commonly referred to as a QNUPS) is an overseas retirement planning scheme, only suitable for non-UK residents and is funded via no tax relieved contributions, typically as a lump sum investment.



It is important to remember that a QNUPS is a pension arrangement with the primary intention of paying income to the beneficiary at retirement age. Therefore, any funding needs to be reasonable and commensurate with your individual wealth and income requirements in retirement.



As a pension arrangement, a QNUPS allows you to benefit from no capital gains tax on the growth.  Additionally, any investment held within a QNUPS is immediately outside of your estate for UK inheritance tax, a benefit which would continue to apply if you were to return to the UK. For those who are a resident in Spain, income can be taken from your QNUPS at a very efficient tax rate, that is if withdrawals are structured correctly.



If you live in Spain and are considering a QNUPS as part of your retirement planning then it is important to assess your eligibility, which is why you should contact one of our financial planning experts to discuss this in more detail.




To find out more, contact us today, by calling +44 207 998 0570 or e-mail enquiries@fwm.gi.