Largely unbeknown to Irish expats, new revenue changes crept into effect in December 2017. These changes have left Irish pension holders worldwide exposed to the potential threat of double-taxation as market experts, ITC, recently revealed that the refund of Irish tax on Irish pensions is now uncertain. Even if you can demonstrate that your pension has been taxed in your country of residence, a tax refund is now unlikely. Thankfully, a pension transfer can eliminate the risk of double-taxation as well as deliver a number of favourable benefits to you and your assets.
- You can enjoy access to your hard-earned savings from an earlier age, being able to draw down your assets from the age of 50
- It will enable you to avoid the threat of double taxation as well as exposure to any future levies placed upon Irish pensions
- Avoid being hit by 'deemed withdrawal' charges from the age of 60, which exposes you to taxation regardless of whether or not you're drawing an income from your retirement fund
- You'll have flexible drawdown options at your fingertips
- Achieve a lump sum benefit increase from 25% to 30%
- Upon first death, you or your spouse can attain significant tax benefits
- Ensure that inheritance by your spouse qualifies under spousal exemption even if your spouse is receiving an income
- It eradicates the lump sum cap entirely
- You can also receive closer management of your money, ensuring that your assets are optimally placed based on your individual financial needs and risk profile.
With retirement an increasingly large portion of our lives, it is crucial to ensure that your assets are optimally placed for you and your family’s future. At Imperius, our dual-qualified advisors provide clients with highly-competitive, tailored advice, including assessing whether your pension is best left where it is. To gain piece of mind that your your financial future isn't exposed by the changes in Irish legislation, get in touch today and receive a callback from one of our expert advisors.
- Aidan McLoughlin, ITC, QROPS and International Pensions Update, April, 2019
Copyright 2018 by Imperius.
Issued by Imperius Asset Management Limited, which is authorised and regulated by the Central Bank of Ireland. Registered address 37 Main Street, Ongar, Dublin, 15, Ireland. No. 460677.