Bangkok, Thailand -- (SBWire) -- 10/18/2013 --British expats living in Vietnam or wishing to retire in Vietnam can now transfer their pension into a QROPS Vietnam to maximize pension tax relief. Britsh expats living or working in Vietnam can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like Gibraltar and will no longer have to pay UK taxes on their pension if they stay offshore.
Even Vietnamese working in the UK can avoid UK taxes. Vietnamese who have worked in the UK and built up a substantial pension can avoid 55% tax upon death whilst receiving your income plus avoid UK income taxes with a transfer of your private pension out of the UK.
Why live or retire in Vietnam as a British expat?
Over 3,800 Brits live and work in Vietnam. Vietnam is a relative newcomer to the oil business, but today it is the third-largest oil producer in Southeast Asia with output of 400,000 barrels per day. Vietnam is one of Asia’s most open economies: two-way trade is around 160% of GDP, more than twice the ratio for China and over four times India’s. The economy has been growing at between 6% and 8% for the last 20 years.
In 2009, the nominal GDP reached $92.439 billion with nominal GDP per capita of $1,06. According to a forecast in December 2005 by Goldman-Sachs, Vietnamese economy will become the 17th largest economy in the world in 2025, with nominal GDP of $ 436 billion and GDP per capita of 4,357 USD. According to the forecast by PwC in 2008, Vietnam may be fastest growing of emerging economies by 2025 with a potential growth rate of almost 10% p.a. in real dollar terms that could push it up to around 70% of the size of the UK economy by 2050.
As a result of several land reform measures, Vietnam is now the largest producer of cashew nuts with a 1/3rd global share, the largest producer of black pepper accounting for 1/3rd of the world’s market and second largest rice exporter in the world after Thailand. Vietnam has the highest percent of land use for permanent crops, 6.93%, of any nation in the Greater Mekong Sub-region. Besides rice, key exports are coffee, tea, rubber, and fishery products.
For Brits living in Vietnam, you can take advantage of your offshore address to reduce UK tax on your pension as well as protect your wife and children from high UK taxation should anything happen to you.
Normally your money grows offshore tax-free in a safe jurisdiction such as Gibraltar when you draw your income it is paid with just a flat rate of 2.5% deducted. This can then be paid into an offshore account (e.g. a bank account in the Isle of Man) or into a Vietnamese bank account if you have one.
About QROPS Specialists
QROPS Specialists provide a comprehensive service for clients wishing to transfer their UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS).
We provide independent and fiduciary advice to our clients. We aren’t tied to any one pension company or provider, so we can genuinely find the best scheme to suit your preferences. QROPS specialists are experts in the field and will bring you constant news and updates concerning UK pension transfers abroad.
For enquiries, please send email to info@qropsspecialists.com
Contact us-
QROPS Specialists
Prime Buliding, 24 Sukhumvit 21, Klongtoey, Wattana, Bangkok 10110, Thailand
PH: +66 (0)2 661 7884 (please ask for Richard)
F: +66 (0)2 661 7885
QROPS Vietnam Pension Transfer for British Expats to Avoid Paying Taxes
QROPS Vietnam Pension Transfer for British Expats to Avoid Paying Taxes