QROPS Cuba. Pension Tax Relief British expats living abroad can now transfer their pension into a QROPS Cuba to maximize pension tax relief. UK expats living in Cuba can take advantage of their offshore status and transfer their UK pension offshore to somewhere secure like the Isle of Man or Guernsey and will no longer have to pay UK taxes on their pension if they stay offshore. Cuba is home to over 11 million people and is the most populous island nation in the Caribbean Daniel Sedin Sweden Jersey , as well as the largest by area. Its people, culture, and customs draw from diverse sources, such as the aboriginal Ta铆no and Ciboney peoples, the period of Spanish colonialism Gabriel Landeskog Sweden Jersey , the introduction of African slaves and its proximity to the United States. Why live or retire in Cuba as a British expat? There are over 160 Brits living in Cuba. Cuba is an archipelago of islands located in the northern Caribbean Sea at the confluence with the Gulf of Mexico and the Atlantic Ocean. The local climate is tropical, moderated by northeasterly trade winds that blow year-round. In general (with local variations), there is a drier season from November to April, and a rainier season from May to October. Cuba is dotted with beaches and national parks. The country is made up principally of whites, followed by blacks Marcus Kruger Sweden Jersey , mulattos and Asians. The official language of Cuba is Spanish and the vast majority of Cubans speak it. Baseball is by far the most popular; other sports and pastimes include basketball, volleyball, cricket, and athletics. Cuba is a dominant force in amateur boxing, consistently achieving high medal tallies in major international competitions. Cuban music is very rich and is the most commonly known expression of culture. The central form of this music is Son Carl Hagelin Sweden Jersey , which has been the basis of many other musical styles like salsa, rumba and mambo and an upbeat derivation of the rumba, the cha-cha-cha. Cuban cuisine is a fusion of Spanish and Caribbean cuisines. Cuban recipes share spices and techniques with Spanish cooking, with some Caribbean influence in spice and flavor. QROPS Cuba. Pension Tax Relief
: What are the benefits of a QROPS Cuba Pension Transfer for UK expats? 鈥?Avoid UK income tax 鈥?Avoid UK dividends tax 鈥?Avoid UK capital gains tax (CGT) 鈥?Avoid UK inheritance tax (IHT) 鈥?Currency choice. You can choose to have your pension transferred to a QROPS denominated in USD, EUR or keep it in GBP 鈥?Have the ability to make higher returns with freedom of investment 鈥?Family Protection: Upon death Patric Hornqvist Sweden Jersey , the entire pension pot gets passed on to your nearest and dearest 鈥?Security: The pension is held in a secure jurisdiction such as Guernsey or the Isle of Man which is under the protection of the British Crown, but has its own strong financial regulations which are tax efficient What is QROPS Cuba? A Qualifying Recognized Overseas Pension Scheme (QROPS Cuba) allows your UK pension to be transferred offshore to reduce your tax burden. Effectively, you will no longer pay UK tax on your pension whilst you are offshore and after 5 years of living offshore, the reporting requirements to HMRC cease. If you are living in Cuba at the moment, you can take advantage of your offshore address in order to move your UK pension into a QROPS to avoid further UK taxes down the line. A QROPS is the perfect vehicle to avoid UK taxes if you are considering living or retiring abroad. What is the economy like in Cuba? The Cuban state adheres to socialist principles in organizing its largely state-controlled planned economy. Most of the means of production are owned and run by the government and most of the labor force is employed by the state. Recent years have seen a trend towards more private sector employment. By 2006 Filip Forsberg Sweden Jersey , public sector employment was 78% and private sector 22%, compared to 91.8% to 8.2% in 1981. Capital investment is restricted and requires approval by the government. The Cuban government sets most prices and rations goods. Any firm wishing to hire a Cuban must pay the Cuban government, which in turn will pay the employee in Cuban pesos. Cubans cannot change jobs without government permission. The tourism industry accounts for over $2.1 billion in revenue and the medical tourism sector is a growth market. Cuba’s major exports are sugar, nickel, tobacco Loui Eriksson Sweden Jersey , fish, medical products, citrus, and coffee; imports include food, fuel Nicklas Backstrom Sweden Jersey , clothing, and machinery. Cuba holds 6.4% of the global market for nickel, which constitutes about 25% of total Cuban exports. A 2005 US Geological Survey report estimates that the North Cuba Basin could contain 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas. On August 2, 2011, The New York Times reported Cuba as reaffirming their intent to legalize “buying and selling” of private property before the year ends. According to experts Anton Stralman Sweden Jersey , the private sale of property could “transform Cuba more than any of the economic reforms announced by President Ra煤l Castro鈥檚 government”. GDP comprises agriculture: 4.3%, industry: 21.6% and services: 74%. QROPS Cuba. Pension Tax Relief
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