USA Resident, QROPS transfers now available!

DESTIN, Fla. - Jan. 21, 2014 - PRLog -- If you live in America and have a UK pension, you already know what a headache this can be. Well it is about to get a lot worse, so you need to take action now.

The IRS do not recognise UK pensions, as pensions, so require these to be reported under the new FATCA legislation. Failure to report, will result in a $10,000 fine up to a maximum of $50,000.

Also the treatment of UK pensions under the UK/USA DTA (Double Taxation Agreement) is not that great resulting in tax on interest on your fund growth before you get it, and the IRS tax the interest on your fund growth once it is credited. The IRS also tax any Cash Lump Sum (Normally tax free in the UK) if you are a US Citizen, resident in the US. If you could move your UK pension to a US based 401K, you would be so much better off. Problem is you cannot move a UK pension to the States.

There is however an alternative. Under an EU directive the UK government was forced to let people take their pensions out of the UK. A Qualifying Recognised Overseas Pension Scheme, or QROPS as it is known. Allows you to transfer your pension out of the UK.

A QROPS transfer can provide many benefits for a USA resident.

There is a website dedicated to supplying up to date information on USA resident QROPS Transfers:  qropsusa.biz

Visit their website: http://www.qropsusa.biz/