​Gibraltar could be losing an important Financial Services product in QROPS

Gibraltar could be losing an important Financial Services product following new legislation where the British Government has imposed a 25 percent levy on pensions transferred from the UK.

Qualifying Recognised Overseas Pension Scheme or QROPS have formed part of the Rock’s Financial Services’ offering over the past five years. Around 80 percent of the QROPS here are owned by people living outside the EEA, which makes them eligible to the new tax. This could prove a deterrent for those considering moving their pensions to Gibraltar.

Christine Vasquez asked Senior Finance Centre Executive, Michael Ashton what the changes meant for the jurisdiction.