PENSIONS IN GIBRALTAR
Everyone employed in Gibraltar is entitled to be included in an approved pension scheme which is additional to social security arrangements. British nationals with pensions based in the UK can move their pensions to Gibraltar and make significant tax savings.
There is a strong insurance community in Gibraltar, by no means all devoted to captives, with both principal companies and brokerages able to offer suitable products for pension investment.
Expatriate executives, professionals, entertainers and similar types of global wanderer have a considerable problem with pension provision, since it is often the case that while non-resident they cannot continue with tax-privileged pension investment at 'home', ie in their original domicile, to which they probably intend to return in the end. It may well be that offshore investment is the only practicable route, even though the income they eventually receive in retirement is going to be taxed - and they may decide to retire offshore, in which case they will have preserved flexibility by not committing to any particular high-tax jurisdiction.
People who already live offshore and have no intention of moving onshore, are not really concerned with the distinction between 'pensions' investment and 'non-pensions' investment, since there are probably no taxes to consider either way. They need to have regard to security of course, and will no doubt be planning to maximise income in retirement, so that offshore pensions products are still relevant to them.
Pensions payable under social security regulations are payable to men aged over 65 and women over 60 who have paid no less than 156 contributions and have an annual minimum average of 50 contributions. The standard rate is 47.80 pounds per week with the additional of 6.90 pounds per week for each child and 23.90 pounds for a dependent wife. Pensions are still payable if the annual average contributions are more than 13 but less than 50 but they are at a reduced rate.
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