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published 3/3/2014

Pension professionals in Gibraltar will soon be able to offer Qualifying Non-UK Pension Schemes (QNUPS) from Gibraltar. The Gibraltar Government has, in consultation with the Association of Pension Fund Administrators (GAPFA), worked to enable the sector to offer Gibraltar QNUPS. Discussions then took place between the Government of Gibraltar and HM Revenue and Customs (HMRC) in the United Kingdom.

Albert Isola, Minister for Financial Services said: “This really is good news. The ability to provide QNUPS from Gibraltar builds on the success of our QROPS business established over the past 18 months.”

The minister thanked Senior Executive Michael Ashton for his efforts in delivering this important product for Gibraltar and also his predecessor, Gilbert Licudi, for the initiative and support he provided in the introduction of the earlier QROPS initiative, which this now follows.

“We will shortly be introducing an amendment to the legislation to allow QNUPS from Gibraltar” Mr Isola said.

“This is a further step in establishing Gibraltar as international pensions center…”

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