A new Malta QROPS has been launched in the market – the Boal & Co Malta Pension. The scheme has received approval from the Malta Financial Services Authority (MFSA) and is also included on the regular HMRC Recognised Overseas Pension Scheme list.
Boal & Co are international pension specialists, with over USD10 billion assets under management. They already have established Isle of Man and Gibraltar QROPS options and are now licensed by the MFSA to act as Back Office Administrators for the new Maltese QROPS.
Boal & Co are pleased to confirm they will be working in conjunction with ITC International Pensions Ltd, a local Maltese Retirement Scheme Administrator that will be acting as trustee to the scheme.
John Batty of Boal & Co said, “Following the recent changes in HMRC regulations regarding QROPS, the excellent regulatory environment in Malta and the ability to use flexi access has meant it has become a key jurisdiction for transfers from the UK for EU based residents.”
Malta has seen its prominence rise dramatically in the QROPS market in recent weeks due to regulatory changes, and Boal & Co will be offering transfers free of charge between its existing QROPS and the new Malta Pension scheme.
Mark Kiernan, Boal & Co’s Chief Executive added “We made the decision to work with ITC International Pensions Ltd to establish a Malta based Scheme in February 2016, culminating in an application to the MFSA in April 2016. This was a strategic change in our operating model having previously concentrated our QROPS sales efforts in the Far East. The addition of a Malta scheme largely completes our QROPS offering, and with the experienced team we have in place, I see Europe being a key market to enable us to continue our international growth.”