Pension Transfers to South Africa for Tax Residents in South Africa. QROPS / ROPS 2016/17 for British expats moving to South Africa and South Africans returning from working in London or working in the UK.
You can transfer your existing UK pensions to a Recognised Overseas Pension Scheme (ROPS) formerly known as QROPS in Hong Kong and have your retirement income paid out tax-free with no tax on growth or death in Hong Kong.
If you are leaving the UK permanently, a UK pension transfer to Hong Kong avoids the death taxes in the UK of up to 45% after age 75 and UK income taxes of up to 45%.
Thanks to the HK – SA Double Taxation Treaty, a HK pension is taxed only in Hong Kong, meaning a South African pension is paid out tax-free.
You can choose the currency and investments of your pension scheme.
Your retirement income is then paid directly into your HK bank account tax-free.