Compliant non-Spanish private pension schemes

For residents of Spain.
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michaelotal
Posts: 37
Joined: Thu Mar 05, 2015 2:39 am

Compliant non-Spanish private pension schemes

Post by michaelotal »

I have a query relating to pension schemes for expats resident and working in Spain. While pension contributions can be deducted against IRFP (la Renta), the pension products available in Spain are not attractive particularly compared to those available in the UK (e.g. ISAs, SIPPs) or USA (e.g. IRA 401ks) because of high fees and limited range.

However I have been informed that it is still possible to obtain the Spanish IRPF pension contribution deduction if the contributions are made to a pension scheme in another EU country provided that the scheme is compliant with the EUROPEAN RULES 2003/41/ce EUROPEAN PARLIAMENT (SUPERVISION AND REGULATION OF PENSION PLANS). This arrangement is part of the EU strategy of free movement of services and labour .

My question is: does anyone know of any non-Spanish EU countries and pension providers which will offer compliant pension products to people living and working in Spain? Many thanks!
TomWin
Posts: 1
Joined: Sat Sep 02, 2017 2:22 pm

Re: Compliant non-Spanish private pension schemes

Post by TomWin »

Michael,

A few years back, I had a look around - but was unable to find any offers. At the end, it appeared to me that 2003/41/ce only or mostly applies to employer run pension schemes.

Would love to hear what you have found it. Myself, I have received the same info as you from my tax advisor - and would be keen to find one.
Valuethinker
Posts: 48954
Joined: Fri May 11, 2007 11:07 am

Re: Compliant non-Spanish private pension schemes

Post by Valuethinker »

michaelotal wrote: Thu Mar 09, 2017 7:53 am I have a query relating to pension schemes for expats resident and working in Spain. While pension contributions can be deducted against IRFP (la Renta), the pension products available in Spain are not attractive particularly compared to those available in the UK (e.g. ISAs, SIPPs) or USA (e.g. IRA 401ks) because of high fees and limited range.

However I have been informed that it is still possible to obtain the Spanish IRPF pension contribution deduction if the contributions are made to a pension scheme in another EU country provided that the scheme is compliant with the EUROPEAN RULES 2003/41/ce EUROPEAN PARLIAMENT (SUPERVISION AND REGULATION OF PENSION PLANS). This arrangement is part of the EU strategy of free movement of services and labour .

My question is: does anyone know of any non-Spanish EU countries and pension providers which will offer compliant pension products to people living and working in Spain? Many thanks!
The logical place to check would be Luxembourg.

Or Gibraltar. However:

- when there's a financial scam in the UK it often has a Gibraltar angle or base (the satiric magazine Private Eye sometimes has pieces on this). The Financial Conduct Authority here is often warning about this. It looks like the equivalent Gibraltar enforcement agency is not sufficiently proactive (or is overwhelmed)

- products for ex pat Brits (Gibraltar being right in the middle of the largest grouping of same on the Costa del Sol) are often spectacularly poor value, with poor disclosure of fees

- post Brexit, who knows?

Switzerland might be a third case because they have treaties with EU on Financial Services.
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