About 5 months ago, WION Gravitas released a YouTube video claiming the UK is now a third world country, citing a number of 3rd world problems the UK was dealing with. These include a press report claiming that there are over a million potholes on the roads of the UK, there is a serious shortage of life saving medicines, and that the prisons are overcrowded (all third world problems). While the video is titled “Has Rishi Sunak’s UK become a third world country,” it’s hardly fair to blame someone who was in power for less than two years. I think we can all agree that it was a series of bad decisions and complacency by a number of previous governments that has caused the current situation.
If you think about it, it’s really hard to imagine how a country that pretty much ruled the world up to less than 100 years ago could be compared with countries that have been poor for centuries. But WION Gravitas is not the only channel talking about the UK being a third world country. About two weeks ago a channel called CaspianReport released a video titled “How the UK is becoming a third world economy”, talking about how incomes in the UK have stayed pretty much the same over the past decade while expenses have literally gone through the roof. The video then goes on to talk about how the average rent in the UK has increased by £2,200 giving rise to the UK now having the highest homeless population among developed countries.
The problem with the medicine shortage is the scariest of all the issues since these include a shortage of drugs for diabetes, epilepsy, and ADHD, to name a few. Reports also suggest that it’s mostly old people unable to get their drugs with videos of people traveling miles across the UK in order to purchase their life saving medicines. If you’ve lived and worked in the UK and are now at the age of retirement, retiring in a 3rd world country is definitely not what you signed up for. Additionally, with reports suggesting the UK State pension may no longer be affordable for the government, it might be a good time to move back home to India, and take your pension with you. If you’ve lived and worked in the UK, and have since moved or are planning to move back to India, why not invest your pension in one of the world’s fastest growing economies?
QROPS FAQs
Who can apply for a QROPS?
Anybody who is in the age group of 18 to 75, has worked and accrued UK pension, especially Indians and are currently living outside the UK, or intend to leave in the imminent future.
What are the key benefits of a QROPS Pension Transfer?
- Tax efficiency
- Easier to keep track of taxes and regulations.
- Avoid UK income tax on pension and distribution which is as high as 40%, as well as death tax which is up to 55%.
- No capital gains taxes on investments.
- Investment opportunities
- Opportunity to invest in one of the world’s top 10 stock markets.
- Opportunity to invest in fixed interest schemes with guaranteed interest rates of up to 10.5%.
- Convenience
- No requirement to buy an annuity
- Flexible investment options with a lot less restrictions than in the UK
- No money lost due to currency exchange rates
- No Inheritance Tax
How long does it take?
While a number of websites claim it can take up to 6 months, the team of financial advisors at QROPSdirect.in can get the job done in 30 days!