Malta is the latest country to gain Qrops approval from HM Revenue & Customs but so far no licenses have been issued by the Malta Financial Services Authority.
Panthera managing director Bethell Codrington says: “We would be the prime distribution and marketing agent but it would not be a Panthera product. So far, there are not any licenses issued in Malta so they cannot apply to the Revenue yet so it is going to be some time. We have worked with them to put the scheme together on the basis that if, and when they get a license, we would be able to market it.”
Equity Trust, the trustee of Panthera’s Singapore-reg-ulated overseas self-invested international pension fund, has issued an application to the High Court for the scheme to be restored to Qrops status after the jurisdiction was delisted by HMRC in May 2008.
Montfort International managing director Geraint Davies says: “All these countries are now vying for the potential to take a massive share of UK pension funds.”