Opting for QNUPS can be really beneficial for those who are looking for an Offshore Pension scheme to channelize your funds, which you have accumulated over the years to pass on to your heirs with full Tax exemption. It is also an option to get benefitted from Investment that can be done through this Offshore Pension scheme. So, you can see that it allows you to transfer the Retirement scheme funds without paying for the UK IHT or Inheritance Tax.
But, it is quite a task to choose the proper QNUPS from the ones that are on offer. So, to begin putting your funds in the proper scheme you must ensure that the Retirement scheme meets all the criteria's set by the HMRC. This is of utmost importance because if somehow your overseas scheme fails to meet the HMRC criteria's then you will have the risk of paying heavy IHT Tax on your assets after your death. Then it can be too late and gets out of your control to do anything.
It is however essential that a QNUPS is treated as a scheme in respective countries where it operates, but provided it adheres to the rules and guidelines given by HMRC. Not every scheme can provide you with UK Inheritance Tax exemption, so you just cannot pick any Investment scheme to get exemption from tax.
If you are opting for fund transfer to get rid of the tax, then selecting a QNUPS without proper research can cost you heavily because all Qualifying Non UK Pension Schemes are not tax free and some of them may get caught in the net of the destination country's IHT. This is common in cases where people have opted for QROPS without taking proper professional advice.
Before opting for a QNUPS make sure to check what kind of assets is accepted. You will be happy to hear that it allows people to put in residential properties in the fund apart from cash provided that they do not include the house where they stay into it.