If you have some money, rest assured a scammer is lurking somewhere working out how to get your hard-earned cash for nothing in return.
Smooth-talking tricksters live in the shadows of just about every industry trying to part you from your money.
The world of offshore pensions and investments is no exception.
Plenty of would-be international financial advisers will promise the earth to shift your pension out of the UK in to a QROPS offshore plan.
These unpoliced advisers work outside the strict financial planning rules that legitimate firms have to follow to make sure consumers are properly advised and their money protected from shysters.
Their favourite form of approach is either online or a mobile phone because the virtual world offers a shield from prying eyes.
The likely approach is an ‘international’ or ‘withheld number’ call.
QROPS salesmen operating this way are the equivalent of boiler room scams tricking investors out of their money for worthless stocks and shares.
Just think for a minute.
- Legitimate, professional and regulated financial advisers do not cold call in the hope you may have a pension to switch offshore.
- They are based in countries beyond the reach of tough financial regulators
- Do you really want to give your retirement savings to a high-pressure salesman offering you a too good to be true deal – what are the option?
The QROPS market is vast – more than 2,000 providers across 50 countries. Not every plan is suitable for every investor.
An experienced QROPS adviser will need to assess your attitude to investment risk, your retirement and other financial objectives and the tax issues raised in the country you live as an expat and where your QROPS is based.
Pie in the sky investments
QROPS scammers are the same as other fraudsters and crooks – they are after a quick cash fix out of your bank account and do not care if your retirement plans are shredded in the process.
Do not give them the time of day. They do not have your interests at heart and see you as a cash cow to fill their wallets.
QROPS are just the peg for hanging pie-in-the-sky investments like hardwood plantations, bio-fuel exploitation and carbon credits.
Of course the returns look great – they would because the caller is a liar.
Never offer money to these snake oil salesmen and always disregard what they have to say, however charming and persuasive they may sound.
Always entrust your money to a regulated and qualified IFA – that regulation gives you the right of recourse to compensation if that dream deal falls flat. And it will.