DETAILS OF an event advising Irish expats living in Belgium on how to transfer Irish pension schemes to other EU jurisdictions to avoid paying Irish taxes have been circulated through the official emailing list of Ireland’s Embassy in Belgium, The Irish Times has learned.
The email, sent on April 19th by a local staff member at the embassy in Brussels, informed those on the mailing list of “an information event about the pension scheme in Ireland” due to be hosted by the Irish Club of Belgium at the Holiday Inn hotel in Brussels on May 15th.
The email contained two attachments, one giving further details about the event. The second was an information sheet from the deVere Group, which describes itself as the world’s largest firm of independent financial advisers, and STM Malta, the Maltese arm of a financial services provider specialising in overseas pensions schemes. Both companies are due to give presentations at the event.
“If you have a pension in Ireland please see the second attachment for more details. Kind regards, Embassy of Ireland,” the email read.
The information sheet from the deVere Group and STM Malta talked of the “significant advantages” of transferring Irish pension schemes to a “safe EU jurisdiction” such as Malta.
It notes that the pensions levy announced in May 2011 and retrospectively enforced from January 1st, 2011, “could be as much as 10 per cent of your pension fund”.
It advises readers they are entitled to transfer their pensions to an overseas scheme under the Occupational Pension Schemes and PRSA (overseas transfer payments) Regulations 2003. This scheme, it notes, will not be subject to the pensions levy.
“If you live outside Ireland, transferring your pension to a STM Malta QROPS (Qualifying Recognised Overseas Pension Scheme) will avoid ALL Irish taxes,” it said.
“If you live in Ireland, transferring . . . will avoid the pensions levy, capital gains tax and inheritance tax.”
In a statement, a spokesman for the Department of Foreign Affairs said the message was circulated by a member of the embassy’s local staff acting in good faith at the request of the Irish Club of Belgium.
Diplomatic staff were not consulted, he added.
“It was inappropriate for the embassy to appear to promote the event in question and steps have been taken to ensure that a similar mistake does not happen again,” the spokesman said.