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Financial Advice Philippines


Financial Advice Philippines

With the Philippines growing in numbers for expats from the UK, now is the time to look at your status and how or if you are still paying tax during retirement.


Contrary to belief, the Philippines holds a double taxation treaty with UK. How does this benefit yourself? Philippine law states that income is only taxed on money earned in the Philippines.


If you currently reside in the Philippines and receive a pension from the UK or offshore QROP, you are able to claim back the income tax paid in the UK.


Actual client’s case


A client made contact with ourselves explaining that he had transferred a UK personal pension into a QROP whilst he was in the UK. Following this he had moved to the Philippines where he had married and wished to build a house.

The main concern of the client was that he wished to take around 60% of his pension in one lump sum. We explained that under pension rules at the time he would only be entitled to take 25% tax free with the remainder being taxed at the correct rate.

The client was still resident in the UK for tax purposes as he had never changed his status. The advice was that we initially transferred from a QROP to reduce charges overall on his pension and take a breakdown in payments.


This would allow time for him to obtain the correct information for him to claim back the tax aid on his pension.


Upon the guidance with ourselves, the client received a check for £30,000 in a tax refund. From this point the client has remained a very close friend to the company and luckily has built the house that was needed for the family.

What areas do you need to consider when living in the Philippines?


Retirement planning


International Private Retirement Plan, expats moving from place to place with this transient lifestyle goes very much against their retirement planning. It often prevents them forming coherent financial plans over the medium-long term.


Offshore portable retirement plans offer a great solution to the transient contractor who, just like their local counterpart, wishes to invest and make financial plans for his or her future.


The inconvenience and disruption of needing to re-establish a new retirement plan every time you ‘country hop’ is negated by this geographically portable solution. The plan stays in the same place while you move around, and it grows tax free the whole time, in a tax efficient investment area.


UK pension transfers


Wondering how to transfer or consolidate your UK pensions (including UK frozen pensions) to the Philippines? We offer an international SIPP (Self Invested Personal Pensions) as a QROPS (Qualifying Overseas Pension Schemes) would be unsuitable for expats in the Philippines.


Do you already hold a QROP and paying heavy charges? We can also assist with the transfer to a suitable low-cost International SIPP structure.


US Pension Transfers


Under the age of 59 years and 6 months, you may be subject to 10% tax charge and your usual income tax charges if you in-cash you 401K. Your plan provider will typically keep 20% for the IRS.


If you are 55 to 59 and 6 months you may be able to avoid the 10% tax charge if you terminated employment no earlier than the year you turned 55.


If you are no longer employed by the company then you can cash in or, rollover your 401K plan into an IRA. Upon on the transfer of your 401K, the tax can be deferred into a Roth IRA allowing you to avoid the US tax as a rollover is not considered cashing in a 401K.


International insurances


Are your family protected with international expat life, income and health insurance? Our providers are committed to ensuring full protection in any event now and in the future.


Investment and savings advice


Have you built up savings in your bank account? Fed up with low bank interest returns? We have a range of portable investment solutions available, ranging from fund platforms, flexible lump sum vehicles to portfolio bonds.


Our portfolio management services are personalised to each client, depending on such criteria as investment term and your attitude to risk.


Are you still working but would like to save on a regular basis? Our portable saving options are suited for all individuals. They offer flexible payment structures with the ability to invest into a large range of funds that work for you.


Any growth made in the savings and investment will not be subject to tax as again this will be income earned outside the Philippines.

Why do expats choose Expat Financial Advice Online?


Specialists in dealing with expats in the Philippines and globally

Products and services are provided globally from the world’s largest banks by multi award winning UK regulated advisers

Solutions for the transient expat – perfect for clients who country hop or move around

Globally based

No restrictions on client location

Regulated to the very highest levels, worldwide

Ongoing management/advice is provided quarterly


How do you get started and take the first step?


To learn more about financial advice for expats in the Philippines, try our revolutionary online advice service, ‘get started ‘today for free, no obligation, financial analysis and information.

You can speak to one of our advisers instantly or schedule an appointment to understand how we can help you while you live and work in the Philippines or simply retire.


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