At face value, it is a compelling proposition: Transfer your pension overseas and enjoy an immediate 30 per cent drawdown with the prospect of a reduced tax bill. Over the past decade, a niche, yet lucrative, industry has developed in Ireland offering to unlock pension funds tax-free through the use of offshoring. The details behind the various schemes differ from provider to provider, but there is one element that unites them all: Malta. The Mediterranean archipelago, with its population of less than 500,000, allows pension savers to draw down benefits from the age of 50, offers reduced tax rates on…

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