Press Release 2 minute read

TMF Group launches Retirement Scheme for US expats

02 October 2018

First of its kind scheme for US permanent residents and citizens employed outside of the USA.

TMF Group, a leading provider of high value business services to clients operating and investing globally, has today launched its Mdina Master Trust Retirement Scheme, which offers US permanent residents and citizens employed by a company outside of the USA a truly tax-efficient retirement plan.

TMF Group has been providing employers and employees with international pension solutions for many years. With the launch of its Mdina Master Trust Retirement Scheme, it now offers US permanent residents and citizens a scheme that is recognised by the US federal taxation system. It’s the first truly tax-efficient retirement plan for US permanent residents and citizens working outside of the USA.

Bethell Codrington, Global Head of International Pensions at TMF Group explained: “The US federal taxation system does not favour participation in most foreign pension plans and the IRS generally views these plans, including ones “qualified” under local tax rules, as “nonqualified” under US tax rules. The Mdina Master Trust Retirement Scheme is specifically designed on a ‘post tax contributions, exempt accrual and exempt on payment’ (TEE) basis, directly tackling this issue.”

Jason Gerlis, Regional Director North America at TMF Group, added: “US permanent residents and citizens face a challenging time when participating in retirement benefit plans outside of the USA. With the launch of our Mdina scheme, we’re able to provide an alternative that tackles the issues US expats are facing.”

TMF Group has selected Malta to establish the Mdina Master Trust Retirement Scheme, as it is the only country with a very specific Double Tax Treaty with the USA, and specific legislation governing pensions. 

Malta is a full member of the European Union, and a well-regulated and secure financial environment. TMF Group’s new pension scheme does not involve third party contractors.

NOTES TO EDITORS

For further information, please contact Damian Kerr - Director of Communications, TMF Group

damian.kerr@tmf-group.com

+44 (0)20 7832 8954

 

 

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