Kiwitopia

The Qualified Recognised Overseas Pension Scheme (QROPS) can be a high-yielding UK-pension investment system capable of tax savings and excellent returns if managed properly. Between 2006 when HM Revenue and Customs (HMRC) OK’d the pension programs and April/May of 2012 Guernsey was consistently either the most popular destination for QROPS or among the top three. Particularly in the later years preceding 2012, Guernsey had pulled well ahead of the Oceania states as the premier QROPS destination for British expats. As things were, it looked to hold that crown for the foreseeable future. However, that was before the HMRC implemented Statute Instrument 1221 (SI 1221), which shattered the Guernsey QROPS apparatus as it was.

SI 1221, which went into force on May 23, 2012, was intended to thwart tax avoidance. Its chief provision prohibited patronage of any investment scheme favoring preferential tax benefits for non-resident investors. The day SI 1221 took effect more than 99% (310 of 313) of Guernsey’s QROPS programs were cut from the HMRC’s list of registered providers, effectively ending further QROPS traffic.

The good news for those with Guernsey QROPS in place is that their scheme will remain unaffected by the legislation. Otherwise, the future of Guernsey’s QROPS viability is in something of a limbo. In their favor, Guernsey is a long-established centre for pension investment. They already have a sturdy base of QROPS  investors grandfathered in to the older system and Deputy Gavin St Pier of Guernsey’s Treasury department (along with other lawmakers) has (and have) scrambled to amend the tax statutes as to provide the same benefits to residents and non-residents alike; obviously to (re)align their policy with the HMRC’s new guidelines. (Ironically, Guernsey’s S157E regime, established in March 2012, was passed to ensure preferential tax treatment wasn’t given to off-island investors so as to conform with HMRC’s tax guidelines. S157E was mentioned specifically in SI 1221’s clampdown on Guernesy.)

Guernsey is close, familiar and comfortable for many expats, has hundreds of men and women who specialise in QROPS and do it for a living. Furthermore, the government has a huge incentive to retain, maintain and expand an attractive QROPS marketplace as so much of their economy relies on British pension investment. How Guernsey will emerge from the shakeup remains to be seen. The suggestion that they’re down but not out is a reasonable one.

Mario Vitanelli is a freelance writer and blogger who specializes in international politics and finance. His areas of expertise include Asian, South American and European expatriate economic policy and QROPS. When away from his keyboard, he enjoys photography and appreciates the rest of the Vitanelli family’s endless patience with his football dependence.

New Zealand offers some of the greatest variety of fishing opportunities in the world. Some anglers choose to pursue salt-water species using fly fishing tackle. While this type of fishing is not unique to New Zealand, the islands offer some of the best opportunities for anglers.

Where to Fish

Many of the coastal waters of New Zealand offer saltwater fly-fishing opportunities. The Bay of Islands off the coast of New Zealand’s North Island is noted for this type of fishing although it is just one of many regions. Outfitters provide boats and guide services along with fishing tackle designed to provide the ultimate saltwater fly-fishing adventure.

Anglers are encouraged to do their research and know the area and the best seasons for fishing any particular water. In addition, fly fishermen should know how to handle the equipment properly and be able to cast accurately in order to improve their fishing experience.

Fish Species

The fish species are varied depending on the region and the season. Saltwater fly anglers can pursue salmon near the mouths of streams as they return from the ocean and migrate into the streams. Other options include the yellowtail kingfish often taken on flies in the flats or expanses of shallow water. Some of the more adventurous anglers may go in pursuit of predatory fish like sharks with a fly rod and lures. In New Zealand, the angler’s imagination is about the only limitation to the fly fishing opportunities in the saltwater oceans.

Fishing Tackle

The fishing tackle used by the saltwater fly anger depends on the target species. Smaller fish obviously warrant lighter tackle while bigger game requires the heavier tackle. An angler pursuing the salmon in saltwater would likely use the same type of tackle as an angler pursuing salmon and trout in a freshwater stream. If the larger saltwater species are your target utilize a longer and heavier fly rod equipped with stronger line and heavier tackle.

The heavier tackle is also more humane for fish that are caught and released. The heavy rods allow the fish to be brought to the boat or angler quicker with less fatigue improving the fish’s chance of recovery when it is released. Many of the outfitters and guides in New Zealand specialize in maintaining a sustainable fishing resource for generations to come.

Mixing it Up

While saltwater fly fishing offers some great opportunities for sport, many anglers choose to mix it with some other forms of fishing. Many of the same outfitters can provide other types of fishing adventures. A morning of pursuing saltwater salmon with a fly rod can be followed by an afternoon of jigging for kingfish or snappers or even trolling for billfish. Saltwater fly fishing becomes just another opportunity for the angler in New Zealand to find enjoyment.