In 2013, Boal & Co expanded its operations to start offering Gibraltar-based QROPS (overseas pension transfer schemes). This was to offer additional benefits to expatriate clients and their advisers around the world.
The Isle of Man has effective double taxation pension agreements with 12 countries. Payments from Island schemes to members outside of that 12-country list however are currently subject to 20% tax at source in the Isle of Man. Expanding the products available through Gibraltar allows Boal & Co to secure the best possible return for members as pension payments in Gibraltar are subject to only 2.5% local tax, a situation fully accepted by the UK's HM Revenue and Customs.
In 2015 Boal & Co further expanded its operations in Gibraltar following the licencing of its pension trust business by Gibraltar’s Financial Services Commission. The FSC authorisation has allowed the company to expand its offering into pension trustee work and create two full-time director positions in its Gibraltar office.