While working in Germany I was contacted by DeVeere Group who sold me on the benefits of a QROPS in Malta. At the time my country of residence was the USA where I am a green card holder.
The move of my UK company pension to a Malta plan has cost me nearly $50,000 in taxes and fees paid to the USA Inland Revenue Service.
As others have stated, as my account was under 100,000 GBP and I should never have been advised to move the account. What's worse is that now I am back in the USA, DeVeere Germany won't talk to me and DeVeere USA will only talk to me if I pay them more money.
Product or Service Mentioned: Devere Group Consulting Service.
Reason of review: Misselling.
Monetary Loss: $50000.
Preferred solution: Let the company propose a solution.