Looking for the best SIPP for EU residents in 2025? As a UK expat living in the EU, planning for your retirement can feel like navigating a maze. A Self-Invested Personal Pension (SIPP) offers flexibility, tax efficiency and global access, making it one of the most popular pension options. But which is the best SIPP for EU residents in 2025?

Let us guide you through the most relevant options, key considerations, and potential downsides to help you make an informed decision. We will also explore the differences between UK-based SIPPs and international SIPPs and explain how they compare to ISAs, QROPS, other pension schemes, and other alternatives. Whether you are considering consolidating a UK pension plan or transferring to an international option, understanding these choices is essential.

Introduction to International SIPPs

An International Self-Invested Personal Pension (SIPP) is specifically designed for non-UK residents who want greater flexibility and control over their retirement savings. Unlike traditional UK pension schemes, an international SIPP allows you to consolidate your UK pensions into a single, easy-to-manage account, no matter where you live. This type of pension scheme is particularly attractive to UK expats, as it offers access to a wide range of investment options, including exchange traded funds (ETFs), investment trusts, and mutual funds.

One of the most significant advantages of an international SIPP is the ability to invest in multiple currencies and markets, helping you manage currency risk and diversify your portfolio. International SIPPs also provide tax-free growth within the pension wrapper and flexible drawdown options, making them a popular choice for those seeking to optimise their retirement savings from abroad.

Given the complexity of cross-border pension planning, it’s essential to seek advice from a financial adviser who understands both UK pensions and the needs of non-UK residents. With the right guidance, an international SIPP can be a powerful tool for building and managing your retirement funds, offering a broad range of investment options to suit your goals.

Can a Non-UK Resident Have a SIPP?

Yes, you can have a UK SIPP even if you live in the EU. While most UK providers allow non-UK residents to maintain an existing SIPP or manage and transfer your existing pension, starting a new one can be more complex. Some providers will not accept new applications from those without a UK address or tax residency.

However, international SIPPs have emerged as a practical solution. These SIPPs are designed specifically for UK expats and offer more flexibility when it comes to currency choice, investment options, and cross-border tax planning. When starting or maintaining a SIPP, it is important to work with a suitable pension provider to ensure your needs are met and to facilitate any transfers or ongoing management of your pension.

Types of Pension Schemes

When planning for retirement, it’s important to understand the different types of pension schemes available to both UK residents and non-UK residents. The main categories include Defined Contribution (DC) pensions, Defined Benefit (DB) pensions, and Self-Invested Personal Pensions (SIPPs).

Defined Contribution pensions are popular for their flexibility, offering a wide range of investment options so you can tailor your retirement savings to your risk appetite and goals. Defined Benefit pensions, often known as final salary schemes, provide a guaranteed income in retirement, which can be a significant benefit for those seeking security.

For non-UK residents, International SIPPs stand out as a flexible alternative, allowing you to manage your pension savings from anywhere in the world. These schemes offer control over your investment choices, access to a broad range of funds, and the ability to consolidate multiple UK pension plans into one. Understanding the tax benefits, investment options, and regulatory requirements of each pension scheme is crucial for making the right choice for your retirement.

What is the Best SIPP for EU Residents?

The best SIPP for EU residents depends on your circumstances. One key benefit is the ability to consolidate multiple pensions into a single SIPP, making it easier to manage your retirement savings and giving you greater control over your investments.

Top SIPP providers often offer premium service, combining expert financial advice, transparent fees, and seamless communication, while remaining cost-effective.

When evaluating the features of the best SIPPs, consider the importance of selecting suitable investment strategies, especially if you lack the time or expertise to manage your portfolio effectively.

UK-Based SIPPs

UK-based SIPPs offer excellent investment platforms, competitive pricing and are regulated by the Financial Conduct Authority (FCA). These are ideal if you still have a UK tax liability or plan to return to the UK. When comparing charges, it is important to check for hidden fees to ensure transparency and avoid unexpected costs.

International SIPPs

An international SIPP is a UK-regulated pension scheme administered by an offshore trustee. It allows greater flexibility for EU residents, including:

• Transferring a defined contribution pension into the scheme
• Consolidating existing pensions from previous schemes or providers
• Holding multiple currencies (euro, USD, GBP)
• Reduced foreign exchange risk
• Tax-efficient drawdown planning, including the option to take a lump sum or multiple lump sums as part of your retirement income
• No need for UK address or tax residency

Top international SIPP providers:

• Novia Global International SIPP – Offers flexible investment access and competitive charging
• iPensions – Designed for mobile clients across Europe and beyond
• Invinitive – Low cost solution for savvy expats

Regulatory Considerations for EU Residents

If you are an EU resident holding a UK pension, it’s vital to be aware of the regulatory landscape that governs your retirement savings. UK pension rules, including the lifetime allowance and annual allowance, can have a significant impact on your pension pot and tax treatment. The tax implications of drawing a pension as a non-UK resident can also vary significantly depending on your country of residence.

Choosing the right international SIPP provider is essential to ensure compliance with both UK and EU regulations. A knowledgeable financial adviser can help you navigate these complexities, ensuring your pension scheme remains tax-efficient and fully compliant. They can also advise on the best SIPP provider for your needs, taking into account factors such as reporting requirements, local tax rules, and the specific features of international SIPPs.

Seeking professional advice is the best way to avoid costly mistakes and ensure your retirement planning is robust, wherever you choose to live in the EU.

Is It Better to Have a SIPP or an ISA?

For EU residents, the choice between a SIPP and an ISA depends on your financial goals.

• SIPPs offer tax relief on contributions, tax-deferred growth, and additional tax advantages such as tax-free growth within the pension, tax-free lump sums, and potential inheritance tax benefits, especially for non-UK residents. However, they come with access restrictions (age 55 minimum), and you can only withdraw money from your SIPP once you reach the minimum age, with tax implications depending on your residency and withdrawal amount. They may also involve potentially complex cross-border tax rules.
• ISAs are tax-free in the UK but may not receive favourable tax treatment in your country of residence. They also do not provide income tax relief on contributions nor allow you to make new contributions.

Key Benefits of SIPPs for EU Residents

• Tax-deferred growth and flexible drawdown options
• Access to global investment funds and ETFs
• Consolidation of multiple UK pensions into one pot, making it easier to manage your pension fund
• Inheritance tax efficiency with beneficiary nomination

What Are the Downsides of SIPPs?

• Complex tax rules – Income may be taxable in your country of residence
• Charges – International SIPPs may come with higher administration fees
• No UK tax relief – If you are no longer a UK tax resident, new contributions will not receive tax relief

It is crucial to work with a financial adviser who understands both UK pension rules and EU tax treaties, and to seek independent advice to ensure you receive tailored advice for your specific circumstances and avoid costly mistakes.

Managing Investment Risks in Your SIPP

Investing through a SIPP offers great flexibility, but it also comes with certain risks that need to be managed carefully, especially for non-UK residents. Building a diversified portfolio is one of the most effective ways to protect your retirement savings from market volatility. This means spreading your investments across different asset classes, such as stocks, bonds, commercial property, and international markets.

Non-UK residents should pay particular attention to currency risk, as fluctuations between the pound and your local currency can affect the value of your pension income. Hedging strategies or investing in assets denominated in your local currency can help mitigate this risk.

It’s also important to regularly review your investment strategy and adjust it as your circumstances or market conditions change. Working with a financial adviser ensures your portfolio remains aligned with your risk tolerance and long-term retirement goals, helping you make informed decisions about your SIPP investments.

SIPP Management and Administration

Effective management and administration are key to making the most of your SIPP, especially for non-UK residents. Choosing a reputable SIPP provider is crucial—they should offer transparent financial advice, competitive fees, and a wide range of investment options to suit your needs.

As a SIPP holder, you’ll need to stay on top of administrative requirements, such as submitting tax returns and notifying your provider of any changes in your circumstances. This is particularly important for non-UK residents, as cross-border pension management can involve additional reporting and compliance obligations.

By working with a financial adviser who understands both UK and international pension rules, you can ensure your SIPP is managed efficiently and remains compliant. This not only gives you peace of mind but also helps secure your retirement savings for the future.

Do SIPPs Pay Inheritance Tax?

Pensions like SIPPs fall outside of your estate for UK inheritance tax purposes. You can nominate beneficiaries, and depending on your age at death, the pension can be passed on tax free or at the beneficiary’s marginal rate. However, local inheritance rules in EU countries may still apply, so it is essential to plan accordingly. When considering inheritance planning, it is also important to factor in pension withdrawals, as accessing your pension funds can affect the amount available to pass on and may have tax implications depending on the country of residence.

Can You Transfer SIPPs Between Countries?

SIPPs themselves are UK-based and cannot be transferred abroad in the same way as QROPS (Qualifying Recognised Overseas Pension Schemes). However, they can be accessed and managed from overseas. If you are considering transferring a final salary pension (also known as a defined benefit pension), or a final salary scheme, there are additional regulatory requirements and considerations, such as FCA sign-off and the potential impact on safeguarded benefits. If you plan to retire permanently abroad and want a fully non-UK structure, a QROPS may be more suitable, although many now favour the international SIPP for its regulatory oversight and lower costs.

Is Income from a SIPP Taxable in the EU?

Yes. While drawdown from a UK SIPP is tax-free in the UK up to 25 percent, your country of residence may tax the income. The UK government sets the pension tax regulations, but local rules in your country of residence will determine how your SIPP income is taxed. For example, in France, SIPP income is usually taxable with both income tax and social charges. This is where local tax treaties and financial planning become key.

FAQs – Best SIPP for EU Residents in 2025

Can I pay into a UK private pension if I live abroad? Yes, but only if you have UK relevant earnings. Without UK taxable income, contributions will not benefit from tax relief.

Do SIPPs need to be registered with HMRC? Yes. SIPPs must be registered with HMRC to be eligible for tax relief and tax-deferred growth.

What is the difference between a SIPP and QROPS? QROPS are overseas pension schemes that can accept UK pension transfers, typically used by those permanently leaving the UK. SIPPs remain within the UK tax net but may be more cost-effective and simpler to manage.

How much does a Novia Global International SIPP cost? Charges vary depending on the adviser, platform and investment choices, but typically include setup fees, annual trustee fees, and fund management fees. You can expect to pay around £500 to £1,000 annually.

Is Hargreaves Lansdown worldwide? Yes, but its SIPP platform is designed for UK residents. Access may be limited for EU residents, especially when drawing benefits.

Our Verdict: What Should You Do?

If you are an EU resident with UK pensions, consolidating your pensions into a SIPP or international SIPP may simplify your financial life, reduce charges and give you better investment control.

For tax residents of countries like France, Spain or Portugal, an international SIPP tailored to expats may provide better flexibility, reporting, and multi-currency features.

Working with a cross-border financial adviser is essential to navigate the different rules and ensure your pension works efficiently wherever you retire.

Speak to a Regulated Cross-Border Adviser

At Harrison Brook, we specialise in helping British expats make smart decisions about their pensions and investments. We are fee-based, and fully transparent. Whether you are looking to consolidate pensions, optimise your retirement income, or explore international SIPP options, we can help.

Book your free, no-obligation consultation with a pensions expert today.