Advance withdrawal to finance residential property
Under the promotion of home ownership scheme (WEF) you can use your pension fund assets to finance the purchase of owner-occupied residential property or to repay outstanding mortgages. According to the law you can use all your vested benefits up to the age of 50. After the age of 50 the amount of the vested benefits that can be withdrawn in advance to finance residential property is limited to the higher of the vested benefits at the age of 50 or half of the accrued vested benefits on the date of withdrawal. Advance withdrawals may only be made every five years. Under certain circumstances the promotion of home ownership scheme can be used to optimise your tax situation. We would be happy to provide you with more tax optimisation options.
Persons who are resident for tax purposes in an EU/EFTA country can also request an advance withdrawal of the mandatory component of the vested benefits to finance owner-occupied residential property.