Since April 2015, those who have reached retirement age have had more flexibility in how they use their pension pots, deciding when and how to use them rather than having to purchase an annuity.
Despite the rising allowance, only one in six estates are using the £100,000 additional threshold which came into effect last year.
The schemes involve skilled individuals, for example entertainers or asset managers, whose profits from earnings are moved to an offshore company that is often owned by an offshore trust.
“Our clients’ needs are expanding, and routinely their tax affairs can span several tax jurisdictions,” he added.
Tax-battered wealthy South Africans, hoping to protect their retirement income are retiring to Portugal for six months a year on the country’s Non-Habitual Residence programme, with its attractive 10-year tax break.