The official list of worldwide QROPS pensions has increased by 11 in the past two weeks – taking the global number to 1,163.
The rising number would have been more, but Hong Kong has disappeared from the list.
Although 31 QROPS were added – 20 in Australia, seven in the Isle of Man and two each in Jersey and Guernsey – Hong Kong accounted for 19 closing, while one was delisted in Ireland.
HMRC QROPS List By Country
|Financial centre||No of QROPS|
|Isle of Man||307|
What is the QROPS List?
The HMRC list tells overseas pension providers and retirement savers transferring funds from a UK pension to a QROPS or between offshore pension providers which schemes qualify for QROPS status.
QROPS providers certify their schemes meet UK offshore pension and tax rules to go on the list, but HMRC warns this does not mean any are approved or certain to be QROPS. Retirement savers should check this before transferring any money.
The next HM Revenue and Customs QROPS List is scheduled for December 15, 2017.
QROPS overseas transfer charge
The overseas transfer charge is calculated as 25% of the transfer value of a fund into a QROPS or between QROPS.
For expats living inside the European Economic Area (EEA), countries with QROPS that are not subject to the overseas transfer charge are:
- The Netherlands
QROPS countries outside the EEA
Countries outside the EEA are subject to the transfer charge if an expat does not live in the same country as the pension is administered – these are:
- Isle of Man
- New Zealand
- South Africa
Other exceptions to the transfer charge may apply if the overseas scheme is run by an employer or multinational non-government organisation, such as the EU QROPS.
A five-year residence rule may also apply.