QROPS List – December 1, 2017

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 centreNo of QROPS
Total:1163
Australia532
Austria5
Barbados1
Belgium1
Bulgaria3
EU Institution1
Finland1
Germany12
Gibraltar41
Guernsey42
Hungary2
India13
Ireland60
Isle of Man307
Jersey39
Kenya1
Latvia3
Liechtenstein2
Luxembourg2
Malta35
Mauritius2
Netherlands16
New Zealand32
Norway1
South Africa3
Spain1
Sweden2
Switzerland2
USA1

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:

  • Austria
  • Belgium
  • Bulgaria
  • Finland
  • Germany
  • Gibraltar
  • Hungary
  • Ireland
  • Latvia
  • Liechtenstein
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • Spain
  • Sweden

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:

  • Australia
  • Barbados
  • Guernsey
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • Mauritius
  • New Zealand
  • South Africa
  • Switzerland
  • USA

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.

Click here for official guidance on the overseas transfer charge

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Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

QROPS List – December 1, 2017
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