Offshore pension choices for expats increased again in the past two weeks with the opening of 15 new Qualifying Recognised Overseas Pension Schemes (QROPS).
Worldwide, 960 QROPS are available – but that’s a big drop in the 3,667 open for business a year ago before HM Revenue & Customs (HMRC) introduced stricter qualification rules.
Australia again saw the largest number of new pensions – with seven, taking the country total to 63.
Ireland was next, with two new QROPS, making 82 available.
Germany, Gibraltar, Hong Kong, The Netherlands and Norway all added one pension.
Leading QROPS centres
No QROPS were delisted and the number of financial centres offering the pensions remains 1t 41.
The Isle of Man, with 202 QROPS and Guernsey with 135 are the two leading offshore financial centres for expats by number of QROPS.
HMRC does not issue figures detailing the amount invested in each fund.
Although almost a thousands of QROPS pensions are available, many have restrictions on residence or membership.
HMRC will publish the next QROPS List on February 15, 2016
QROPS List By Financial Jurisdiction
Country | No of QROPS |
---|---|
Australia | 63 |
Austria | 7 |
Barbados | 1 |
Belgium | 14 |
Bulgaria | 2 |
Canada | 64 |
Czech Republic | 2 |
Denmark | 4 |
European Union | 1 |
France | 11 |
Germany | 31 |
Gibraltar | 47 |
Greece | 1 |
Guernsey | 135 |
Hong Kong | 12 |
Hungary | 1 |
Iceland | 1 |
India | 9 |
Ireland | 82 |
Isle of Man | 202 |
Italy | 19 |
Jamaica | 1 |
Jersey | 83 |
Kenya | 1 |
Kosovo | 1 |
Latvia | 3 |
Liechtenstein | 3 |
Luxembourg | 4 |
Malta | 23 |
Mauritius | 1 |
Netherlands | 63 |
New Zealand | 31 |
Norway | 6 |
Portugal | 4 |
South Africa | 12 |
Spain | 3 |
Sri Lanka | 1 |
Sweden | 6 |
Switzerland | 1 |
Turkey | 2 |
United States of America | 2 |
Total: | 960 |
Source: HMRC
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.