The rate new Qualifying Recognised Overseas Pension Schemes (QROPS) are opening is slowing, according to the latest statistics published by HM Revenue and Customs (HMRC).
In the past two weeks, 13 pensions have joined the list – half the number added in the two weeks to May 15 (27 pensions), which was again half the number for May 1 (56). A single QROPS opened in the Isle of Man.
Two were delisted – one each in Jersey and The Netherlands.
The total number of QROPS available worldwide now stands at 1168 across 41 financial jurisdictions.
Australia has the most QROPS – 234 – with the Isle of Man next with 211. These two centres account for 38% of all QROPS worldwide.
Australia sees new QROPS opens
Australia QROPS again lead the way with eight new schemes, while two each were opened Ireland and Mauritius.
QROPS are offshore pensions for British expats and international workers who have pension funds in the UK.
By switching pension funds overseas, many retirement savers who are no longer UK resident can tax and investment benefits unavailable onshore.
The data shows the QROPS in each country. Figures are not available for membership levels or the amount invested in each scheme.
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
| Financial Jurisdiction | No of QROPS |
|---|---|
| Australia | 234 |
| Austria | 8 |
| Barbados | 1 |
| Belgium | 14 |
| Bulgaria | 2 |
| Canada | 65 |
| Czech Republic | 2 |
| Denmark | 4 |
| European Union | 1 |
| France | 12 |
| Germany | 32 |
| Gibraltar | 48 |
| Greece | 1 |
| Guernsey | 138 |
| Hong Kong | 13 |
| Hungary | 1 |
| Iceland | 1 |
| India | 11 |
| Ireland | 92 |
| Isle of Man | 211 |
| Italy | 20 |
| Jamaica | 1 |
| Jersey | 86 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 25 |
| Mauritius | 3 |
| Netherlands | 63 |
| New Zealand | 31 |
| Norway | 6 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 1 |
| Turkey | 2 |
| United States of America | 2 |
| Total: | 1168 |
Source: HMRC
