QROPS List – March 1, 2017

The United States is the latest country to fall foul of Qualifying Recognised Overseas Pension Scheme (QROPS) rules.

The USA has never had an easy relationship with QROPS offshore pensions due to anomalies between American and British trust and pension laws.

The different approach to handling tax and trusts in both countries has meant that the QROPS industry has never taken off despite several attempts by providers to launch products that served both markets.

The highest number of QROPS based in the USA was just 16 pensions for a few weeks in August 2008.

When QROPS last underwent an HMRC crackdown in June 2015, 13 pensions were delisted, leaving 2. Since October 2016, the USA has listed a single QROPS.

28 new QROPS open

The latest QROPS List shows 1,308 pensions listed in 38 countries worldwide – 28 more pensions than the last list posted two weeks ago.

A year ago, 1,023 QROPS pensions were listed across 41 countries.

Besides the USA delisted QROPS, two were removed in Ireland as well.

New QROPS were posted in Australia (26); Germany (1); the Isle of Man (2); Jersey (1) and New Zealand (1).

The list highlights international pensions self-certifying that they meet QROPS qualification rules.

Transferring pension cash to an offshore scheme not on the list can result in financial penalties.

The latest HMRC statistics show that 108,000 savers have switched £8.8 billion of UK pension cash into QROPS since the scheme was started in April 2006.

The next QROPS list is due on March 15, 2017.

For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.

Get your Free QROPS Guide

Compiled by the leading pension experts, our QROPS guide outlines what a transfer entails, when it’s the right option, and ultimately, how to create a secure financial future. You can download the guide here.

View the latest itemised list of QROPS from HMRC here

QROPS List By Financial Jurisdiction

CountryNo of QROPS
Total1308
Australia417
Austria9
Barbados1
Belgium9
Bulgaria2
Czech Republic2
Denmark3
European Union1
Finland1
Germany26
Gibraltar51
Greece1
Guernsey150
Hong Kong18
Hungary2
Iceland1
India16
Ireland85
Isle of Man250
Jamaica1
Jersey86
Kenya1
Kosovo1
Latvia3
Liechtenstein3
Luxembourg4
Malta32
Mauritius3
Netherlands60
New Zealand36
Norway4
Portugal4
South Africa12
Spain2
Sri Lanka1
Sweden6
Switzerland2
Turkey2

Source: HMRC

The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.

QROPS Information

QROPS, UK Pension Transfer Overseas Information

Expats need to consider if a QROPS pension, short for Qualifying Recognised Overseas Pension Scheme, is right for them. QROPS are tax-effective pensions for British expats or international workers with UK pension rights who have decided to...
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