The first post-Budget 2017 list of QROPS has shown an increase in the number of offshore pensions for expats.
After Chancellor Phillip Hammond announced a 25% tax charge on some QROPS transfers.
The tax change started from the day after the Budget (March 9) and covers switching any UK pension cash or funds between QROPS unless:
- The QROPS is based in the same country as the investor lives
- Both the QROPS and the investor are based in European Economic Area (EEA) countries
- The QROPS is provided by an employer
Hammond has also ordered that HM Revenue and Customs has five years from the date of transfer to apply the tax charge regardless of where the pension saver lives.
Post-Budget 2017 QROPS list pension changes
“It continues to allow overseas transfers from pension schemes that have had UK tax relief that are made when people leave the UK and take their pension savings with them to their new country of residence,” said the government.
The latest QROPS List shows 1,332 pensions hosted in 38 countries worldwide – an increases of 24 over the last list posted two weeks ago.
A year ago, 1,050 QROPS pensions were listed across 41 countries.
New QROPS opened in Australia (19); Hong Kong (3) and one each in Guernsey, Iceland, the Isle of Man and Jersey.
Two QROPS were delisted in the Netherlands.
The list highlights international pensions self-certifying that they meet QROPS qualification rules.
The next QROPS list is due on April 1, 2017.
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
| Country | No of QROPS |
|---|---|
| Australia | 436 |
| Austria | 9 |
| Barbados | 1 |
| Belgium | 9 |
| Bulgaria | 2 |
| Czech Republic | 2 |
| Denmark | 3 |
| European Union | 1 |
| Finland | 1 |
| Germany | 26 |
| Gibraltar | 51 |
| Greece | 1 |
| Guernsey | 151 |
| Hong Kong | 21 |
| Hungary | 2 |
| Iceland | 2 |
| India | 16 |
| Ireland | 85 |
| Isle of Man | 251 |
| Jamaica | 1 |
| Jersey | 87 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 32 |
| Mauritius | 3 |
| Netherlands | 58 |
| New Zealand | 36 |
| Norway | 4 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 2 |
| Turkey | 2 |
| Total: | 1332 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
