QROPS List – May 15, 2018


More than 100 new Qualifying Recognised Overseas Pension Schemes have joined the official listings this year, according to the latest data.

HM Revenue & Customs QROPS List has expanded to 1,310 pensions for expats in 30 different countries, after starting the year with 1,174 schemes.

In the past two weeks, Australia has added nine to reach 633 pensions – just under 50% of all the listed schemes.

Three were added in Guernsey and one in New Zealand, with another delisting in Gibraltar.

HMRC QROPS List by country

Financial jurisdiction No of QROPS
Australia 633
Austria 4
Barbados 1
Belgium 1
Bulgaria 3
Denmark 2
EU Institution 1
Finland 1
Germany 11
Gibraltar 40
Guernsey 50
Hong Kong 2
Hungary 2
India 13
Ireland 62
Isle of Man 338
Jersey 39
Kenya 2
Latvia 3
Liechtenstein 2
Luxembourg 2
Malta 36
Mauritius 2
Netherlands 18
New Zealand 33
Norway 1
South Africa 1
Sweden 2
Switzerland 2
Total: 1310

Source: HMRC

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

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 Listis scheduled for June 1, 2018.

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
  • Denmark
  • Finland
  • Germany
  • Gibraltar
  • Hungary
  • Ireland
  • Latvia
  • Liechtenstein
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • 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
  • Hong Kong (China)
  • 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

Download the Free Pension Transfer Guide

Expat Pension Transfers Guide

iExpats.com expert writers have created a simple guide to Expat Pension Transfers just for you.

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

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