The past two weeks has been business as usual for QROPS expat offshore pensions, according to the latest figures from HM Revenue & Customs.
The net number of QROPS offered in 30 countries has increased by 17, although four schemes have left the list.
Australia heads the table of countries with the most QROPS pensions – increasing by six to 468, which is 44% of the 1052 expat pensions available worldwide.
Other countries adding pensions on the new list are:
- Isle of Man (5)
- Guernsey (4)
- Ireland (1)
- The Netherlands (1)
QROPS overseas transfer charge
The overseas transfer charge started in March 2017 and is calculated as 25% of the transfer value of a fund into a QROPS.
For expats living in 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
- Spain
- 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 place as the pension is administered – these are:
- Australia
- Barbados
- China – for any QROPS based in Hong Kong
- Guernsey
- India
- Isle of Man
- Jersey
- Kenya
- Mauritius
- New Zealand
- South Africa
- Switzerland
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
What is the QROPS List?
The QROPS 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.
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 | 468 |
| Austria | 5 |
| Barbados | 1 |
| Belgium | 1 |
| Bulgaria | 3 |
| Denmark | 1 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 10 |
| Gibraltar | 41 |
| Guernsey | 34 |
| Hong Kong | 21 |
| Hungary | 2 |
| India | 13 |
| Ireland | 56 |
| Isle of Man | 262 |
| Jersey | 36 |
| Kenya | 1 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Mauritius | 2 |
| Netherlands | 15 |
| New Zealand | 31 |
| Norway | 1 |
| South Africa | 3 |
| Spain | 1 |
| Sweden | 1 |
| Switzerland | 1 |
| Total: | 1052 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
