HM Revenue and Customs has published a revised QROPS list – this time not omitting 432 Qualifying Recognised Overseas Pension Schemes.
HMRC admitted the first July QROPS list was bungled in a statement – and apologised again when releasing the second and, hopefully, final list for July 2, 2013.
“A new QROPS list has been published. Some pension schemes were inadvertently omitted from the QROPS list dated 1 July 2013. HMRC apologise for any concern this may have caused,” said a brief statement on the HMRC web site.
Analysis of the list shows the suspended schemes are all reinstated – plus 32 new schemes that have joined since the last proper list was published on June 15, 2013.
Record high
The number of QROPS offshore pensions has again hit a new high – 3,097 QROPS in 46 QROPS jurisdictions.
The new QROPS this month add up as:
| Jurisdiction | New QROPS |
|---|---|
| Australia | 18 |
| Isle of Man | 2 |
| Ireland | 3 |
| New Zealand | 3 |
| Gibraltar | 1 |
| Guernsey | 1 |
| Jersey | 1 |
| Malta | 1 |
Source: HMRC
No schemes closed and no new jurisdictions were added or removed from the list.
Australia QROPS
Australia retains the largest market share – with 1,192 QROPS taking 38.5% of the total schemes worldwide.
Ireland remains second with 713 QROPS and 23% market share.
No other jurisdiction is in double figures. Isle of Man takes third ranking with 221 QROPS and a 7.1% share of the market.
The table shows QROPS numbers by financial jurisdiction year-on-year and since the last list was published in June.
QROPS LIST – By financial jurisdiction
| QROPS Jurisdictions | Schemes | ||
|---|---|---|---|
| July 6, 2012 | June 15, 2013 | July 2, 2013 | |
| Australia | 928 | 1174 | 1192 |
| Austria | 9 | 9 | 9 |
| Bangladesh | 1 | 1 | 1 |
| Barbados | 4 | 4 | 4 |
| Belgium | 22 | 22 | 22 |
| Bulgaria | 3 | 3 | 3 |
| Canada | 95 | 98 | 98 |
| Czech Republic | 4 | 4 | 4 |
| Denmark | 8 | 8 | 8 |
| European Union | 1 | 1 | 1 |
| Finland | 8 | 4 | 4 |
| France | 36 | 39 | 39 |
| Germany | 59 | 53 | 54 |
| Gibraltar | 10 | 18 | 18 |
| Greece | 1 | 1 | 1 |
| Guernsey | 16 | 46 | 47 |
| Hong Kong | 24 | 26 | 26 |
| Hungary | 1 | 1 | 1 |
| Iceland | 3 | 3 | 3 |
| India | 18 | 18 | 18 |
| Ireland | 646 | 710 | 713 |
| Isle of Man | 164 | 217 | 221 |
| Italy | 39 | 45 | 45 |
| Jamaica | 2 | 2 | 2 |
| Jersey | 138 | 133 | 134 |
| Latvia | 1 | 1 | 1 |
| Liechtenstein | 2 | 2 | 2 |
| Luxembourg | 8 | 8 | 8 |
| Malaysia | 1 | 1 | 1 |
| Malta | 8 | 15 | 16 |
| Mauritius | 2 | 2 | 2 |
| New Zealand | 27 | 45 | 48 |
| Norway | 5 | 7 | 7 |
| Portugal | 23 | 23 | 23 |
| Russian Federation | 1 | 1 | 1 |
| South Africa | 30 | 31 | 31 |
| Spain | 14 | 16 | 16 |
| Sri Lanka | 1 | 1 | 1 |
| St Lucia | 3 | 3 | 3 |
| St Vincent & The Grenadines | 1 | 1 | 1 |
| Sweden | 6 | 7 | 7 |
| Switzerland | 137 | 138 | 138 |
| The Netherlands | 95 | 103 | 103 |
| Trinidad & Tobago | 3 | 3 | 3 |
| Turkey | 3 | 3 | 3 |
| USA | 15 | 14 | 14 |
| Grand Total | 2626 | 3065 | 3097 |
