QROPS Market Movers And Shakers Identified

QROPS Market Movers And Shakers Identified

QROPS providers in some financial centres are dashing to open more tax effective offshore pensions for expats.

Providers worldwide are opening an average three new QROPS pensions every two days, with official figures showing 458 schemes hit the market in a year.

Guernsey leads the way, where the number of QROPS has almost increased by 300% from 12 to 46, although in April 2012, providers stopped taking transfers from non-residents.

Gibraltar, which only had QROPS status confirmed by HM Revenue and Customs in September 2012 has seen an 80% rise – from 10 to 18 pensions.

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Making up the top five are New Zealand QROPS (+73%), Isle of Man QROPS (+52%) and Malta QROPS (+50%).

New QROPS worldwide

The latest list, published on June 15, 2013, by HMRC, reveals 21 new QROPS have opened worldwide in the past 14 days.

The total number of QROPS has jumped up from 3,044 to a new peak of 3,065.

The number of QROPS financial centres is unchanged at 46 since June , 2013.

Australia leads the way by number of schemes – adding 14 in the past 14 days and 247 in the past 12 months. The number of QROPS has increased 27% from 927 to 1,174 in a year, giving the country a 38.3% share of the market.

The losers are Jersey, where QROPS numbers were down 4% or five pensions, from 138 to 133 in the past year. Finland dropped four QROPS – down from eight to four in the year, while Slovakia lost QROPS status completely, with four schemes missing from the list.

As reported first here at iExpats, Slovakia is the only financial centre to lose QROPS status in the past year.

HMRC publishes a list of QROPS schemes every fortnight.

To understand more about these schemes, read our Basics of QROPS page here.

QROPS Market Comparison By Financial Centre

CountryQROPS 23/05/2012QROPS 01/06/2013QROPS 15/06/2013Market % 15/06/2013
Grand Total260330443065100.00%
Australia9271160117438.30%
Austria9990.29%
Bangladesh1110.03%
Barbados4440.13%
Belgium2222220.72%
Bulgaria3330.10%
Canada9598983.20%
Czech Republic4440.13%
Denmark9880.26%
European Union1110.03%
Finland8440.13%
France3639391.27%
Germany5453531.73%
Gibraltar1018180.59%
Greece1110.03%
Guernsey1244461.50%
Hong Kong2526260.85%
Hungary1110.03%
Iceland3330.10%
India1818180.59%
Ireland65170871023.16%
Isle of Man1432172177.08%
Italy3945451.47%
Jamaica2220.07%
Jersey1381331334.34%
Latvia1110.03%
Liechtenstein3220.07%
Luxembourg8880.26%
Malaysia1110.03%
Malta1015150.49%
Mauritius2220.07%
New Zealand2644451.47%
Norway5770.23%
Portugal2323230.75%
Russian Federation1110.03%
South Africa3031311.01%
Spain1316160.52%
Sri Lanka1110.03%
St Lucia3330.10%
St Vincent & The Grenadines1110.03%
Sweden6770.23%
Switzerland1371361384.50%
The Netherlands951031033.36%
Trinidad & Tobago3330.10%
Turkey3330.10%
USA1514140.46%

Source: HMRC June 2013

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QROPS Market Movers And Shakers Identified

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QROPS Market Movers And Shakers Identified