A New QROPS Offshore Pension Opens Every Day

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The number of Qualifying Recognised Overseas Pension Schemes (QROPS) continues to increase, reaching another new high with the release of the latest HM Revenue & Customs (HMRC) QROPS List.

Published on February 1, the number of QROPS has hit 3,276 – up 12 from the last list published on January 15.

For some months, the market has seen an average one pension a day open across the 42 financial centres hosting providers.

Year-on-year, the number of QROPS has risen by 391 from 2,885 in February 2013.

The drop in 2012 is mainly as a result of HMRC upgrading qualification rules that closed more than 300 QROPS in Guernsey, the Isle of Man and New Zealand.

Booking.com

Top QROPS jurisdictions

The top two jurisdictions by number of QROPS remain the same and those with the largest monthly gains – Australia added five QROPS in the past two weeks to head the list with 1,304 pensions. Ireland added the same amount to total 743 QROPS.

Between them, these two nations have garnered 82% of the QROPS market by number of pensions.

HMRC plans to publish the next list on February 15, 2014.

The inexorable rise of the QROPS industry can be charted since the pension scheme opened in April 2006.

  • February 2007 – 413 pensions
  • February 2008 – 1,174
  • February 2009 – 1,713
  • February 2010 – 2,094
  • February 2011 – 2,505
  • February 2012 – 2,905
  • February 2013 – 2,885
  • February 2014 – 3,276
QROPS List - February 1, 2014
QROPS JurisdictionsNumber of QROPS pensionsChange since Jan 15, 2014Year-on Year changeMarket share by no of QROPS
Values
Feb 01, 2013Jan 15, 2014Feb 01,2014
Australia107212991304523239.80%
Austria91010010.31%
Barbados4220-20.06%
Belgium222322-100.67%
Bulgaria333000.09%
Canada949999053.02%
Czech Republic4330-10.09%
Denmark888000.24%
European Union111000.03%
Finland4330-10.09%
France394041121.25%
Germany535656031.71%
Gibraltar1433330191.01%
Greece111000.03%
Guernsey3758591221.80%
Hong Kong25440-210.12%
Hungary111000.03%
Iceland333000.09%
India182627190.82%
Ireland68673874355722.68%
Isle of Man2122312310197.05%
Italy424747051.43%
Jamaica222000.06%
Jersey133136135-124.12%
Latvia111000.03%
Liechtenstein223110.09%
Luxembourg888000.24%
Malta112020090.61%
Mauritius222000.06%
Netherlands99107107083.27%
New Zealand4055550151.68%
Norway577020.21%
Portugal232323000.70%
Russian Federation111000.03%
South Africa313131000.95%
Spain141616020.49%
Sri Lanka111000.03%
Sweden788010.24%
Switzerland133135135024.12%
Trinidad & Tobago3220-10.06%
Turkey333000.09%
USA141515010.46%
Grand Total28853264327612391
Source: HMRC

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