This was a year of explosive growth for QROPS international pensions as the market grew by 320%.
The number of QROPS available worldwide surged from 360 at the end of 2006 to 1,153 by the end of 2007.
Not only did the choice of international pensions grow, but the number of financial centres hosting the schemes mushroomed as well, from 29 at the start of the year to 46 by the end of December 2007.
By this time, a European Union QROPS scheme for civil servants working for the European Commission and other official institutions was well-established, adding credibility to the new pensions which many viewed with suspicion as tax avoidance vehicles.
Australia and Ireland continued as the main centres for QROPS.
Australia and Ireland QROPS set the market pace
By the end of the year the number of pensions in Australia had increased by 300% from 95 at the end of December 2007 to 286 QROPS a year later.
However, Ireland led the QROPS market by number of pensions, with the number of schemes shooting up by 320% from 97 to 314.
Between them Ireland and Australia were home to 600 of the 1,153 QROPS listed by HMRC – which adds up to just over half the market.
New financial centres offering QROPS included Bermuda, Finland, Latvia, St Vincent & The Grenadines and Russia.
Although QROPS pensions were popular with expats due to the investment flexibility and tax breaks they offered, some advisers and providers were starting to push the boundaries to test the complicated HMRC rules.
QROPS Year by Year Summary
We review and summarise the QROPS news for each year from the launch of QROPS to now. Click on the below links to read:
QROPS OFFSHORE PENSIONS AFTER 10 YEARS
QROPS 2006 – A-Day Launches New Offshore Pension
QROPS 2008 – HMRC Cracks Down On Rogue Pensions
QROPS 2009 – Gibraltar Tax Problem Rocks Expats
QROPS 2010 – Singapore Legal Challenge Launched
QROPS 2011 – Rooting Out The Rogues
QROPS 2012 – Hundreds of Pensions Delisted
QROPS 2013 – HMRC Humiliated In High Court
QROPS 2014 – Flexible Access On the Way
QROPS 2015 – No One Foresaw The Pension Age Test
QROPS 2016 – The Story So Far… But Not The End
Further QROPS Information and Guidance
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.