QROPS List – April 1, 2020

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The worldwide list of QROPS offshore pensions for expats has added several new schemes mainly in Australia.

Australia heads the list with 1,103 expat pensions – 59% of all QROPS listed worldwide.

The QROPS list shows the Isle of Man ranking as the second QROPS centre with 360 pensions, which is almost a 20% share of the market.

Providers added 10 new QROPS to the list and removed three, leaving a net increase of seven QROPS, bringing the total worldwide to 1,878 pensions.

HMRC QROPS List – By country

CountryNo of QROPS% of listed QROPS
Australia110358.73%
Austria40.21%
Barbados10.05%
Belgium20.11%
Bulgaria30.16%
Canada30.16%
Denmark20.11%
EU Institution10.05%
Finland10.05%
Germany70.37%
Gibraltar341.81%
Guernsey653.46%
Hong Kong100.53%
India130.69%
Ireland693.67%
Isle of Man36019.17%
Jersey643.41%
Kenya20.11%
Latvia30.16%
Liechtenstein10.05%
Luxembourg20.11%
Malta351.86%
Netherlands552.93%
New Zealand321.70%
Norway10.05%
Sweden10.05%
Switzerland20.11%
USA20.11%
Total QROPS:1878 

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

QROPSCountryAddedAmendedRemoved
     
Bitchfield Superannuation FundAustraliax  
Bowler SMSFAustraliax  
Dinkakis SMSFAustraliax  
Gooden Super FundAustraliax  
Hunter Lamont Superannuation FundAustraliax  
LBD Superannuation FundAustraliax  
Outhwaite Superannuation FundAustraliax  
Raddie SuperfundAustraliax  
Rimmer SuperAustraliax  
U Y Thompson SMSF Super FundAustraliax  
Smithson Family Superannuation FundAustralia  x
Snugglesbear Superannuation FundAustralia  x
SRL Retirement Annuity Trust SchemeGuernsey  x
     
Totals: 1003
     
QROPS listed March 15, 2020:    1871
Net change since March 15, 2020:    7
     
QROPS listed April 01, 2020:    1878
     
QROPS country  AddedRemoved
     
  
     
Totals:  00
     
     
Countries with QROPS listed March 15, 2020:    28
Net change since March 15, 2020:    0
     
Countries with QROPS listed April 01, 2020:    28
     
The next QROPS list is due on April 15, 2020    

Data source: HMRC

The first table shows the net number of schemes for each financial jurisdiction, accounting for new listings and removals since the publication of the last list.

The second table shows the QROPS global top 10, while the third details changes in the number of QROPS and countries providing them.

What is the QROPS List?

The HMRC 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 the latest QROPS list before transferring any money.

QROPS overseas transfer charge

The overseas transfer charge is calculated as 25% of the transfer value of a fund into a QROPS or between QROPS.

For expats living inside the European Economic Area (EEA), countries offering QROPS that are not subject to the overseas transfer charge when the pension member also lives within the EEA are:

  • Austria
  • Belgium
  • Bulgaria
  • Denmark
  • Finland
  • Germany
  • Gibraltar
  • Ireland
  • Latvia
  • Liechtenstein
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • Sweden

Note: The UK government has yet to clarify if this rule will remain in place after the Brexit transition period ends on December 31, 2020.

QROPS countries outside the EEA

Countries outside the EEA are subject to the transfer charge if an expat does not live in the same country as the pension is administered – these are:

  • Australia
  • Barbados
  • Canada
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • New Zealand
  • South Africa
  • Switzerland
  • USA

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

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