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
| Country | No of QROPS | % of listed QROPS |
| Australia | 1103 | 58.73% |
| Austria | 4 | 0.21% |
| Barbados | 1 | 0.05% |
| Belgium | 2 | 0.11% |
| Bulgaria | 3 | 0.16% |
| Canada | 3 | 0.16% |
| Denmark | 2 | 0.11% |
| EU Institution | 1 | 0.05% |
| Finland | 1 | 0.05% |
| Germany | 7 | 0.37% |
| Gibraltar | 34 | 1.81% |
| Guernsey | 65 | 3.46% |
| Hong Kong | 10 | 0.53% |
| India | 13 | 0.69% |
| Ireland | 69 | 3.67% |
| Isle of Man | 360 | 19.17% |
| Jersey | 64 | 3.41% |
| Kenya | 2 | 0.11% |
| Latvia | 3 | 0.16% |
| Liechtenstein | 1 | 0.05% |
| Luxembourg | 2 | 0.11% |
| Malta | 35 | 1.86% |
| Netherlands | 55 | 2.93% |
| New Zealand | 32 | 1.70% |
| Norway | 1 | 0.05% |
| Sweden | 1 | 0.05% |
| Switzerland | 2 | 0.11% |
| USA | 2 | 0.11% |
| Total QROPS: | 1878 |
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the latest list
| QROPS | Country | Added | Amended | Removed |
| Bitchfield Superannuation Fund | Australia | x | ||
| Bowler SMSF | Australia | x | ||
| Dinkakis SMSF | Australia | x | ||
| Gooden Super Fund | Australia | x | ||
| Hunter Lamont Superannuation Fund | Australia | x | ||
| LBD Superannuation Fund | Australia | x | ||
| Outhwaite Superannuation Fund | Australia | x | ||
| Raddie Superfund | Australia | x | ||
| Rimmer Super | Australia | x | ||
| U Y Thompson SMSF Super Fund | Australia | x | ||
| Smithson Family Superannuation Fund | Australia | x | ||
| Snugglesbear Superannuation Fund | Australia | x | ||
| SRL Retirement Annuity Trust Scheme | Guernsey | x | ||
| Totals: | 10 | 0 | 3 | |
| QROPS listed March 15, 2020: | 1871 | |||
| Net change since March 15, 2020: | 7 | |||
| QROPS listed April 01, 2020: | 1878 | |||
| QROPS country | Added | Removed | ||
| – | – | – | ||
| Totals: | 0 | 0 | ||
| 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
