QROPS List – August 1, 2018

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Australia QROPS have almost reached the landmark of making up half of all QROPS offshore pensions for expats worldwide.

With 16 new scheme opening in the past two weeks, Australia now has 49.3% of all QROPS, according to the latest HM Revenue & Customs QROPS List.

The Isle of Man is the next largest jurisdiction with 344 QROPS or 25.1% of the worldwide total.

Between them, the two jurisdictions offer slightly under 75% or three in four of all QROPS pensions.

HMRC QROPS List – By country

Financial jurisdictionNo of QROPS
Australia693
Austria5
Barbados1
Belgium1
Bulgaria3
Denmark2
EU Institution1
Finland1
Germany10
Gibraltar31
Guernsey52
Hong Kong2
India13
Ireland62
Isle of Man344
Jersey43
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Mauritius2
Netherlands17
New Zealand31
Norway1
South Africa1
Sweden2
Switzerland2
USA2
Total:1367

HMRC QROPS List – Changes

QROPSChangeCountry
Barrat Superannuation FundAddedAustralia
Conway Super FundAddedAustralia
East Weston SuperAddedAustralia
Elaine Gardiner The Future SMSFAddedAustralia
Higgins Superannuation FundAddedAustralia
N & N Pattison Super FundAddedAustralia
Pattison Super FundAddedAustralia
R & C Hewitt SMSFAddedAustralia
Rymer & Hyne SMSFAddedAustralia
ShawSuperAddedAustralia
Nestle Pensionskasse VVaGAddedGermany
Trafalgar Pension SchemeAddedGibraltar
Bank of Ireland Staff Pensions FundAddedIreland
Stripes Support Services No.2 EPSAddedIreland
Crooked Corner Personal Pension SchemeAddedIsle of Man
Clever Cat LimitedAddedGuernsey
Coco Investments LtdDeletedGuernsey
SSAS 4 FundDeletedNew Zealand

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 details the changes.

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 this before transferring any money.

The next HM Revenue and Customs QROPS Listis scheduled for August 15, 2018.

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 with QROPS that are not subject to the overseas transfer charge are:

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

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
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • Mauritius
  • 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

Download the Free Pension Transfer Guide

Expat Pension Transfers Guide

iExpats.com expert writers have created a simple guide to Expat Pension Transfers just for you.

Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

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