As predicted, Australia QROPS have passed the 50% landmark to become the first country to offer more than half the global number of specialist offshore pensions for expats.
Australia now has 706 QROPS – just over 51% of the global total and an increase of 13 since the last HM Revenue & Customs QROPS List was published on August 1.
Second-placed Isle of Man also added four QROPS in the past two weeks, taking the offshore financial centre’s QROPS tally to 347 – 25% of the global total.
HMRC QROPS List – By country
| Financial jurisdiction | No of QROPS | % of total | |
| Australia | 706 | 51.12% | |
| Austria | 5 | 0.36% | |
| Barbados | 1 | 0.07% | |
| Belgium | 1 | 0.07% | |
| Bulgaria | 3 | 0.22% | |
| Denmark | 2 | 0.14% | |
| EU Institution | 1 | 0.07% | |
| Finland | 1 | 0.07% | |
| Germany | 10 | 0.72% | |
| Gibraltar | 31 | 2.24% | |
| Guernsey | 52 | 3.77% | |
| Hong Kong | 2 | 0.14% | |
| India | 13 | 0.94% | |
| Ireland | 62 | 4.49% | |
| Isle of Man | 347 | 25.13% | |
| Jersey | 44 | 3.19% | |
| Kenya | 2 | 0.14% | |
| Latvia | 3 | 0.22% | |
| Liechtenstein | 2 | 0.14% | |
| Luxembourg | 2 | 0.14% | |
| Malta | 36 | 2.61% | |
| Mauritius | 2 | 0.14% | |
| Netherlands | 17 | 1.23% | |
| New Zealand | 28 | 2.03% | |
| Norway | 1 | 0.07% | |
| South Africa | 1 | 0.07% | |
| Sweden | 2 | 0.14% | |
| Switzerland | 2 | 0.14% | |
| USA | 2 | 0.14% | |
| Total: | 1381 | 100.00% | |
HMRC QROPS List – Changes
| QROPS | Change | Country |
| Anthony Super | Added | Australia |
| Barnes Family Superannuation Fund | Added | Australia |
| Barry Clearwater (BP) Superannuation Fund | Added | Australia |
| Bradley 55 Super Fund | Added | Australia |
| Butler60 Super | Added | Australia |
| C Grant Super Fund | Added | Australia |
| D&MW Superannuation Fund | Added | Australia |
| G & G Super Fund | Added | Australia |
| Kym Howard Superannuation Fund | Added | Australia |
| Lindsey Morgan Superannuation Fund | Added | Australia |
| Phillips55 Super Fund | Added | Australia |
| Ridden Silver Lining Superannuation Fund | Added | Australia |
| St Albans Retirement Fund | Added | Australia |
| Winwood Family Superannuation Fund | Added | Australia |
| Tidswell Master Superannuation Plan | Deleted | Australia |
| D A SIPP | Added | Isle of Man |
| Hull SIPP | Added | Isle of Man |
| Kingslawn SIPP | Added | Isle of Man |
| Zurich International Personal Pension Scheme | Added | Isle of Man |
| Stables Pension Fund | Deleted | Isle of Man |
| HWJH SIPP Limited | Added | Jersey |
| SMS 1 Fund | Deleted | New Zealand |
| SMS 2 Fund | Deleted | New Zealand |
| SSAS 9 Fund | Deleted | New 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 September 1, 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 offering 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
