French Qualifying Recognised Overseas Pension Scheme (QROPS) have bid adieu as all the offshore pensions based in the country are now delisted.
France opened as a QROPS centre in January 2007 with three pensions.
Between 2007 and 2013, the number of QROPS gradually increased to 41, making France one of the top 10 offshore pension jurisdictions for expats.
However, the market has struggled since June 2015, when new tax rules imposed by HM Revenue and Customs (HMRC) saw the number of pensions dwindle to four.
Since then, France has recovered to offering expats 11 QROPS, but 10 pensions were delisted in November 2016 and now the final pension has followed.
All French QROPS delisted
The global number of QROPS stands at 1,228 – up 1,327 from 901 at the start of December 2015.
The country offering the most QROPS is Australia with 361 schemes listed.
Since the last QROPS List was published by HMRC on November 15, 15 pensions have opened in Australia, nine in the Isle of Man and one each in India and the Netherlands.
France, Germany and Jersey have each seen one scheme delisted.
HMRC does not disclose the reason why a pension is removed from the QROPS List.
HMRC publishes an updated list of QROPS every fortnight. The next QROPS List is due on December 15, 2016.
QROPS List By Financial Jurisdiction
| Financial Jurisdiction | No of QROPS |
|---|---|
| Australia | 361 |
| Austria | 8 |
| Barbados | 1 |
| Belgium | 10 |
| Bulgaria | 2 |
| Canada | 3 |
| Czech Republic | 2 |
| Denmark | 3 |
| European Union | 1 |
| Finland | 1 |
| Germany | 25 |
| Gibraltar | 51 |
| Greece | 1 |
| Guernsey | 143 |
| Hong Kong | 17 |
| Hungary | 1 |
| Iceland | 1 |
| India | 15 |
| Ireland | 85 |
| Isle of Man | 240 |
| Jamaica | 1 |
| Jersey | 83 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 3 |
| Malta | 29 |
| Mauritius | 3 |
| Netherlands | 61 |
| New Zealand | 35 |
| Norway | 4 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 2 |
| Turkey | 2 |
| United States of America | 1 |
| Total: | 1228 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
