It’s business as usual in the world of Qualifying Recognised Overseas Pension Schemes (QROPS) as another seven open in the past two weeks.
This boosted the worldwide number of QROPS to a new peak of 3,673 pensions, up from 3,667 two weeks ago and 3,314 a year ago, according to the latest QROPS List published by HM Revenue & Customs (HMRC).
Six schemes opened in Australia, taking the number based there up to 1,609, and one in Jersey, which now has 140 QROPS.
Leading QROPS centres
One closed in Hong Kong, leaving three open in the former British colony.
Australia now has a 43% market share by number of QROPS, followed by Ireland with 21% and the Isle of Man with 6%.
Between them, these three leading financial centres take 70% of the market by number of pensions.
HMRC does not reveal the amount of money invested in a financial centre or individual QROPS schemes.
HMRC is due to publish the next QROPS List on March 1, 2015.
QROPS List - February 15, 2015 | ||
---|---|---|
Financial jurisdiction | February 1, 2015 | February 15, 2015 |
Australia | 1604 | 1609 |
Austria | 11 | 11 |
Barbados | 2 | 2 |
Belgium | 24 | 24 |
Bulgaria | 3 | 3 |
Canada | 94 | 94 |
Czech Republic | 3 | 3 |
Denmark | 9 | 9 |
European Union | 1 | 1 |
Falkland Islands | 1 | 1 |
Finland | 3 | 3 |
France | 37 | 37 |
Germany | 55 | 55 |
Gibraltar | 45 | 45 |
Greece | 1 | 1 |
Guernsey | 88 | 89 |
Hong Kong | 4 | 3 |
Hungary | 1 | 1 |
Iceland | 3 | 3 |
India | 12 | 12 |
Ireland | 779 | 779 |
Isle of Man | 231 | 231 |
Italy | 49 | 49 |
Jamaica | 2 | 2 |
Jersey | 139 | 140 |
Kenya | 1 | 1 |
Kosovo | 1 | 1 |
Latvia | 3 | 3 |
Liechtenstein | 4 | 4 |
Luxembourg | 10 | 10 |
Malta | 22 | 22 |
Mauritius | 2 | 2 |
Netherlands | 119 | 119 |
New Zealand | 59 | 59 |
Norway | 8 | 8 |
Portugal | 23 | 23 |
Russian Federation | 1 | 1 |
South Africa | 32 | 32 |
Spain | 16 | 16 |
Sri Lanka | 1 | 1 |
Sweden | 7 | 7 |
Switzerland | 139 | 139 |
Trinidad | 2 | 2 |
Turkey | 3 | 3 |
USA | 13 | 13 |
Number of QROPS: | 3667 | 3673 |
Source: HMRC |