QROPS List – February 15, 2020

Lisa Smith, BA (Hons), CeFA
By

After months of adding new schemes almost daily,  QROPS providers were treading eater during the past two weeks.

The latest list shows the number of QROPS stayed at 1860 across 28 countries –  no change since February 5.

Data from HM Revenue & Customs shows just three schemes opened, while another three were removed from the list.

Australia leads the listings with 1,082 expat pensions – 58% of all QROPS listed worldwide.

The top 10 QROPS centres represent more than 97% of the QROPS expat pensions available. Only one other country outside the top 10 has QROPS in double figures – Hong Kong, with 10 schemes, which is 0.54% of the market

The latest QROPS list published by HM Revenue & Customs shows the Isle of Man ranking as the second QROPS centre with 360 pensions listed, which is almost a 20% share of the market.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1082
Austria4
Barbados1
Belgium2
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar35
Guernsey65
Hong Kong10
India13
Ireland69
Isle of Man360
Jersey64
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta36
Netherlands55
New Zealand33
Norway1
Sweden1
Switzerland2
USA2
Total:1860

Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed

CountryNo of QROPS% of global total
Australia108259.71%
Isle of Man36019.87%
Ireland693.81%
Guernsey653.59%
Jersey643.53%
Netherlands553.04%
Malta361.99%
Gibraltar351.93%
New Zealand331.82%
India130.72%
Total: 1812

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

QROPSCountryAddedAmendedRemoved
Romaine Super FundAustraliax
ARIA IP Gibraltar QROPS Pension SchemeGibraltarx
Granite 2009 Pension SchemeGuernseyx
Ardonan Isle of Man SIPPIsle of Manx
Willmott SIPPIsle of Manx
LV 1871 Private PensionLiechtensteinx
   
Totals:303
QROPS listed February 05, 2020: 1860
Net change since February 05, 2020: 0
 
QROPS listed February 15, 2020: 1860
QROPS country  AddedRemoved
  
Totals:00
Data source: HMRC    
Countries with QROPS listed February 05, 2020: 28
Net change since February 05, 2020: 0
 
Countries with QROPS listed February 15, 2020: 28
The next QROPS list is due on March 01, 2020

 

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 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
  • 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

Leave a Comment