QROPS List – January 15, 2020

Eleven new Qualifying Recognised Overseas Pensions Schemes opened in the first two weeks of January 2020.

The number of QROPS increased to 1844 across 28 countries –  up 329 from 1515 on January 1, 2019.

Top of the QROPS listings is Australia with 1,065 expat pensions – just under 58% of all QROPS listed worldwide across 28 countries.

In fact, the he top 10 QROPS centres represent 97% of 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 favourite QROPS centre with 359 pensions listed, which is almost 20% of the market.

HMRC QROPS List – By country

Country	No of QROPS	% of Total
Australia	1065	57.75%
Isle of Man	359	19.47%
Ireland	68	3.69%
Guernsey	66	3.58%
Jersey	65	3.52%
Netherlands	55	2.98%
Malta	36	1.95%
Gibraltar	36	1.95%
New Zealand	33	1.79%
India	13	0.70%
Hong Kong	10	0.54%
Germany	7	0.38%
Austria	4	0.22%
Canada	3	0.16%
Bulgaria	3	0.16%
Latvia	3	0.16%
Luxembourg	2	0.11%
Belgium	2	0.11%
USA	2	0.11%
Kenya	2	0.11%
Liechtenstein	2	0.11%
Denmark	2	0.11%
Sweden	1	0.05%
Finland	1	0.05%
Switzerland	1	0.05%
Barbados	1	0.05%
Norway	1	0.05%
EU Institution	1	0.05%
Total:	1844	100.00%

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since January 1, 2020.

QROPS	Country	Added	Amended	Removed
007 Superannuation Fund	Australia	x
Burgess Super Fund	Australia	x
Jon Hayward Superannuation Fund	Australia	x
JS Band Super Fund	Australia	x
Lee Family Super Fund	Australia	x
Madgasman Super Fund	Australia	x
Michael ES Superannuation Fund	Australia	x
Milburn Super Fund	Australia	x
Outrospective Super Fund	Australia	x
Top Hat Superannuation Fund	Australia	x
CNIW Personal Pension Scheme	Isleof Man	x
Totals:		11	0	0
QROPS listed January 01, 2020:				1833
Net change since January 01, 2020:				11
QROPS listed January  15, 2020:				1844
QROPS country	Country		Added	Removed
No change			–	–
Totals:			0	0
Countries with QROPS listed January  15, 2020:				28
Net change since January 01, 2020:				0
Countries with QROPS listed January  15, 2020:				28
The next QROPS list is due on February 01, 2020

Data 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 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