Ten new QROPS offshore pensions for expats were added to the official HMRC list in the past two weeks.
While 11 were added, one was amended, and one knocked off the list – leaving a net change of 10 QROPS.
In the last two weeks of June, Australia added nine QROPS and removed one, Germany amended one, while Jersey and The Netherlands added each.
The changes take the total on the HMRC QROPS List to 1,965 across 28 countries.
HMRC QROPS List – By country
| Country | No of QROPS |
|---|---|
| Australia | 1178 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 3 |
| Bulgaria | 3 |
| Canada | 3 |
| Denmark | 2 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 7 |
| Gibraltar | 38 |
| Guernsey | 65 |
| Hong Kong | 10 |
| India | 13 |
| Ireland | 71 |
| Isle of Man | 362 |
| Jersey | 66 |
| Kenya | 2 |
| Latvia | 3 |
| Liechtenstein | 1 |
| Luxembourg | 2 |
| Malta | 34 |
| Netherlands | 57 |
| New Zealand | 32 |
| Norway | 1 |
| Sweden | 1 |
| Switzerland | 2 |
| USA | 2 |
| Grand Total | 1965 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
| Country | No of QROPS |
|---|---|
| Australia | 1178 |
| Isle of Man | 362 |
| Ireland | 71 |
| Jersey | 66 |
| Guernsey | 65 |
| Netherlands | 57 |
| Gibraltar | 38 |
| Malta | 34 |
| New Zealand | 32 |
| India | 13 |
| Grand Total | 1916 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
| QROPS | Country | Added | Amended | Removed |
| AM & SJ Hirst Super Fund | Australia | x | ||
| Britsoft Superannuation Fund | Australia | x | ||
| Broons Super Fund | Australia | x | ||
| D & L Lanaway Family Super Fund | Australia | x | ||
| Inch View Retirement Super Fund | Australia | x | ||
| Locke Sinclair Retirement Fund | Australia | x | ||
| Mikesb 1965 Super Fund | Australia | x | ||
| Stairway to Heaven Super Fund | Australia | x | ||
| Super Dooper Superannuation Fund | Australia | x | ||
| Wakefield Super Fund | Australia | x | ||
| Condor Lebensversicherung-AG | Germany | x | ||
| GlenQ Overseas Pension Plan | Jersey | x | ||
| Pensioenreglement uitkeringsovereenkomst Pensioenfonds PGB | Netherlands | x | ||
| Totals: | 11 | 1 | 1 | |
| QROPS listed June 15, 2020: | 1955 | |||
| Net change since June 15, 2020: | 10 | |||
| QROPS listed July 01, 2020: | 1965 | |||
| QROPS country | Added | Removed | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed June 15, 2020: | 28 | |||
| Net change since June 15, 2020: | 0 | |||
| Countries with QROPS listed July 01, 2020: | 28 | |||
| The next QROPS list is due on July 15, 2020 |
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 QROPS 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.
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