The list of Qualifying Recognised Overseas Pension Schemes has lost three pensions for expats, according to the latest official data.
The QROPS from Gibraltar, Ireland, and the Isle of Man, were removed from the HMRC list without comment.
Pensions are listed as removed for several reasons, including tax issues, the QROPS is closed by a retirement saver, or the scheme has paid out.
The changes take the total on the QROPS List to 1,961 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 | 37 |
Guernsey | 65 |
Hong Kong | 10 |
India | 12 |
Ireland | 70 |
Isle of Man | 361 |
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 | 1961 |
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 | 361 |
Ireland | 70 |
Jersey | 66 |
Guernsey | 65 |
Netherlands | 57 |
Gibraltar | 37 |
Malta | 34 |
New Zealand | 32 |
India | 12 |
Grand Total | 1912 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
QROPS | Country | Added | Amended | Removed |
Whitmill QROPS | Gibraltar | x | ||
LEC Ireland Employment Ltd Pension Scheme | Ireland | x | ||
Meadowcroft Personal Pension Scheme | Isle of Man | x | ||
Totals: | 0 | 0 | 3 | |
QROPS listed July 01, 2020: | 1964 | |||
Net change since July 01, 2020: | -3 | |||
QROPS listed July 15, 2020: | 1961 | |||
QROPS country | Added | Removed | ||
Totals: | 0 | 0 | ||
Countries with QROPS listed July 01, 2020: | 28 | |||
Net change since July 01, 2020: | 0 | |||
Countries with QROPS listed July 15, 2020: | 28 | |||
The next QROPS list is due on August 01, 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.
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 European Economic Area (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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