QROPS List – July 15, 2020

Lisa Smith, BA (Hons), CeFA
By

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

CountryNo. of QROPS
Australia1178
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar37
Guernsey65
Hong Kong10
India12
Ireland70
Isle of Man361
Jersey66
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands57
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Grand Total1961
Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo. of QROPS
Australia1178
Isle of Man361
Ireland70
Jersey66
Guernsey65
Netherlands57
Gibraltar37
Malta34
New Zealand32
India12
Grand Total1912
Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended, or removed in the latest list

QROPSCountryAddedAmendedRemoved
Whitmill QROPSGibraltarx
LEC Ireland Employment Ltd Pension SchemeIrelandx
Meadowcroft Personal Pension SchemeIsle of Manx
   
Totals:003
QROPS listed July 01, 2020: 1964
Net change since July 01, 2020: -3
 
QROPS listed July 15, 2020: 1961
QROPS country  AddedRemoved
Totals:00
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.

Related Information

Below is a list of related articles you may find of interest.

Get Financial Advice

We can put you in contact with a qualified specialist expat financial advisor based in your location. Click the button below to get the expert advice you need to make the best financial decisions.

Leave a Comment