QROPS List – June 1, 2020

Lisa Smith, BA (Hons), CeFA
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The number of Qualifying Recognised Overseas Pension Scheme (QROPS) across 28 countries has hit 1,917 – with 13 opening during the past two weeks.

Australia heads the rankings with 1,138 expat pensions – 59% of all QROPS listed worldwide.

The top 10 QROPS centres host more than 97% of all QROPS expat pensions. 

Only one country outside the top 10 has QROPS in double figures – Hong Kong, with 10, which is just a 0.54% of the market

The Isle of Man ranks as the second most popular QROPS centre with 362 pensions, which is almost a 20% share of the market.

QROPS List and changes

The first table below shows the net number of schemes for each financial jurisdiction, accounting for new listings and removals since the publication of the latest QROPS list published by HM Revenue & Customs

The second table shows the QROPS global top 10, while the third details changes in the number of QROPS and countries offering them.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1138
Austria4
Barbados1
Belgium3
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar34
Guernsey65
Hong Kong10
India13
Ireland70
Isle of Man362
Jersey65
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands55
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Grand Total1917
Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS
Australia1138
Isle of Man362
Ireland70
Guernsey65
Jersey65
Netherlands55
Gibraltar34
Malta34
New Zealand32
India13
Data Source: HMRC

HMRC QROPS List – Changes

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

QROPSCountryAddedAmendedRemoved
AdamG Super FundAustraliax
AKB Super FundAustraliax
Bower Super FundAustraliax
BrunxTrunx SuperfundAustraliax
D&A Catterson SMSFAustraliax
Holmes Super FundAustraliax
Jackiesloan13Australiax
Jackson Superannuation FundAustraliax
J and D Dempster-Smith Superannuation FundAustraliax
L Bispham Superannuation FundAustraliax
Moss ROPS Superannuation FundAustraliax
Woodstone Superannuation FundAustraliax
Laurels SIPPIsle of Manx
Totals:1300
QROPS listed May 15, 2020: 1904
Net change since May 15, 2020: 13
QROPS listed June 01, 2020: 1917
QROPS country  AddedRemoved
Totals:00
Countries with QROPS listed May 15, 2020: 28
Net change since May 15, 2020: 0
Countries with QROPS listed June 01, 2020: 28
The next QROPS list is due on June 16, 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 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

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