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
Country | No of QROPS |
---|---|
Australia | 1138 |
Austria | 4 |
Barbados | 1 |
Belgium | 3 |
Bulgaria | 3 |
Canada | 3 |
Denmark | 2 |
EU Institution | 1 |
Finland | 1 |
Germany | 7 |
Gibraltar | 34 |
Guernsey | 65 |
Hong Kong | 10 |
India | 13 |
Ireland | 70 |
Isle of Man | 362 |
Jersey | 65 |
Kenya | 2 |
Latvia | 3 |
Liechtenstein | 1 |
Luxembourg | 2 |
Malta | 34 |
Netherlands | 55 |
New Zealand | 32 |
Norway | 1 |
Sweden | 1 |
Switzerland | 2 |
USA | 2 |
Grand Total | 1917 |
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed offering the most QROPS
Country | No of QROPS |
---|---|
Australia | 1138 |
Isle of Man | 362 |
Ireland | 70 |
Guernsey | 65 |
Jersey | 65 |
Netherlands | 55 |
Gibraltar | 34 |
Malta | 34 |
New Zealand | 32 |
India | 13 |
HMRC QROPS List – Changes
QROPS pensions added, amended, or removed in the latest list
QROPS | Country | Added | Amended | Removed |
---|---|---|---|---|
AdamG Super Fund | Australia | x | ||
AKB Super Fund | Australia | x | ||
Bower Super Fund | Australia | x | ||
BrunxTrunx Superfund | Australia | x | ||
D&A Catterson SMSF | Australia | x | ||
Holmes Super Fund | Australia | x | ||
Jackiesloan13 | Australia | x | ||
Jackson Superannuation Fund | Australia | x | ||
J and D Dempster-Smith Superannuation Fund | Australia | x | ||
L Bispham Superannuation Fund | Australia | x | ||
Moss ROPS Superannuation Fund | Australia | x | ||
Woodstone Superannuation Fund | Australia | x | ||
Laurels SIPP | Isle of Man | x | ||
Totals: | 13 | 0 | 0 | |
QROPS listed May 15, 2020: | 1904 | |||
Net change since May 15, 2020: | 13 | |||
QROPS listed June 01, 2020: | 1917 | |||
QROPS country | Added | Removed | ||
Totals: | 0 | 0 | ||
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