Australia QROPS are storming ahead another 31 offshore pensions for expats opened in the past two weeks.
Australia hosted a record 1,669 QROPS in April, but UK law changes demanding that QROPS should only pay benefits to savers aged 55 or over saw all but one of these QROPS suspended.
For years, the country was home to the largest number of QROPS in the world.
Most Australia QROPS allowed hardship payments to younger retirement savers and fell foul of the ban which started on April 6, 2016.
Now, Australia has 113 QROPS – the third highest number out of 41 financial centres.
Leading QROPS centres
He leading jurisdiction is the Isle of Man, with 206 QROPS, followed by Guernsey with 136.
At the current rate, Australia should regain top ranking in the world by number for QROPS during this year.
Four new QROPS opened in the Isle of Man, according to the latest HM Revenue and Customs QROPS List for the period February 16, 2016 until March 1, 2016.
Guernsey, Ireland, Jersey and Malta each saw one QROPS open.
Globally, retirement savers have the choice of 1,023 QROPS from 41 financial centres – up from 984 across 41 centres on February 15.
HMRC will publish the next QROPS List on March 15, 2016.
QROPS List By Financial Jurisdiction
| Country | No of QROPS |
|---|---|
| Australia | 113 |
| Austria | 8 |
| Barbados | 1 |
| Belgium | 14 |
| Bulgaria | 2 |
| Canada | 64 |
| Czech Republic | 2 |
| Denmark | 4 |
| European Union | 1 |
| France | 11 |
| Germany | 31 |
| Gibraltar | 47 |
| Greece | 1 |
| Guernsey | 136 |
| Hong Kong | 12 |
| Hungary | 1 |
| Iceland | 1 |
| India | 10 |
| Ireland | 84 |
| Isle of Man | 206 |
| Italy | 20 |
| Jamaica | 1 |
| Jersey | 85 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 24 |
| Mauritius | 1 |
| Netherlands | 63 |
| New Zealand | 31 |
| Norway | 6 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 3 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 1 |
| Turkey | 2 |
| United States of America | 2 |
| Total: | 1023 |
Source: HMRC
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
