Qualifying Recognised Overseas Pension Schemes (QROPS) providers seem to have an insatiable appetite for opening new offshore funds.
In just two weeks, 30 new QROPS have opened – with 24 of those in Australia – according to the latest QROPS List from HM Revenue & Customs (HMRC).
The number of QROPS worldwide now totals a new record of 3,353 pensions offered across 42 financial centres, which is a new record.
Australia is still the largest QROPS destination, with 40% of the market by number of schemes, or 1,367 pensions.
Next is Ireland, opening one fund to hit 743 QROPS and 22% of the market, followed by the Isle of Man, unchanged with 3236 pensions.
No change for financial centres
The number of financial centres offering QROPS has not changed.
The figures come from the HMRC QROPS List, which is published every two weeks. The next is expected on April 1, 2014.
The list gives details of QROPS by financial centre, but does not give any information about money invested in the plans.
The figures are also net, because although Australia may have seen 24 new schemes, more may have started trading that were cancelled out by other schemes closing.
QROPS List - March 13, 2014 | ||
---|---|---|
Jurisdiction | Count of QROPS pensions | |
March 15, 2013 | March 13, 2014 | |
Australia | 1110 | 1367 |
Austria | 9 | 11 |
Barbados | 4 | 2 |
Belgium | 22 | 22 |
Bulgaria | 4 | 3 |
Canada | 94 | 100 |
Czech Republic | 4 | 3 |
Denmark | 8 | 8 |
European Union | 1 | 1 |
Finland | 4 | 3 |
France | 39 | 41 |
Germany | 53 | 56 |
Gibraltar | 15 | 33 |
Greece | 1 | 1 |
Guernsey | 38 | 65 |
Hong Kong | 25 | 3 |
Hungary | 1 | 1 |
Iceland | 3 | 3 |
India | 18 | 27 |
Ireland | 693 | 743 |
Isle of Man | 213 | 236 |
Italy | 45 | 47 |
Jamaica | 2 | 2 |
Jersey | 132 | 134 |
Latvia | 1 | 1 |
Liechtenstein | 2 | 3 |
Luxembourg | 8 | 8 |
Malta | 12 | 19 |
Mauritius | 2 | 2 |
Netherlands | 102 | 107 |
New Zealand | 43 | 55 |
Norway | 7 | 8 |
Portugal | 23 | 23 |
Russian Federation | 1 | 1 |
South Africa | 31 | 31 |
Spain | 16 | 16 |
Sri Lanka | 1 | 1 |
Sweden | 7 | 8 |
Switzerland | 135 | 138 |
Trinidad & Tobago | 3 | 2 |
Turkey | 3 | 3 |
USA | 14 | 15 |
Total: | 2949 | 3353 |
Source: HMRC |