QROPS List – March 15, 2020

Expats in Australia opened 11 new Qualifying Recognised Overseas Pension Schemes in the past two weeks.

The HM Revenue & Customs QROPS List shows the number of offshore pensions increased to 1,871 across 28 countries –  a net gain of 10 since March 1.

The data shows another pension opened in Guernsey, while one in New Zealand was removed from the list.

Australia leads the listings with 1,095 expat pensions – 58% of all QROPS listed worldwide.

The top 10 QROPS centres represent more than 97% of the QROPS expat pensions available. Only one other country outside the top 10 has QROPS in double figures – Hong Kong, with 10 schemes, which is 0.53% of the market

The QROPS list shows the Isle of Man ranking as the second QROPS centre with 360 pensions, which is almost a 20% share of the market.

HMRC QROPS List – By country

Country No of QROPS % of all QROPS
Australia 1095 58.52%
Isle of Man 360 19.24%
Ireland 69 3.69%
Guernsey 66 3.53%
Jersey 64 3.42%
Netherlands 55 2.94%
Malta 35 1.87%
Gibraltar 34 1.82%
New Zealand 32 1.71%
India 13 0.69%
Hong Kong 10 0.53%
Germany 7 0.37%
Austria 4 0.21%
Canada 3 0.16%
Bulgaria 3 0.16%
Latvia 3 0.16%
USA 2 0.11%
Switzerland 2 0.11%
Belgium 2 0.11%
Kenya 2 0.11%
Luxembourg 2 0.11%
Denmark 2 0.11%
Sweden 1 0.05%
Finland 1 0.05%
Liechtenstein 1 0.05%
Barbados 1 0.05%
Norway 1 0.05%
EU Institution 1 0.05%
Total: 1871

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

QROPS Country Added Amended Removed
C&J Kind Family Super Fund Australia x
David Atchison SMSF Australia x
Hearn Family Superannuation Fund Australia x
Hing Family Super Fund Australia x
I Abraham Super Fund Australia x
Nick McAndrew SMSF Australia x
Ogle-Lang Super Fund Australia x
Savage Bibendum QROPS SMSF Australia x
Tyler Retirement Fund Australia x
Yosemite Superannuation Fund Australia x
En Tontine Pension Trust Guernsey x
SSAS 7 Fund New Zealand x
Totals: 11 0 1
QROPS listed March 15, 2020: 1871
QROPS listed March 01, 2020: 1861
Net change since March 01, 2020: 10
 
QROPS country     Added Removed
Totals: 0 0
Countries with QROPS listed March 01, 2020: 28
Net change since March 01, 2020: 0
 
Countries with QROPS listed March 15, 2020: 28
The next QROPS list is due on April 01, 2020

 

The first table shows the net number of schemes for each financial jurisdiction, accounting for new listings and removals since the publication of the last list.

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

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

Stay Connected

Latest News

Non Resident Landlord Scheme Explained for Expats

The UK Non-Resident Landlord Scheme (NRLS) is the way HM Revenue & Customs collects tax on rents from property owners who spend...

OECD Explained

The Organisation of Economic Co-Operation and Development (OECD) is a forum for the governments of 37 developed countries to discuss economic and...

QROPS List – June 1, 2020

The number of Qualifying Recognised Overseas Pension Scheme (QROPS) across 28 countries has hit 1,917 – with 13 opening during the past...

FATCA List – June 2020

The US Internal Revenue Service’s list of foreign financial institutions (FFI) reporting under the Foreign Account Tax Compliance Act (FATCA) increased by 1,854...

Economic Impact Payments for US Expats

The US government is paying millions of dollars into the bank accounts of American expats as coronavirus economic impact payments and this guide will...

HMRC Explained

HMRC is short for Her Majesty’s Revenue and Customs. The HMRC collects the taxes and customs duties that the British government spends...

LEAVE A REPLY

Please enter your comment!
Please enter your name here