The number of expat offshore pensions listed under the Qualifying Recognised Overseas Pension Scheme (QROPS) increased to 1,894 across 28 countries – a net gain of 10 over the past two weeks.
Australia tops the listing with 1,117 expat pensions – 59% of all QROPS listed worldwide.
The top 10 QROPS centres represent more than 97% of the QROPS expat pensions. Only one country outside the top 10 has QROPS in double figures – Hong Kong, with 10, which is 0.54% of the market
The latest QROPS list published by HM Revenue & Customs shows the Isle of Man ranking as the second QROPS centre with 361 pensions, which is almost a 20% share of the market.
QROPS List and changes
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.
HMRC QROPS List – By country
| Country | No of QROPS |
| Australia | 1117 |
| Austria | 4 |
| Barbados | 1 |
| Belgium | 2 |
| 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 | 361 |
| 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 |
| Total: | 1894 |
Data Source: HMRC
HMRC QROPS List – Top 10 countries
Countries by number of QROPS listed
| Country | No of QROPS |
| Australia | 1117 |
| Isle of Man | 361 |
| Ireland | 70 |
| Guernsey | 65 |
| Jersey | 65 |
| Netherlands | 55 |
| Gibraltar | 34 |
| Malta | 34 |
| New Zealand | 32 |
| India | 13 |
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the latest list
| QROPS | Country | Added | Amended | Removed |
| Briggs Family Retirement Fund | Australia | x | ||
| Hillis Super Fund | Australia | x | ||
| Hobbs Family Superannuation Fund | Australia | x | ||
| McCamley Super Fund | Australia | x | ||
| Raws Creative Superannuation Fund | Australia | x | ||
| Turners Independent Traders | Australia | x | ||
| Tyrrell Superannuation Fund | Australia | x | ||
| Walking Dog Investments SMSF | Australia | x | ||
| APT Master Trust | Ireland | x | ||
| Adam James Turton QROPS | Isle of Man | x | ||
| Kapai Limited | Jersey | x | ||
| STM Harbour Retirement Scheme SICAV P.L.C | Malta | x | ||
| Totals: | 10 | 0 | 2 | |
| QROPS listed April 15, 2020: | 1886 | |||
| Net change since April 15, 2020: | 8 | |||
| QROPS listed May 01, 2020: | 1894 | |||
| QROPS country | Added | Removed | ||
| Totals: | 0 | 0 | ||
| Countries with QROPS listed April 15, 2020: | 28 | |||
| Net change since April 15, 2020: | 0 | |||
| Countries with QROPS listed May 01, 2020: | 28 | |||
| The next QROPS list is due on May 15, 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
