QROPS List – May 1, 2020

Lisa Smith, BA (Hons), CeFA
By

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

CountryNo of QROPS
Australia1117
Austria4
Barbados1
Belgium2
Bulgaria3
Canada3
Denmark2
EU Institution1
Finland1
Germany7
Gibraltar34
Guernsey65
Hong Kong10
India13
Ireland70
Isle of Man361
Jersey65
Kenya2
Latvia3
Liechtenstein1
Luxembourg2
Malta34
Netherlands55
New Zealand32
Norway1
Sweden1
Switzerland2
USA2
Total:1894

Data Source: HMRC

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed

CountryNo of QROPS
Australia1117
Isle of Man361
Ireland70
Guernsey65
Jersey65
Netherlands55
Gibraltar34
Malta34
New Zealand32
India13

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the latest list

 QROPSCountryAddedAmendedRemoved
Briggs Family Retirement FundAustraliax
Hillis Super FundAustraliax
Hobbs Family Superannuation FundAustraliax
McCamley Super FundAustraliax
Raws Creative Superannuation FundAustraliax
Turners Independent TradersAustraliax
Tyrrell Superannuation FundAustraliax
Walking Dog Investments SMSFAustraliax
APT Master TrustIrelandx
Adam James Turton QROPSIsle of Manx
Kapai LimitedJerseyx
STM Harbour Retirement Scheme SICAV P.L.CMaltax
   
Totals:1002
QROPS listed April 15, 2020: 1886
Net change since April 15, 2020: 8
 
QROPS listed May 01, 2020: 1894
QROPS country  AddedRemoved
  
Totals:00
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

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