The number of Qualifying Recognised Overseas Pension Schemes (QROPS) worldwide has climbed to the second highest ever.
The latest HM Revenue & Customs QROPS list includes details of 2,959 offshore pensions – the most since March 2012, when 3,001 were listed.
However, hundreds of schemes closed, mainly in Guernsey, the Isle of Man and New Zealand, as a result of the ‘next generation’ tax rules ushered in by Chancellor George Osborne following Budget 2012.
Here’s how they have performed over the intervening 12 months:
|
QROPS March 2012 |
QROPS April 2012 |
QROPS March 2012 | |
| Guernsey |
307 |
3 |
38 |
| Isle of Man |
190 |
172 |
213 |
| New Zealand |
64 |
23 |
43 |
The financial centres tipped as most likely to prosper from the last round of changes were Gibraltar and Malta, but QROPS providers have been slow to respond to the egging on from within the industry.
|
QROPS March 20 |
QROPS April 2012 |
QROPS March 2012 | |
| Gibraltar |
10 |
10 |
15 |
| Malta |
11 |
10 |
12 |
Overall, the new HMRC QROPS list for March 15, 2013, shows no schemes have closed and no jurisdictions have been added or removed.
However, 23 new schemes have open since the start of the month, when the last list was issued.
Most are in Australia (14), with four new QROPS in Ireland and one each in Bulgaria, France, Italy, New Zealand and Switzerland.
With 1,110 QROPS, Australia has the most schemes, followed by Ireland with 693, the Isle of Man with 213, Switzerland (135), Jersey (132) and The Netherlands (102). The list covers 46 jurisdictions around the world.
Slovakia, the last jurisdiction to lose QROPS status at the start of February remains delisted.
The full list country-by-country is:
| Country | Scheme Count |
|---|---|
| Australia | 1110 |
| Austria | 9 |
| Bangladesh | 1 |
| Barbados | 4 |
| Belgium | 22 |
| Bulgaria | 4 |
| Canada | 98 |
| Czech Republic | 4 |
| Denmark | 8 |
| European Union | 1 |
| Finland | 4 |
| France | 39 |
| Germany | 53 |
| Gibraltar | 15 |
| Greece | 1 |
| Guernsey | 38 |
| Hong Kong | 25 |
| Hungary | 1 |
| Iceland | 3 |
| India | 18 |
| Ireland | 693 |
| Isle of Man | 213 |
| Italy | 45 |
| Jamaica | 2 |
| Jersey | 132 |
| Latvia | 1 |
| Liechtenstein | 2 |
| Luxembourg | 8 |
| Malaysia | 1 |
| Malta | 12 |
| Mauritius | 2 |
| The Netherlands | 102 |
| New Zealand | 43 |
| Norway | 7 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 31 |
| Spain | 16 |
| Sri Lanka | 1 |
| St Lucia | 3 |
| St Vincent & The Grenadines | 1 |
| Sweden | 7 |
| Switzerland | 135 |
| Trinidad & Tobago | 3 |
| Turkey | 3 |
| USA | 14 |
| No of jurisdictions | 46 |
| No of schemes | 2959 |
Source: HMRC March 15, 2013
