Gibraltar has moved up to the seventh most popular QROPS destination for British expats switching their retirement pots offshore.
With seven new pensions opening in the past two week, the tiny Mediterranean finance centre now has 38 QROPS but still a handle on just 2% of the global market by number of QROPS.
Australia is the top QROPS destination, with two new QROPS since October 15, according to the HM Revenue & Customs latest QROPS List.
With 1,028 QROPS, Australia has 57% of the global market.
The Isle of Man is a clear second with 358 QROPS pensions listed, representing 20% of the market
HMRC QROPS List – By country
|Country||No of QROPS|
|Isle of Man||358|
Data Source: HMRC
HMRC QROPS List – Changes
QROPS pensions added, amended or removed from the list since June 15, 2019.
|Fab Superannuation Fund||Australia||x|
|Soaring Tall Superannuation Fund (previously shown as Soaring Tail Superannuation Fund)||Australia||x|
|Caisse de prevoyance des avocats, des huisiers de justice et autres independants OFP||Belgium||x|
|Abacus Retirement Annuity Trust Scheme||Gibraltar||x|
|Andromeda Retirement Annuity Trust Scheme||Gibraltar||x|
|Cornhill Retirement Annuity Trust Scheme||Gibraltar||x|
|Cygnet Retirement Annuity Trust Scheme||Gibraltar||x|
|Fortress Retirement Annuity Trust Scheme||Gibraltar||x|
|Metro Retirement Annuity Trust Scheme||Gibraltar||x|
|Resort Group Plc Retirement Annuity Trust Scheme||Gibraltar||x|
|Asterix Retirement Annuity Trust||Guernsey||x|
|QROPS listed October,15,2019:||1769|
|Net change since October,15,2019:||11|
|QROPS listed November,01,2019:||1780|
Data source: HMRC
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 details the changes.
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 this before transferring any money.
The next HM Revenue and Customs QROPS List is scheduled for November 15, 2019.
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:
- The Netherlands
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:
- Hong Kong (China)
- Isle of Man
- New Zealand
- South Africa
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.