QROPS List – November 1, 2019

Lisa Smith, BA (Hons), CeFA
By

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

CountryNo of QROPS
Australia1028
Austria4
Barbados1
Belgium2
Bulgaria3
Canada2
Denmark2
EU Institution1
Finland1
Germany8
Gibraltar38
Guernsey62
Hong Kong10
India13
Ireland69
Isle of Man358
Jersey62
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Netherlands50
New Zealand32
Norway1
Sweden1
Switzerland1
USA2
Grand Total1796

Data Source: HMRC

HMRC QROPS List – Changes

QROPS pensions added, amended or removed from the list since June 15, 2019.

QROPSCountryAddedAmended Removed
Fab Superannuation FundAustraliax
WhispererAustraliax
Soaring Tall Superannuation Fund (previously shown as Soaring Tail Superannuation Fund)Australiax
Caisse de prevoyance des avocats, des huisiers de justice et autres independants OFPBelgiumx
Abacus Retirement Annuity Trust SchemeGibraltarx
Andromeda Retirement Annuity Trust SchemeGibraltarx
Cornhill Retirement Annuity Trust SchemeGibraltarx
Cygnet Retirement Annuity Trust SchemeGibraltarx
Fortress Retirement Annuity Trust SchemeGibraltarx
Metro Retirement Annuity Trust SchemeGibraltarx
Resort Group Plc Retirement Annuity Trust SchemeGibraltarx
Asterix Retirement Annuity TrustGuernseyx
     
Totals:1110
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:

  • 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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