QROPS List – November 15, 2016

Lisa Smith, BA (Hons), CeFA
By

Almost 100 Qualifying Recognised Overseas Pension Schemes (QROPS) have been removed from the British tax man’s official list of offshore pensions.

The total number of QROPS worldwide stands at 1,205 – down 76 from 1,281 at the start of the month.

HM Revenue and Customs (HMRC) says 86 QROPS have been axed from the list and seven added.

Here is a breakdown of the changes:

  • Italy has lost all 19 QROPS and has been removed as a financial centre from the QROPS List. Italy was the 11th largest QROPS centre before te latest QROPS List was published.
  • Canada had the most pensions scrubbed – with 49 QROPS removed leaving just three open. The country was the world’s sixth largest financial centre from QROPS before the pensions were delisted.
  • France had 10 QROPS removed, with a single offshore pension remaining.
  • One scheme was removed in each of Guernsey, Ireland and Norway.

Meanwhile, Australia saw four new schemes open and Malaysia gained one.

Australia has most QROPS

HMRC declines to comment about pensions removed from the QROPS List.

Australia remains the world’s largest QROPS centre by number of pensions, with 346 schemes.

QROPS were introduced in April 2006 to help British expats manage their pensions from overseas.

HMRC publishes an updated list of QROPS every fortnight. UK pension firms and QROPS providers can only transfer money from UK pensions or other QROPS to schemes on the list.

The next QROPS List is due on December 1, 2016.

QROPS List By Financial Jurisdiction

Financial jurisdictionNo of QROPS
Australia346
Austria8
Barbados1
Belgium10
Bulgaria2
Canada3
Czech Republic2
Denmark3
European Union1
Finland1
France1
Germany26
Gibraltar51
Greece1
Guernsey143
Hong Kong17
Hungary1
Iceland1
India14
Ireland85
Isle of Man231
Jamaica1
Jersey84
Kenya1
Kosovo1
Latvia3
Liechtenstein3
Luxembourg3
Malta29
Mauritius3
Netherlands60
New Zealand35
Norway4
Portugal4
South Africa12
Spain2
Sri Lanka1
Sweden6
Switzerland2
Turkey2
United States of America1
Total:1205

Source: HMRC

The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.

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