SIXTEEN offshore pensions were added to the HMRC QROPS List over the past 14 days.
Worldwide, the number of QROPS grew from 1,136 on November 1, when the last list was published, to 1,152.
Australia saw 12 new additions, while the Isle of Man tally increased by four.
HMRC QROPS List By Country
| Financial centre | No of QROPS |
|---|---|
| Australia | 512 |
| Austria | 5 |
| Barbados | 1 |
| Belgium | 1 |
| Bulgaria | 3 |
| EU Institution | 1 |
| Finland | 1 |
| Germany | 12 |
| Gibraltar | 41 |
| Guernsey | 40 |
| Hong Kong | 19 |
| Hungary | 2 |
| India | 13 |
| Ireland | 61 |
| Isle of Man | 300 |
| Jersey | 37 |
| Kenya | 1 |
| Latvia | 3 |
| Liechtenstein | 2 |
| Luxembourg | 2 |
| Malta | 35 |
| Mauritius | 2 |
| Netherlands | 16 |
| New Zealand | 32 |
| Norway | 1 |
| South Africa | 3 |
| Spain | 1 |
| Sweden | 2 |
| Switzerland | 2 |
| USA | 1 |
| Total: | 1152 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
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 December 1, 2017.
QROPS overseas transfer charge
The overseas transfer charge started in March 2017 and is calculated as 25% of the transfer value of a fund into a QROPS.
For expats living inside the European Economic Area (EEA), countries with QROPS that are not subject to the overseas transfer charge are:
- Austria
- Belgium
- Bulgaria
- Finland
- Germany
- Gibraltar
- Hungary
- Ireland
- Latvia
- Liechtenstein
- Luxembourg
- Malta
- The Netherlands
- Norway
- Spain
- 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
- China – for any QROPS based in Hong Kong
- Guernsey
- India
- Isle of Man
- Jersey
- Kenya
- Mauritius
- 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
