QROPS List – November 15, 2019

The number of QROPS expat offshore pensions has increased at the rate of one a day over the past year.

The latest HM Revenue & Customs QROPS List published on November 15 details 1806 pensions across 28 financial centres – up 348 pensions from 1488 a year ago.

Expats have seen 10 schemes open since the last list on November 1.

Topping the list is favourite expat destination Australia with 1036 QROPS, making up 57% of all QROPS worldwide.

The Isle of Man is in second place with 358 QROPS pensions listed, which is about 20% of the market.

None of the remaining 26 financial centres has hit triple figures, with Ireland lagging in third place with 69 QROPS.

HMRC QROPS List – By country

Country No of QROPS
Australia 1036
Austria 4
Barbados 1
Belgium 2
Bulgaria 3
Canada 2
Denmark 2
EU Institution 1
Finland 1
Germany 8
Gibraltar 38
Guernsey 63
Hong Kong 10
India 13
Ireland 69
Isle of Man 358
Jersey 62
Kenya 2
Latvia 3
Liechtenstein 2
Luxembourg 2
Malta 36
Netherlands 50
New Zealand 33
Norway 1
Sweden 1
Switzerland 1
Grand Total 1806

Data Source: HMRC

HMRC QROPS List – Changes

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

QROPS Country Added Amended Removed
Bargmann Family Super Fund Australia x
Hewlett Family Super Fund Australia x
Jambo Super Fund Australia x
James & Lavinia Russell Superannuation Fund Australia x
Let it Be Superannuation Fund Australia x
MULLOSULL Superannuation Fund Australia x
NC Ryan Superannuation Fund Australia x
NM & LM Superannuation Fund Australia x
Horizon Guernsey QROPS Pension Plan Guernsey x
Ronaldsway Aircraft (1979) Pension and Life Assurance Scheme Isle of Man x
Carpenter Personal Pension Scheme Isle of Man x
SMS 15 Fund New Zealand x
Totals: 11 0 1
QROPS listed November,01,2019: 1796
Net change since November,01,2019: 10
QROPS listed November,15,2019: 1806

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 December 1, 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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