HM Revenue and Customs (HMRC) reports little change in the Qualifying Recognised Overseas Pension Scheme (QROPS) market for the two weeks ending September 1.
The overall number of offshore pensions has increased by four to 1,251 across 42 financial centres worldwide.
The official QROPS List shows 13 schemes opened and nine were delisted in the period, but only posts net numbers for each centre.
From the net figures, Australia remains the leading QROPS centre with 302 pensions – eight more than on the last list and almost one in four of all QROPS available worldwide.
Guernsey, Ireland and the Isle of Man also showed a net increase of one pension each, with 143, 91 and 218 QROPS listed respectively.
Canada has dropped six QROPS, leaving 60 listed, and Germany one, with 30 remaining.
What is the QROPS list?
The QROPS List publishes the name of qualifying pensions in each country. Figures are not available for numbers of retirement savers or the cash invested in each scheme.
The list is provided for pension providers to confirm a scheme accepting transfer funds has self-certified that all QROPS rules laid down by HMRC are met.
Retirement savers switching pension pots worth more than £30,000 offshore have to show the accepting scheme that they have taken advice from a qualified IFA.
HMRC plans to publish the next QROPS List on September 15, 2016.
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
QROPS List By Financial Jurisdiction
| Financial Jurisdiction | Number of QROPS |
|---|---|
| Australia | 302 |
| Austria | 8 |
| Barbados | 1 |
| Belgium | 13 |
| Bulgaria | 2 |
| Canada | 61 |
| Czech Republic | 2 |
| Denmark | 3 |
| European Union | 1 |
| Finland | 1 |
| France | 12 |
| Germany | 30 |
| Gibraltar | 50 |
| Greece | 1 |
| Guernsey | 143 |
| Hong Kong | 15 |
| Hungary | 1 |
| Iceland | 1 |
| India | 11 |
| Ireland | 91 |
| Isle of Man | 218 |
| Italy | 19 |
| Jamaica | 1 |
| Jersey | 87 |
| Kenya | 1 |
| Kosovo | 1 |
| Latvia | 3 |
| Liechtenstein | 3 |
| Luxembourg | 4 |
| Malta | 27 |
| Mauritius | 3 |
| Netherlands | 63 |
| New Zealand | 36 |
| Norway | 6 |
| Portugal | 4 |
| South Africa | 12 |
| Spain | 2 |
| Sri Lanka | 1 |
| Sweden | 6 |
| Switzerland | 1 |
| Turkey | 2 |
| United States of America | 2 |
| Total: | 1251 |
Source: HMRC
The table shows the net number of schemes, accounting for new listings and removals since the publication of the last list.
