QROPS List – September 1, 2018

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QROPS changes have seen 19 new of the offshore pensions for expats open worldwide.

Seven were removed from the latest HM Revenue & Customs QROPS List – published on September 15, 2018. Another was amended.

The global market for expats offers 1,412 QROPS in 29 financial centres.

HMRC QROPS List – By country

Financial JurisdictionNo of ROPS
Australia729
Austria5
Barbados1
Belgium1
Bulgaria3
Denmark2
EU Institution1
Finland1
Germany10
Gibraltar32
Guernsey56
Hong Kong2
India12
Ireland62
Isle of Man347
Jersey46
Kenya2
Latvia3
Liechtenstein2
Luxembourg2
Malta36
Mauritius2
Netherlands17
New Zealand30
Norway1
South Africa1
Sweden2
Switzerland2
USA2
Total:1412

HMRC QROPS List – Changes

QROPSChangeCountry
Aussie Bob SuperAddedAustralia
Boulavarde Superannuation FundAddedAustralia
C & J Smith Superannuation FundAddedAustralia
L & N Robinson Superannuation FundAddedAustralia
Lawrence Superannuation FundAddedAustralia
Ludlow Super FundAddedAustralia
Maidenhead Super FundAddedAustralia
Mark Green Family Super FundAddedAustralia
PD Withers Superannuation FundAddedAustralia
Penn Super FundAddedAustralia
S Tormey Super FundAddedAustralia
Solva 2 Super FundAddedAustralia
Walking Dog Investments SMSFAddedAustralia
Watkins Browne Super FundAddedAustralia
Jannetta Super FundAmendedAustralia
B Mangham SuperfundRemovedAustralia
Marbecca Super FundRemovedAustralia
Murrandy Superannuation FundRemovedAustralia
Centurion Retirement Annuity Trust SchemeAddedGibraltar
1994 TrustAddedGuernsey
Exide Life Golden Years Retirement PlanRemovedIndia
Hepper Personal Pension SchemeRemovedIsle of Man
Rozel QROPSAddedJersey
Coco Investments LtdRemovedJersey
Stichting Pensioenfonds ProvisumAddedNetherlands
SMS 11 FundAddedNew Zealand
SSAS 10 FundRemovedNew Zealand

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.

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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 October 1, 2018.

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
  • Guernsey
  • Hong Kong (China)
  • 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

Download the Free Pension Transfer Guide

Expat Pension Transfers Guide

iExpats.com expert writers have created a simple guide to Expat Pension Transfers just for you.

Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

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