QROPS List – September 1, 2021

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British expats have opened more than 300 QROPS offshore pensions since the start of the year.

The global count was 2104 on January 1 and now stands at 2,334 pensions.

Australia leads the market with 1,486 QROPS and the Isle of Man 369. The top ten QROPS countries have 2,280 QROPS, according to the latest HM Revenue & Customs QROPS List.

The remaining pensions are shared by 18 countries, with Hong Kong hosting 11 QROPS and Germany seven.

HMRC QROPS List – By country

CountryNo of QROPS
Australia1486
Austria4
Barbados1
Belgium4
Bulgaria3
Canada5
Denmark1
EU Institution1
Finland2
Germany7
Gibraltar30
Guernsey73
Hong Kong11
India18
Ireland72
Isle of Man369
Jersey78
Kenya2
Latvia4
Liechtenstein1
Luxembourg2
Malta32
Netherlands84
New Zealand38
Norway1
Slovakia1
Sweden2
Switzerland2
Grand Total2334

HMRC QROPS List – Top 10 countries

Countries by number of QROPS listed offering the most QROPS

CountryNo of QROPS% of market
Australia148663.67%
Isle of Man36916.18%
Netherlands843.68%
Jersey783.42%
Guernsey733.20%
Ireland723.16%
New Zealand381.67%
Malta321.40%
Gibraltar301.32%
India180.79%
Grand Total228098.49%

HMRC QROPS List – Changes

QROPS pensions added, amended, or removed in the latest list

QROPSCountryAddedAmendedRemoved
Christensen Family SMSFAustraliax
JDeeZBee55Plus Superannuation FundAustraliax
O And O SuperfundAustraliax
Phillips One SuperfundAustraliax
R & L Blott SMSFAustraliax
Thomas WA SuperAustraliax
Kidby 55 plus Super FundAustraliax
VisualFabriq Revenue Management B.V. by Brand New DayNetherlandsx
Totals:701
QROPS listed August 15, 2021:2328
Net change since August 15, 2021:6
QROPS listed September 01, 2021:2334
QROPS country  AddedRemoved
N\a
  
Totals:00
Countries with QROPS listed August 15, 2021:28
Net change since August 15, 2021:0
 
Countries with QROPS listed September 01, 2021:28

QROPS List FAQ

The QROPS List is an invaluable free tool for advisers and retirement savers seeking an expat pension.

Using the data is often misunderstood, so here are the answers to some of the most asked questions about QROPS expat pensions.

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 sure to be QROPS. So retirement savers should check the latest QROPS list before transferring any money.

QROPS Overseas Transfer Charge

The overseas transfer charge is 25% of the transfer value of a fund moved 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
  • Ireland
  • Latvia
  • Liechtenstein
  • Luxembourg
  • Malta
  • The Netherlands
  • Norway
  • Slovakia
  • Sweden

QROPS countries outside the EEA

Outside the EEA, expats are subject to the transfer charge if they do not live in the same country as the pension is administered – these are:

  • Australia
  • Barbados
  • Canada
  • Gibraltar
  • Guernsey
  • Hong Kong (China)
  • India
  • Isle of Man
  • Jersey
  • Kenya
  • New Zealand
  • South Africa
  • Switzerland

Other exceptions to the transfer charge may apply if an employer or multinational non-government organisation runs the scheme, such as the EU QROPS.

A five-year residence rule may also apply.

Click here for official guidance on the overseas transfer charge

Why does HMRC remove pensions from the QROPS List?

HMRC delists QROPS for several reasons, including:

  • The provider shuts shop
  • The last pension member has left the scheme, either by transferring out, dying or exhausting the fund
  • Tax avoidance issues
  • The scheme stays a QROPS, but the provider invokes confidentiality, excluding the pension from the list

Delisting should not suggest wrongdoing by a retirement saver or provider.

If a QROPS is not suitable option for your situation, check out SIPPs for expats.

Related Information

Below is a list of related articles you may find of interest.

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