Qualifying Recognised Overseas Pension Schemes (QROPS) continue to show they are the rising star of expat pension plans by reaching a new high for the 19th month in a row.
As HM Revenue and Customs released the latest QROPS List on May 15, 22013, the key facts are:
- The number of QROPS pension plans worldwide is 3,015
- 46 different financial jurisdictions offer QROPS
- Australia is the dominant QROPS provider with 1,145 schemes. This represents 38% of the market.
- The number of Australian schemes rose by six in the past fortnight – from 1,139 to 1,145
- Other jurisdictions that increased QROPS since May 1, 2013, are Ireland (3), the Isle of Man (2), Jersey (1) and Guernsey (1)
- No schemes closed
- No new jurisdictions entered the market and none left
QROPS were first introduced as an expat pension on April 6, 2006 – by the end of the year 296 pensions had been established, with Ireland (66) and Australia (63) leading the rankings.
The QROPS List gives the details of pension schemes self-certifying that they meet qualifying conditions laid down by HM Revenue and Customs.
The list is published fortnightly – the next is due on June 1, 2013.
QROPS by financial jurisdiction – May 15, 2013
| Country | Scheme Count |
|---|---|
| Australia | 1145 |
| Austria | 9 |
| Bangladesh | 1 |
| Barbados | 4 |
| Belgium | 22 |
| Bulgaria | 3 |
| Canada | 94 |
| Czech Republic | 4 |
| Denmark | 8 |
| European Union | 1 |
| Finland | 4 |
| France | 38 |
| Germany | 53 |
| Gibraltar | 16 |
| Greece | 1 |
| Guernsey | 43 |
| Hong Kong | 25 |
| Hungary | 1 |
| Iceland | 3 |
| India | 18 |
| Ireland | 706 |
| Isle of Man | 216 |
| Italy | 45 |
| Jamaica | 2 |
| Jersey | 133 |
| Latvia | 1 |
| Liechtenstein | 2 |
| Luxembourg | 8 |
| Malaysia | 1 |
| Malta | 13 |
| Mauritius | 2 |
| New Zealand | 44 |
| Norway | 7 |
| Portugal | 23 |
| Russian Federation | 1 |
| South Africa | 31 |
| Spain | 16 |
| Sri Lanka | 1 |
| St Lucia | 3 |
| St Vincent & The Grenadines | 1 |
| Sweden | 7 |
| Switzerland | 137 |
| The Netherlands | 102 |
| Trinidad & Tobago | 3 |
| Turkey | 3 |
| USA | 14 |
| Grand Total | 3015 |
Source: HMRC May 15, 2013
