The number of offshore providers offering QROPS, Qualifying Recognised Overseas Pension Schemes, nudged up again, according to the latest figures from HM Revenue & Customs.
HMRC publishes a list of QROPS providers every fortnight – and the latest list for April 2, 2013, showed a net gain of eight schemes.
Worldwide, the list covers 2,967 QROPS pensions offered in 46 financial jurisdictions and is fast approaching the former peak of 3,001 schemes in March 2012.
Once again, Australia leads the monthly gains with nine QROPS opening – taking the number of Australia QROPS up to 1,119.
Australia, one of the most popular destinations for British expats, accounts for more than a third of all QROPS pension schemes (37%).
Big Two host 60% of all QROPS
The next largest provider is the Republic of Ireland, which added two schemes to reach 695 QROPS – which represents 23% of all QROPS.
In fact, Australia and Eire host 60% of all QROPS pensions.
Gibraltar was the only other financial centre to add a scheme in the past 14 days – taking the offshore financial centre’s tally to 16 – or 0.5% of the total number of QROPS.
The financial jurisdictions seeing QROPS close on the current listing were Switzerland (-2), the Isle of Man (-1) and Bulgaria (-1).
No new jurisdictions joined the list, were reinstated nor removed.
HMRC publishes the QROPS list rules as British pension funds cannot transfer money to a QROPS which is not on the list, except under exceptional circumstances.
The next list is due on April 15, 2013.
QROPS Pension Schemes by country – April 2, 2013
| Country | Scheme Count |
|---|---|
| Australia | 1119 |
| Austria | 9 |
| Bangladesh | 1 |
| Barbados | 4 |
| Belgium | 22 |
| Bulgaria | 3 |
| Canada | 98 |
| Czech Republic | 4 |
| Denmark | 8 |
| European Union | 1 |
| Finland | 4 |
| France | 39 |
| Germany | 53 |
| Gibraltar | 16 |
| Greece | 1 |
| Guernsey | 38 |
| Hong Kong | 25 |
| Hungary | 1 |
| Iceland | 3 |
| India | 18 |
| Ireland | 695 |
| Isle of Man | 212 |
| Italy | 45 |
| Jamaica | 2 |
| Jersey | 132 |
| Latvia | 1 |
| Liechtenstein | 2 |
| Luxembourg | 8 |
| Malaysia | 1 |
| Malta | 12 |
| Mauritius | 2 |
| New Zealand | 43 |
| 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 | 133 |
| The Netherlands | 102 |
| Trinidad & Tobago | 3 |
| Turkey | 3 |
| USA | 14 |
| Total | 2967 |
