Fears of the Qualifying Recognised Overseas Pension Scheme (QROPS) offshore market disintegrating into a tax evasion free-for-all have proved groundless as more pensions open every day.
This month, the number of QROPS has hit another record level – 3,405 QROPS – up 11 since May 15, 2014.
In just over seven years, QROPS have zoomed from zero to hero.
The first offshore pensions under the rules were launched on April 6, 2006. A year later, 567 QROPS were listed worldwide.
Year-on-year, the figures for QROPS openings look like this:
- 2007 – 567
- 2008 – 791
- 2009 – 964
- 2010 – 1,274
- 2011 – 1,397
- 2012 – 1,566
- 2013 – 1,798
Swiss edge Canada out of top 10
In 2014 to date, 152 QROPS have opened for business – which is slightly ahead of the trend for new pensions opening at an average of 200 or so schemes a year.
The figures come from HM Revenue & Customs (HMRC) QROPS List, published every two weeks. The next list is expected on June 15, 2014.
In the Top 10 tables, Switzerland has edged Canada out of the top jurisdictions adding the most QROPS for the year.
Canada added two pensions year-on-year, but Switzerland nudged into the top 10 by opening four in the year.
| QROPS - Top 10 Financial Centres | ||
|---|---|---|
| Jurisdiction | Count of QROPS | |
| May 15, 2015 | June 1, 2014 | |
| Australia | 1391 | 1395 |
| Ireland | 752 | 754 |
| Isle of Man | 236 | 236 |
| Switzerland | 138 | 140 |
| Jersey | 136 | 136 |
| Netherlands | 108 | 108 |
| Canada | 100 | 100 |
| Guernsey | 68 | 70 |
| Germany | 56 | 56 |
| New Zealand | 55 | 55 |
| Total | 3040 | 3050 |
| Source: HMRC | ||
| QROPS - Top 10 Jurisdictions Adding Most QROPS | ||
| Year To | ||
| May 15, 2015 | June 1, 2014 | |
| Australia | 246 | 235 |
| Ireland | 46 | 46 |
| Guernsey | 25 | 26 |
| Isle of Man | 20 | 19 |
| Gibraltar | 20 | 19 |
| New Zealand | 11 | 11 |
| India | 9 | 9 |
| Malta | 8 | 6 |
| Netherlands | 6 | 5 |
| Switzerland | 0 | 4 |
| Total: | 391 | 391 |
| Source: HMRC | ||
| QROPS - Top 10 Jurisdictions by Market Share | ||
| Year To | ||
| May 15, 2015 | June 1, 2014 | |
| Australia | 40.98% | 40.97% |
| Ireland | 22.16% | 23.30% |
| Isle of Man | 6.95% | 6.93% |
| Switzerland | 4.07% | 4.11% |
| Jersey | 4.01% | 3.99% |
| Netherlands | 3.18% | 3.17% |
| Canada | 2.95% | 2.94% |
| Guernsey | 2.00% | 2.06% |
| Germany | 1.65% | 1.64% |
| New Zealand | 1.62% | 1.62% |
| Total: | 89.57% | 90.73% |
| Source: HMRC | ||
