QROPS Tracker – June 1, 2014

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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
JurisdictionCount of QROPS
May 15, 2015June 1, 2014
Australia13911395
Ireland752754
Isle of Man236236
Switzerland138140
Jersey136136
Netherlands108108
Canada100100
Guernsey6870
Germany5656
New Zealand5555
Total30403050
Source: HMRC
QROPS - Top 10 Jurisdictions Adding Most QROPS
Year To
May 15, 2015June 1, 2014
Australia246235
Ireland4646
Guernsey2526
Isle of Man2019
Gibraltar2019
New Zealand1111
India99
Malta86
Netherlands65
Switzerland04
Total:391391
Source: HMRC
QROPS - Top 10 Jurisdictions by Market Share
Year To
May 15, 2015June 1, 2014
Australia40.98%40.97%
Ireland22.16%23.30%
Isle of Man6.95%6.93%
Switzerland4.07%4.11%
Jersey4.01%3.99%
Netherlands3.18%3.17%
Canada2.95%2.94%
Guernsey2.00%2.06%
Germany1.65%1.64%
New Zealand1.62%1.62%
Total:89.57%90.73%
Source: HMRC

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