Expats Show Increasing Appetite To Switch To QROPS

Expats Show Increasing Appetite To Switch To QROPS

Expats Show Increasing Appetite To Switch To QROPSThe popularity of Qualifying Recognised Overseas Pension Schemes (QROPS) with British expats and international workers is not showing any signs of abating as the number of pensions worldwide again hit a new peak.

With 39 new QROPS opening worldwide and one suspended in Malta, the number soared past 3,300 to 3,314 for the first time.

Australia again heads the list with a huge 40% market share by number of QROPS.

The financial jurisdiction has seen 250 QROPS open in the past year and 29 in the past two weeks.

Ireland stands out in second place with 743, with 57 pensions opening in the past 12 months but none in the past two weeks, giving a 22% market share.

The Isle of Man is third with 235 as 24 opened in the year, including four since the start of February 2014.

The top 10 nations have cornered 89% of the market, with the 32 other financial centres offering QROPS taking the rest.

QROPS open at rate of more than one a day

Altogether, the HM Revenue & Customs (HMRC) QROPS list shows a net 450 new offshore pensions have opened in the past 12 months.

The list includes the details of each scheme opting for public disclosure worldwide, but does not include any information about the amount of cash invested.

The latest HMRC figures suggest around 10,000 British expats or international workers switch their onshore pensions to a QROPS each year.

The net figure takes into account each QROPS that opens and closes to give a global market share by number of pensions for each financial centre.

The nest QROPS list is expected on March 1, 2014.

The table ranks each QROPS centre by number of pensions hosted and market share by number of pensions:

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