The latest HM Revenue & Customs (HMRC) Qualifying Recognised Overseas Pension Schemes (QROPS) list shows Latvia as a surprise package as two new pensions opened in the Baltic nation.
Latvia has had a chequered history as a QROPS nation.
- The first Latvia QROPS opened in June 2007, was suspended in November 2007 and came back to market at the end of December 2007
- A second QROPS was added in October 2008
- One QROPS was suspended in September 2010
- The other QROPS was suspended in August 2012, leaving the country without a QROPS
- In January 2013, another QROPS opened
Topsy-turvy history
The topsy-turvy QROPS record does not mean Latvia is not a trustworthy financial centre as HMRC explains the pensions can come and go from the list for a number of reasons.
They include pensions closing for administrative review, members leaving and scheme no longer qualifying as QROPS.
Overall, the number of QROPS hit new high with the publication of the latest QROPS List by HMRC on July 1, 2014.
Pension numbers hit 3,416, beating the previous high of 3,405 on June 1, 2014.
HMRC is due to publish the next list on July 15, 2014.