Complex Made Simple

Qatar Finance Centre opts out of QROPS for expats

Qatar Financial Centre (QFC) has decided to stop offering Qualifying Recognised Overseas Pension Scheme (QROPS) for expats, citing uncertainties in the offshore pensions market, The Telegraph has reported. Regulators at QFC also said the recent clampdown by the HM Revenue & Customs (HMRC), which delisted hundreds of schemes it felt are circumventing UK tax rules, particularly those paying out high tax-free lump sums. "Our sense was that the HMRC changes introduced last December, which saw hundreds of schemes in certain jurisdictions delisted, introduced uncertainty about how the QROPS market in some financial centres may develop over the next couple of years," a spokesman for the QFC said.