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South Africa loses QROPS status

South Africa loses QROPS status

South Africa has been struck off the list of financial jurisdictions offering QROPS expat offshore pensions.

The latest HM Revenue & Customs QROPS List published this week has no mention of the African country. The ABSA Group Pension Fund was the final South African QROPS.

Typically there are three major reasons for a jurisdiction to lose its QROPS status. First is that HM Revenue and Customs are looking into the administrtive or tax status of the scheme.

Second reason is that the last client has drawn down on their fund or transferred out. Last motive that can lead to a delisting is that the QROPS provider shuts down. Please link to International Investment to read the full article by Pedro Goncalves.

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