The number of Guernsey-based qualifying recognised overseas pension schemes (QROPS) has been slashed by HM Revenue & Customs (HMRC) from 313 to just three.
The move, which was predicted by the Guernsey's government earlier this week, was confirmed by HMRC in its latest list of approved QROPS.
The updated list incorporates tax changes surrounding QROPS which came into effect on 6 April.
The number of QROPS has been cut by 300.
Guernsey Finance, the body which promotes the island's finance industry, said HMRC had informed it only schemes for ‘Guernsey residents' would remain valid.
Guernsey's new s157E pension schemes were also disqualified from being recognised as QROPS.
Aries Pension & Insurance Systems director Ian Neale said: "It remains to be seen whether this apparent HMRC dissatisfaction with the new Guernsey law is a local issue or whether a residency condition is to be imposed at some future date upon all QROPS."
The three remaining schemes are the Blue Riband Guernsey Retirement Annuity Trust Scheme Guernsey; MeesPierson DC scheme; and the Guernsey Specsavers Optical Group DC scheme.
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