After I have been offshore for 5 years, I can do whatever I want with my pesnion
Not true. After you have been offshore for 5 complete tax years, the QROPS trustees have no obligation to report to the HMRC about your pension. However, they still have an obligation to follow the QROPS rules and regulations and, if they do not, you will be penalsied for breaking the rules - it is likely they will lose their qualifying recognised status too as has happened with the Singapore based QROP schemes.

I can convert my UK pension to cash with a QROPS
The HMRC have clearly stated that a QROPS should not be used to 'bust pensions'. Regardless of how long you have been offshore, and irrespective to what the IFA or QROPS provider may say, you will be charged 40% tax and a 15% penalty if you use a QROPS to convert your pension to cash; i.e. you lose 55% of your pension plus the transfer costs because this is against QROPS regulation.  
  
I can take my pension early with a QROPS
The HMRC have stated that a QROPS must abide to the UK minimum retirement age. Since April 2010, the minimum UK retirement age if 55. Unless you have a doctors' certificate stating that you have had to retire early due to ill health, you should not be allowed to take a lump sum or draw a retirement income before the minimum retirement age. If you do, there will be a 40% tax bill and 15% penalty as this is against QROPS regulation.

I can purchase and hold residential property through a QROPS
In 2010, the HMRC confirmed that residential property is not an authorised asset for a QROPS to hold. As such, purchasing a residential property through a QROPS is against QROPS regulation and will result in a 70% penalty from the HMRC!