Hi,
I would greatly appreciate your guidance in determining whether my domicile of origin still holds or whether I would be deemed to have acquired Irish domicile.
Here are my personal details that I understand might be relevant to make a determination on my domicile status:
I recently found out about the existence of the remittance basis of taxation for non-Irish domiciled, Irish-resident persons.
A few years ago, I opened a bank account with KeytradeBank, a Belgian bank, in a bid to avoid the high fees charged by Irish banks (as I recall, I found out about KeytradeBank from a thread here on AskAboutMoney).
I currently hold investments in a basket of individual shares (mostly US stocks, some UK stocks) in my KeytradeBank trading account.
If I sold them today, I would lock in a significant gain.
The advantage of retaining my Italian domicile of origin would be that I can avail of the remittance basis of taxation for the capital gains realized in my share holdings in my Belgian KeytradeBank account.
My questions:
Thanks,
- cuy
I would greatly appreciate your guidance in determining whether my domicile of origin still holds or whether I would be deemed to have acquired Irish domicile.
Here are my personal details that I understand might be relevant to make a determination on my domicile status:
- I was born and raised in Italy by my parents, both Italian citizens
- I moved to Ireland about 15 years ago. I've been resident in Ireland since then.
- I've worked as a PAYE employee in Ireland for about 15 years
- I bought an apartment with my wife-to-be (at the very peak of the property bubble, but I digress...)
- I married my wife (an Irish citizen) ten years ago
- We have two children
- I've filed tax returns and paid capital gains tax according to the rules for an Irish-domiciled Irish resident person since I moved here (i.e. I've always paid CGT on all my gains, whether they were remitted to Ireland or not)
- I'm in the process of purchasing a new house in Ireland and plan to sell/rent out the apartment after the transaction is complete
- I regularly visit family (parents, siblings, relatives) and friends in Italy during the holidays
- I do not intend to apply for Irish citizenship.
I recently found out about the existence of the remittance basis of taxation for non-Irish domiciled, Irish-resident persons.
A few years ago, I opened a bank account with KeytradeBank, a Belgian bank, in a bid to avoid the high fees charged by Irish banks (as I recall, I found out about KeytradeBank from a thread here on AskAboutMoney).
I currently hold investments in a basket of individual shares (mostly US stocks, some UK stocks) in my KeytradeBank trading account.
If I sold them today, I would lock in a significant gain.
The advantage of retaining my Italian domicile of origin would be that I can avail of the remittance basis of taxation for the capital gains realized in my share holdings in my Belgian KeytradeBank account.
My questions:
- Can I consider myself domiciled in Italy?
- Or have I somehow acquired Irish domicile?
- Can I decide what my domicile is?
Thanks,
- cuy