Transferring funds back into Ireland - issues

Hi,

I have been working abroad and now want to pay off a large loan i have in a CU in Ireland.

What is the best options for this? and what issues i will have with transfer of funds? I have already transferred the money in euros as its a European bank, where it currently deposited.

Is there revenue considerations? As i was told i would need to keep my transfers under 10K at a time? is this a requirement? or just any fraud measures??.

There is no issue with the money ie non fraudulent but want to transfer it the best and most easiest way without a 1001 questions?

These things never seem as simple as it looks?

All experience / comments much appreciated?

AFAIK the bank is obliged to seek more info on transfers over a certain threshold, i think its €10k.

As a non resident you have no tax obligations but it may be advisable to contact your bank and inform them of what your situation is in case it throws any red flags up on their system when larger payments come in from overseas bank.

If you're not trying to transfer from Isle of Man, Jersey, Guernsey, Switzerland and Liechtenstein, there should be no red flags raised and you should be fine.

In 2011 Revenue obtained a High Court Order to compel Irish banks to hand over details of anyone who received a transfer of more than €5,000 going back 12 years from any of the above countries and AFAIK that's still active.

Thanks Delgirl for the information, when you say non resident - do you mean for tax purposes ie not working in Ireland and not in Ireland for more than 180 days/year?

Or do you mean, non resident as being out of the country for more than 3 years?

i will contact the CU today but they are not very helpful but will see if there is an issue in making one large payment or do they require smaller installments..

I just want to avoid any unnecessary hassle with the CU or revenue

The CU won't have a clue. Just transfer to your Irish bank and see what happens. I believe there are limits on what can be transferred free, check with your bank. I do transfers regularly but haven't done a very large one for some time so I cannot rememember the rules.