Things to consider when moving abroad permanently

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qwerty5

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Not sure if this is the right section to put this.

I've been thinking of moving abroad and I'm getting close to retirement. Technically, moving is easy enough. But I was wondering about the red tape and have a few questions. I'll get professional advice if we go ahead but thought this would be a good spot to get initial information.

1: I've worked in Ireland all my life. If I retire abroad can I get the state pension or does that go away when I move abroad. If the country is outside of the EU does that make a difference?
2: To be tax resident outside of Ireland I know I have to be outside of the country for 3 years. How does that work. Do I just get the equivalent of the PPSN from the new country and 3 years later any taxes on income I receive are due there instead?
3: I have money invested in shares and I make money from that trading and the dividends. This will continue after I retire. After 3 years if I sell shares when I'm tax resident in another country would any tax be due in Ireland as I was here when I initially invested.
4: I would like to keep our house, 1: our daughter lives here and 2: we can use it whenever we come back. Would that cause any complication with Revenue. I know we'd have to charge her rent and couldn't just gift her the place and pay tax on that but I can figure that out.
5: I'd imagine we'd come back to Ireland a couple of months a year. I don't think that's any issue but just mentioning it in case it is.

Is there anything else financially that I'd need to consider or any major gotchas?
 
To start the ball rolling....

1. The State pension (contributory, non means-tested) is payable wherever you reside - anywhere in the world. Doesn't depend on EU status at all. The non-contributory OAP is only payable if you reside in Ireland and satisfy the means test.
 
Dont forget to get appropriate healthcare, depending on the country, the local healthcare could be quite dire.
 
Health isn't a huge issue for me. I can manage health insurance and places on the list aren't known for bad healthcare.
The US isn't on my list so that makes health budgeting a lot cheaper.
 
Until you nominate the country to which you want to move you might as well be asking (with respect) How Long is a Piece of String? Even countries in the EU have residence/tax laws which differ from country to country. I still pay taxes in Ireland although I spend up to eight months out of the country in any twelve month period. We own an apartment in Spain and rent a place for a few weeks in both France and Italy.

Approaching retirement isn't the most efficient time to think about uprooting yourself and perhaps your wife. However, it is what it is and the OP appears to be the kind of person who'll take lots here onboard. Here's my unexpurgated solid advice which I've given to many:-
1. Compile a SWOT analysis of your situation (Strengths, Weaknesses Opportunities, Threats).
2. Choose the country where you want to live.
3. Choose the area in that country.
4. Rent a property there for a few weeks over the cold months (forget about a fortnight's holiday for some recce). Living abroad for over six weeks ain't a holiday it's a change of lifestyle.
5. Use the off period rental to ask questions on local forums, people with whom you meet, even the local chancer or better again Bob-down-the-pub. Unlike me, people are usually sympathetic with such advice - I'm pretty cold, but wouldn't knowingly steer you in any wrong direction.
6. You wish to keep your house in Ireland (good decision) so your foremost thought is succession rights. Likely, you've made a will in Ireland, so you likely will have to make another will (in tandem with your Irish will) in your new country.
7. In your 60's I think buying property abroad is a bad move; I suggest you rent a place suitable to your needs. If you rent out your Irish property you should end up financially better off covering your expenses abroad. But, sin scéal eile looking at some Landlord/Rental threads on this forum.
8. Here's a titbit if Spain could be your choice - spend six months there ( 183 days, January - December) and you will be liable to pay income tax in Spain on your worldly income and how do you know they'll implement this - You will when they present you with the tax bill on printed paper and in black and white. Now you know why I spend 180 days only in Spain.

Later Add On:- If you have any tax free investments in Ireland, likely they'll not be tax free in Spain - not many know this and many's a "tax-free" nest-egg became a faller here.
 
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Leper said:
Until you nominate the country to which you want to move you might as well be asking (with respect) How Long is a Piece of String?
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I agree.

A huge amount depends on whether the OP will spend more or less than 183 days a year in Ireland and, if not, which jurisdiction they plan to be in.

Otherwise it is far too general a question to answer saved to note that they are unlikely to be able to change their domicile given their age and intention to retain property in Ireland.
 
I'm not really asking about the situation in the other countries. I'm asking about the situation back in Ireland. I know the destination is vague but how does that affect my affairs back in Ireland. Every jurisdiction has its own requirements / issues so I left that vague as I'd say I'll need professional help at the destination no matter where it is. Assume that I meet the requirements for moving to a different country. Age is not an issue for me (I think). Well it's not for one country anyway (married a foreigner), would it be if the country was in the EU, Portugal is on the list as a possible candidate. I'm not in my 60s but always assumed I could move anywhere in the EU with basic requirements.

I said I'd be tax resident outside of Ireland. To be that I have to be outside of Ireland for 3 years and then stay out for > 183 days a year (I didn't know the number was 183, not a problem but handy to know). If it's Spain or timbuktu what other requirements are there from Irelands perspective.

Also for NoRegretsCoyote point you say I'll unlikely be able to change my domicile based on age and intention to retain property. The second part is the kind of info I need to know. So why not? Where do I get more info on that aspect.
Lepers point about the wills is good. I hadn't thought about. I presume non EU / EU might make a difference there. Something I'll look into. That would need to be tight.

I'm not approaching my 60s yet, but the investments I have now will allow me to retire early. That's part of the reason for the residency bit. We've always intended to live abroad when retired. Getting taxed abroad would be hugely beneficial for our passive income.

I know the question is vagueish but I wanted to pick some brains before making firm decisions as some of the answers I might get here may direct me one way or another. So I'm just gathering the list of stuff to consider before we think about it too seriously.
 
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qwerty5 said:
Also for NoRegretsCoyote point you say I'll unlikely be able to change my domicile based on age and intention to retain property. The second part is the kind of info I need to know. So why not? Where do I get more info on that aspect.
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My advice on domicile is that of an informed amateur based on limited advice and of course in due course you would seek professional advice.

If you ask specific questions and provide details about your circumstances you will get better answers. It would be useful to know your work plans, scale of passive income, type, etc.
 
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