Have an account in the USA, should I move my savings?

[Neil_Ireland]

Hi all,

I have a US account as I was a resident before, would it be advisable to move my savings from Aib/credit union to the American account?

Any ideas if there are tax implications of doing this?

Thanks

 

[Lightning]

You take on EUR/USD FX risk by doing this. You could loose/gain significant sums by taking on this risk.

You obviously help protect yourself against a EUR breakup with a USD account.

The tax implications are two fold:
(1) You need to declare your offshore account on Form 11 from the Revenue.
(2) You need to declare deposit interest on the account.