Returning emigrant: moving money after becoming resident

C

CalB

Guest
I'm returning to Ireland after 13 years overseas this summer and would like some advice on a perplexing topic related to moving my existing cash assets back to Ireland: I understand that for the first 183 days after I return that I am still deemed a 'non-resident' and therefore will not have any tax liability on moving money back into Ireland. (These assets have already been taxed by the country I currently reside in).

However, what are my tax consequences after I become resident and I want to move money back to Ireland from my overseas accounts?

Thanks in advance!
 
If you are transferring your savings from an account overseas to an account in ireland I dont see where you have a tax liability as this money should not be treated as income right? I also moved money over to Ireland when I came to live here and I certainly did not treat my savings as income. Are you talking about DIRT tax and when that kicks in? I would think that once you move back and re-establish your residency then you are treated as a resident for all tax matters incuding DIRT but you are probably best to check out the revenue.ie website.
 
Thanks for the reply. I agree with you: it doesn't make any sense why I would be taxed on my savings simply because I'm bringing them into the country but I thought I heard once that I would be. I suppose there are DIRT considerations, I've just no idea what they might be.
 
Found an answer to my own question. According to Revenue in their document on foreign assets (on their website), one is only liable for tax on the interest on deposits in foreign institutions. I.e. if a foreign bank is paying interest on a savings account, then one must pay Irish tax on the interest being received from the foreign bank (and not on the total amount in the savings account, just the interest received). My personal opinion of this tax is very low, but whatever.
 
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