Returning to Ireland

I

Immigrant

Guest
Hi

Could anyone tell me what the implications are for bringing money back in to Ireland when you are returning to retire from abroad. We are an Irish couple returning to live in Ireland after 30 years abroad. We wil be bringing a lump sum of money back to Ireland, do we have to pay tax on this amount or is there a limit to the amount you can bring in to the country?

Any help would be appreciated.

Thx
 
There are a number of earlier threads on this on the AAM forum. Click "Search" on the menu at top of this page, type in "Returning to Ireland" or "Returning to Ireland Tax" and you'll find them. When you go to the Revenue site identified by ClubMan click on "Individuals" on the menu along the left-hand side. There is a comprehensive document there with the information you need. All the best with it - an exciting move! By the way if you want to reduce the effect of the fluctuating rate of exchange between sterling and euro you might talk with your bank or search online financial institutions for information on setting up a Euro account. Nationwide and most of the other high-street institutions can set this up for you to facilitate house-purchase, setting up utilities direct debits etc.
 
Hi Immigrant,

If you have had a status of Non Taxable in Ireland then any Income generated outside the state is not taxable upon your return - provided you have paid the correct income tax on all of this money in whatever country(ies) you resided.

However, if you choose to return home first and then take the money in afterwards you may be liable for the DIRT on the interest accumulated in between.

Definitely get independent financial advise on this.

Regards
Kane
 
Thanks for all the replies. We will be getting financial advice.

One other question, an endowment policy we invested in will mature about 3 years after we return. The policy is in the UK but we were investing from outside the UK so we were designated as tax exempt on the policy and that probably won't change for UK tax purposes but will we face a tax penalty for bringing that money in to Ireland?

The policy is in the region of 75,000 sterling.
 
I'm not an accountant and this is not specialist advice but I don't see how - since your endowment investment is tax-free in UK - it could be subject to tax elsewhere. Presumably bringing that fund into Ireland is equivalent to a private individual moving to the country and transferring contents of bank and other accounts. Ergo with proceeds of sale of property in UK - after you've settled CGT in UK you don't have any further tax liabilities in Ireland.
 
Can anyone answer the question re capital gains tax on the policy on any gains between the time of return to Ireland and maturity of the policy 3 years later whilst now resident in Ireland even if entire proceeds of the policy tax free on maturity in the source country?
 
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