Tax advice on emigrating

T

tecate

Registered User
Messages
2,162
I'm strongly considering upping sticks and moving abroad (where to is as yet undecided).

Am I right in thinking that if I become tax resident in another jurisdiction - and ordinarily resident in that jurisdiction for a minimum of 3 years, any gain realised during that time is a matter between me and the tax authorities of that jurisdiction? i.e. the irish revenue commissioners have no claim - even if I decided to return in 3 years (thats not my intention but you never know how things will play out).

Anyone have a recommendation for a tax advisor with specialist knowledge of overseas residency and CGT implications?
 
That's emigrating, not immigrating.

I'd wager you've been posting in a certain bitcoin related thread on Board.ie today...?!

To answer your question:
Once you're into your 4th year gone, any gains you make FROM THEN ON are outside of the scope of Irish tax.

Gains you make DURING the 3 years that you remain ordinarily resident but non-resident, are within the scope of Irish tax. It doesn't matter where you are, or whether you don't stay in any one place for more than a week.
 
torblednam said:
That's emigrating, not immigrating.
Click to expand...
Yup...and 'advice' rather than 'advise' ....I tried to edit after posting but couldn't change the title text.

Your assumption may not be wrong :)

Thanks for the clarification - I guess that's been brought home to me now between this and the other thread.


Anyone have a suggestion on an adviser with knowledge in this area?
 
tecate said:
I'm strongly considering upping sticks and moving abroad (where to is as yet undecided).

Anyone have a recommendation for a tax advisor with specialist knowledge of overseas residency and CGT implications?
Click to expand...

How can a tax advisor tell you anything if you don't know which country you intend going to. Nor have you said what the CGT is being calculated on. For example you can't escape it for property.

I can give you one bit of advice. Don't leave Ireland in January, mid year is better, an accountant could work out properly which is the optimium month. In addition arriving in another country mid year (of their tax year) can also be beneficial. I know it was for us. We were also helped by the fact at the time Ireland was April to April.
 
Bronte said:
How can a tax advisor tell you anything if you don't know which country you intend going to. Nor have you said what the CGT is being calculated on. For example you can't escape it for property.
Click to expand...

Where I go to is dependent upon the situation with regard to CGT. I'd like it to be South/Central America or the Caribbean but I can only make it work if the tax conditions are favourable.

Bronte said:
Nor have you said what the CGT is being calculated on. For example you can't escape it for property.
Click to expand...
Its cryptocurrency.
 
Last edited:
So anyone with any tax advisor recommendations - particularly those with experience on relocating overseas?
 
Hi Tecate,
If you are only emigrating to avoid tax, then I advise against it.
Get an ordinary accountant to work out out your potential tax liability and pay it.
You then get to stay in this country which may have high tax but it is home too.
And your tax Euros may help some less fortunate people etc.
 
SBarrett said:
Any of the big accountancy firms can help you out. PwC, EY, KPMG, Deloittes etc. Expect to pay big fees.
Click to expand...
@SBarrett : I appreciate your posting that info. However, whilst I may have enough $ to retire, I'm single and live a modest lifestyle - I don't think I am the type of person or present with the queries that necessitate big 4 involvement! I accept that I will have to pay a premium for tax advice but big 4 are accustomed to invoicing corporates/multi-national. I'm just an ordinary joe who has had some recent good fortune.

RichInSpirit said:
Hi Tecate,
If you are only emigrating to avoid tax, then I advise against it.
Get an ordinary accountant to work out out your potential tax liability and pay it.
You then get to stay in this country which may have high tax but it is home too.
And your tax Euros may help some less fortunate people etc.
Click to expand...
Thanks for the sentiment. However, I may never return to Ireland again. If I have difficulties in doing so, that's my problem...although I think this can be done without any such problems.


That still leaves me with a request for a referral to an independent tax advisor with experience in this field. Can anyone assist?

Regards,


tecate
 
You're talking about an amount of money that you can retire on?
Don't skimp on advice. It's straight forward - a day or 2 work for a big 4 tax director. Won't cost more than 5k for any tax planning you need, but agree it all up front. Yes they like invoicing corporates, but they also do work line this. Ideally pick one with a presence in the country you're thinking of relocating to and they can validate anything necessary.
 
Im not comfortable in using the services of a big four accountancy firm. Surely there is an independent who specialises in this area?
 
tecate said:
@SBarrett : I appreciate your posting that info. However, whilst I may have enough $ to retire, I'm single and live a modest lifestyle - I don't think I am the type of person or present with the queries that necessitate big 4 involvement! I accept that I will have to pay a premium for tax advice but big 4 are accustomed to invoicing corporates/multi-national. I'm just an ordinary joe who has had some recent good fortune.
Click to expand...

I have worked for two of the Big 4 and they take on plenty of individual clients.

What you are looking for is highly specialised, a tax advisor who has knowledge in a yet to be decided other country and Ireland. As tax law is largely localised, most tax advisors are experts in tax in their own country and not in other jurisdictions as they are not qualified to advise on tax in other countries. Why would a small firm spend all that time and money training up on tax laws in other jurisdictions when the Big 4 would have most of the international market due to having a physical presence in all those jurisdictions?

Other than that, smaller accountancy firms are part of global networks, who can also link in with other. Firms such as Cooney Carey or HLB Sheehan Quinn where I am in Sandyford would have such associations. But don't expect them to be any cheaper. They are smaller firms but provide top class service to their clients and charge accordingly.


Steven
www.bluewaterfp.ie
 
You must log in or register to reply here.
Back
Top