Transfer into irish account

dublin buyer

Registered User
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Hi,

I am about to transfer 60k into my Irish account from another account from within the EU and I would like to know if there is any tax charges involved in it?

And if so, is it possible to "avoid" these charges?

Thank you very much,
 
The Revenue Commissioners will want to know the source of the money. Whether or not tax is payable on it depends on the answer to that question. My guess is that you will find yourself liable for some sort of tax, be it CGT, CAT, or Income Tax. Pay it. It's the right thing to do.
 
Well, it comes from savings (some of it from family savings and some from myself). Taxes have been paid already in the country where it comes from, so why should I pay tax again?

Best regards
 
I'm a bit rusty on the details of how things are done, but your answer does not make it clear to me whether a tax liability might arise. If, for example, you were resident here and enjoyed an income that originated in another country, even if it was taxed in that other country and the balance never remitted here, it is taxable here (probably with a component of double taxation relief). If, on the other hand, you were non-resident here when such an income arose, it would probably be exempt from Irish tax (but you might have a tax liability here on interest earned on deposits after your coming here). In other words, it is difficult to say how you would stand on tax without knowing more detail than you might want to give in an online forum like this one.

Frankly, I would start with a presumption that people resident here who hold funds outside Ireland do so with a view to avoiding or evading Irish tax. It's not so in every case, but it is the appropriate opening position to take, and then put it to the person to show otherwise. That's also what the Revenue Commissioners would do.

It's the job of the Revenue Commissioners to ensure that you pay the right amount of tax - not too little, but not too much either. If your conscience is clear, move the funds and answer the taxman's questions; if you are trying to evade tax, I cannot, and do not want to, help you.
 
I haven't been living in Ireland very long and the reason I have the money elsewhere is because I worked many years in that country and that is were my income was coming from.

Now I live and work in Ireland and I'm very happy here. The reason I need that money here is to pay a deposit for a house, so to be clear, I am not trying to evade tax.
 
What makes you want pay Irish taxes on you're hard earned income, you can have an account with any Bank in Europe and have full access to you're money, why transfer ?

You already paid you're taxes why pay twice ?

Plus the Irish housing market is the most Overpriced in the World, maybe you should rethink you're decision or wait a few years for the prices to crater ?

http://www.finfacts.com/irishfinancenews/article_1017964.shtml

If you decide to go ahead and they tell you to pay, the easiest way to avoid paying taxes is to convert you're cash to gold(yes gold) 1 ouce goes for about 700E so you could but 80 gold coins and bring it over than sell it and you have cash to go, ther's no reporting on gold I believe.

Or you could buy gold on the open market and have it mailed to Ireland(you pay a small insurance fee)

Gold is the biggest enemy for Government ;)
 
I don't see that you are likely to have a problem. As I said, the Revenue Commissioners might ask where the funds come from, but once you can show that you had accumulated them before you came here, they will be satisfied. No tax should be due on transferring such money (except, as I already mentioned, the possibility of tax on interest earned since you moved here -- but that would probably be a trivial amount).
 
Plus the Irish housing market is the most Overpriced in the World, maybe you should rethink you're decision or wait a few years for the prices to crater ?

BTW, Irish houses are really, really overpriced, but I have seen it way worse.

Although, this topic is for other forums....
 
Regarding remittances of capital that includes interest - the Revenue will view that the interest is remitted firstly, so if the total amount invested was very large and therefore the interest very high, the interest being remitted firstly could be quite a large proportion of the remittance.

If you are remitting mixed funds I would suggest that you take professioanl advice, if the remittance is part of a larger fund.
 
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