Irish Expat Financial Advice

Irish Expat Financial Advice

Returning home as an expat has its complexities but your finances should not be one of them. At IPS Financial Advice, we are on a mission to help expats just like you make smarter financial decisions, setting them up for a better life. There are four different fronts we can assist on:

  1. Tax
  2. Pensions
  3. Savings and Investments
  4. Mortgages

Do not hesitate to email your enquiry to [email protected]

The criteria to be considered resident in Ireland is based solely on physical presence. Residency is acquired in respect of a tax year where an individual spends either of the following:

  • 183 days in Ireland during that tax year or
  • Aggregate 280 days in Ireland over two consecutive tax years with at least a presence of 30 days in the second tax year.
  • An expat can come under one of the following: Residence, Ordinary residence, and Domicile.
  • Under the aggregation test, an individual is regarded as resident in the second tax year. An individual is considered present in Ireland if they spend any part of that day in Ireland.
  • Ordinary residence is an individual becomes ordinarily resident in Ireland for a tax year after they have been resident in the State for three consecutive tax years.
  • Domicile is a much more permanent concept than residence. Most people retain the same domicile for their whole life even if they live for long periods abroad. You acquire domicile at birth from your father.
  • If you are non-domiciled, then there are significant tax planning opportunities for which you need advice. If you are resident, ordinarily resident, and non-domiciled you are taxable on foreign employment income to the extent that duties are performed here.

If you have any enquiries relating to tax, please email us at [email protected]

A pension is a long-term savings plan with tax advantages and access restriction. Tax relief on pension contributions in Ireland is at marginal rate of 40% (no relief on PRSI and USC).

  • Voluntary contributions while abroad:
    • Already paid 10 years contributions
    • Claimed within 5 years of leaving
    • 6.6% of gross earnings in year prior to departure or €500 if self-employed only in year prior to departure
    • Left Ireland in 2015 or later
  • Total Contributions Approach (TCA) – To get a full pension will require 40 years or 2080 contributions.
  • The pension is currently €248pw, or €12,956pa. To buy that pension would cost over €300,000, so each year of contribution is valued at €7500.

If you have any enquiries relating to pensions, please email [email protected]

The investment market in Ireland has a wide range of providers, investment products and investment choices available to investors. For example, Standard Life Ireland will accept lump sum investments and regular savings plans from overseas residents who would be habitually resident in Ireland.

Direct shares, bonds and certain offshore investments are subject to capital gains tax of 33% on disposal and income is taxed at your marginal rate of tax (income tax + USC + PRSI). Therefore, it is important to build a portfolio in line with your risk profile and investment requirements.

If you have any enquiries relating to savings and investments in Ireland, please email [email protected]

For Expats, securing a mortgage can come with a few obstacles, so it is important for borrowers to understand what will be required of them throughout the process. Typically, the bank will lend 65% of the house purchase price and the buyer will need to have saved the remaining 35%. The non-resident mortgage is available to the following

A mortgage for Irish person/s abroad who are looking to purchase a property back in Ireland as either

  1.  A holiday home or
  2.  with a view to moving back to live in that property in the short or medium term.

Interest Rates from 2.75% variable and 3.2% Fixed.

The mortgages are with leading Irish based lenders and are subject to Irish Central Bank directives and guidelines. The lenders and IPS Financial Advice (us) are regulated by the Central Bank of Ireland.

If you have any enquiries relating to expat mortgages in Ireland, please email [email protected] or [email protected]

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Click to register for a seminar

Tax, Pensions, Savings & Investments and Mortgages Seminars for Irish Expats via Zoom Online conferencing.

Eamon Lynch, CEO, IPS Financial Advice, and Darragh O’Sullivan, Expat Mortgage Expert, Mortgage123 are hosting exclusive information seminars due to huge interest from Irish Expats around the world.

Seminar Agenda:

  1. Tax, Retirement/ Pension Planning for Irish Expats
  2. Regular Savings – how to set up a regular saver account in Ireland and what are the benefits.
  3. Lump Sum Investments
  4. Irish Mortgages – Holiday Home or Investment Property Mortgage