Hello all
I am currently planning on moving back to Ireland after living in the States for 20 years. I have a decent amount of money in a savings account with one of the major banks, earning a good rate of interest. As my bank account is that of a non resident, I do not have to pay DIRT tax on the interest.
My move back home is not carved in stone. I plan on renting somewhere for a year and see how every thing goes...can I get a job, get on ok with the family, handle all the rain etc etc. I may very well decide to move back to the States once the year is up. For that reason, I have no intention of closing down my non resident accounts, and opening up residential ones, as I may very well be a non resident again a year from now. That strikes me as being impractical and stupid. I would off course be willing to consider doing that if I commit to living in Ireland in the long term.
But in the eyes of the Revenue, when do THEY consider me an Irish resident? Are they entitled to their 27% of my interest earned the minute I step off the plane? In their eyes, should I be doing what I outlined above what I am not prepared to do?
I hope to be making the move in late April to early May. Is there a time frame whereby they deem me to be a legal resident, and subject to DIRT banking laws that apply to them. For example, in the States you have to live there for 6 months out of the year to be considered a legal resident.
Thanks in advance for any advice offered.
I am currently planning on moving back to Ireland after living in the States for 20 years. I have a decent amount of money in a savings account with one of the major banks, earning a good rate of interest. As my bank account is that of a non resident, I do not have to pay DIRT tax on the interest.
My move back home is not carved in stone. I plan on renting somewhere for a year and see how every thing goes...can I get a job, get on ok with the family, handle all the rain etc etc. I may very well decide to move back to the States once the year is up. For that reason, I have no intention of closing down my non resident accounts, and opening up residential ones, as I may very well be a non resident again a year from now. That strikes me as being impractical and stupid. I would off course be willing to consider doing that if I commit to living in Ireland in the long term.
But in the eyes of the Revenue, when do THEY consider me an Irish resident? Are they entitled to their 27% of my interest earned the minute I step off the plane? In their eyes, should I be doing what I outlined above what I am not prepared to do?
I hope to be making the move in late April to early May. Is there a time frame whereby they deem me to be a legal resident, and subject to DIRT banking laws that apply to them. For example, in the States you have to live there for 6 months out of the year to be considered a legal resident.
Thanks in advance for any advice offered.