# If you were to open a deposit A/C outside Ireland, where would be the safest country?



## Gervan (18 Apr 2009)

If you were to open a deposit account outside Ireland, where would be the safest country?


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## Gervan (23 Apr 2009)

*Re: Overseas deposits*

I'm puzzled as to why nobody has attempted to reply. Is it that you think I'm money laundering? Lots of other posters have queried the safety of deposits in Irish banks, so I'm not alone in wishing not to have all my eggs in one basket. It's perfectly legal to invest money outside Ireland; I make tax returns every year and would disclose it. 
I was looking at German banks, but they seem to be as rickety as our own, and the UK looks risky too. Does nobody have any opinion on which countries might be safer, or are you keeping that knowledge to yourself?


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## Lightning (24 Apr 2009)

*Re: Overseas deposits*

I think the reason no-body replied is that it is not easy to answer the question as to which country is the "safest". 

According to the rating agencies, Germany as a country, is probably the "safest" EU country. 

Opening a non resident account can be difficult and time consuming.


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## jpd (24 Apr 2009)

*Re: Overseas deposits*

"Safest" in what sense ?

Safe from civil disruption ?
Safe from terrorist attack ?
Safe from government defaulting on debt ?
Safe from bank collapse ?
Safe from disclosure ?


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## Gervan (24 Apr 2009)

*Re: Overseas deposits*



> Safe from civil disruption ?
> Safe from terrorist attack ?
> Safe from government defaulting on debt ?
> Safe from bank collapse ?
> Safe from disclosure ?


 
Numbers 4 and 3 I think


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## Joody1 (27 Apr 2009)

*Re: Overseas deposits*

As far as I am aware you have to be resident of a country before you can open any kind of bank account in any particular country.

you can do an off shore account but when you will be asked to account for where you got you saving from and all of them seem to asked that question now on their application form to open an account that is off shore.


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## Gervan (28 Apr 2009)

*Re: Overseas deposits*

There will always be paperwork, but I don't think one has to be resident. 
There is no problem saying where the money came from either, excess of income over expenditure x number of years. 
I am just beginning to feel uncomfortable having all my money in the Irish basket.


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## NANA01 (28 Apr 2009)

*Re: Overseas deposits*

Hi Gervis,

I opened an account in France, am not a resident and like you am worried that my hard earned savings will be lost.  Have no confident in the future of Ireland.

Just google "CIC BANQUE CIO".  Most branches have english speaking staff.


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## mr.j (28 Apr 2009)

*Re: Overseas deposits*

You don't have to be resident to have an account in many banks. 
I am surprised too from looking at the site that nobody mentions banks outside of Ireland. There is nothing to stop anyone from putting their money in another country. 
Nana01, Thanks for the name of CIC Banque. I too am looking for banks outside Ireland.


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## Joody1 (29 Apr 2009)

*Re: Overseas deposits*

Maybe it has something to with currency, I live in the UK and have tried to open saving bank account in Ireland to spread out my investment and I should mentioned that I am an Irish citizen with an irish passport.  

Each time I tried to open a saving account I was told that I could not open one as i did not reside in Ireland.  

It is interesting that people can open on in France and I will certainly be exploring that option.


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## mr.j (29 Apr 2009)

*Re: Overseas deposits*

Joody1,
You can open one in Ireland. Not in all but in a few.  I have a friend who lives in the U.S. who has an account in a couple of banks here. I also know an English resident with an account here.   To mention a few, Bank of Ireland, Bank of Scotland Ireland and First Active who are part of HBOS allow you to open an account. 
Ring around or drop a few of them an email.


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## zor (5 May 2009)

*Re: Overseas deposits*

For EUR deposits, in Serbia the annual interest is up to 9%, what's more the gov't there waived the tax on it until 31.12.2009 at least (there is a number of 6 month deposits earning >8% pa, and many of the banks are EU headquartered) http://www.kamatica.com/stanovnistvo-devizna-stednja


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## johnny1234 (5 May 2009)

*Re: Overseas deposits*



zor said:


> For EUR deposits, in Serbia the annual interest is up to 9%, what's more the gov't there waived the tax on it until 31.12.2009 at least (there is a number of 6 month deposits earning >8% pa, and many of the banks are EU headquartered) http://www.kamatica.com/stanovnistvo-devizna-stednja



An Institution offering an Interest rate of 9% in the current climate must be classed as risky. Furthermore for the OP, all interest earned overseas is Taxed at the higher rate. It is for all the reasons you mentioned is to why the Government chose to guarantee all Irish Bank's deposits.


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## Joody1 (6 May 2009)

*Re: Overseas deposits*



mr.j said:


> Joody1,
> You can open one in Ireland. Not in all but in a few.  I have a friend who lives in the U.S. who has an account in a couple of banks here. I also know an English resident with an account here.   To mention a few, Bank of Ireland, Bank of Scotland Ireland and First Active who are part of HBOS allow you to open an account.
> Ring around or drop a few of them an email.



I have tried the Bank of Scotland Ireland and was told that I would have to reside in Ireland before I could open an account there.  Also I tried Halifax Ireland and was told the same thing. So I gave up.


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## mr.j (6 May 2009)

*Re: Overseas deposits*

Joody1,
I know from dealing with some of these people on the phone that the easy answer is to say you can't.
Go on to the First Active Website, and you will see in the savings and deposits that there is an option for non resident accounts. The minimum investment you need to open a non-resident account there though is €6,500.00. First Active are part of Royal Bank of Scotland and not HBOS as I previously mentioned. 
Again,
I am positive BOSI and Bank of Ireland do allow non-resident accounts.
You can always pm me for more details, names,  if you want more info.


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## mr.j (6 May 2009)

*Re: Overseas deposits*



johnny1234 said:


> An Institution offering an Interest rate of 9% in the current climate must be classed as risky. Furthermore for the OP, all interest earned overseas is Taxed at the higher rate. It is for all the reasons you mentioned is to why the Government chose to guarantee all Irish Bank's deposits.




Totally agree  about the risk Johnny1234,
9% per annum and we'd all be laughing. 
Where did you get the information on interest earned overseas taxed at the higher rate? I can't find in on the revenue website. I thought it was considered income and thus only charged at the higher rate if you were in a higher tax bracket?


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## johnny1234 (7 May 2009)

*Re: Overseas deposits*

I think you will find that interest earned on overseas deposits is taxed at the higher rate. Best thing is to check with your accountant.


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## bacon (7 May 2009)

*Re: Overseas deposits*

You can easily open a non-resident account at Investec. I did it a year ago by post with a certified copy of my passport and two original proofs of residence (I sent them two different bank statements with my non-Irish address).

I called up Permanent TSB once and they mentioned it's possible but I had to drop by personally at the bank. The documents required were the same.

FA and BOI's websites state non-resident accounts too but there doesn't seem to be a possibility to open the account online so I reckon you'll need to open it in person. I get the impression that when it comes to non-res accts, banks are stricter due to anti-money laundering measures. 

Like what mr.j said, calling up on the phone will usually get a no. I learnt from experience this is especially so with banks in Dublin. Try calling up branches in small towns and speak to the manager, they're usually more helpful 

I didn't bother with Halifax or Northern Rock because the websites state you'll need an Irish tax number.

Make sure you fill up the non-resident declaration to get DIRT exemption. Possible for Investec and PTSB, should be ok for FA and BOI but not possible for Halifax.


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## Raskolnikov (7 May 2009)

*Re: Overseas deposits*



zor said:


> For EUR deposits, in Serbia the annual interest is up to 9%, what's more the gov't there waived the tax on it until 31.12.2009 at least (there is a number of 6 month deposits earning >8% pa, and many of the banks are EU headquartered) http://www.kamatica.com/stanovnistvo-devizna-stednja


You do realise that you're are required to pay DIRT on interest earned, regardless of where it's earned?

Have you ever heard of Ansbacher?


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## Gervan (14 May 2009)

*Re: Overseas deposits*

Johnny1234, since 2005 deposit income from overseas banks is taxed at the same rate as Irish deposit interest, provided the liability is discharged by the return filing date for the year concerned. It's no longer charged at marginal rate.


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## Canny39 (15 May 2009)

*Re: If you were to open a deposit A/C outside Ireland, where would be the safest coun*

What about Rabo bank?


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## tomtom (18 May 2009)

*Re: If you were to open a deposit A/C outside Ireland, where would be the safest coun*

I have heard that Canada's banking system is in the best shape of any country... so maybe try there. I suppose you would have to take exchange rates into account or could you have a euro account there??? New thread?


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