not US ETF's but US stocks.Do you buy US ETFs? Do you know if transferwise has its account in your name?
There are probably people who are more qualified than I am to offer an opinion on this, but I am pretty sure that I did read about US brokerages suddenly refusing to allow EU customers to purchase US-listed ETFs, even though the customers had been purchasing via that medium for some time. I'm pretty sure I read this on AAM, but I can't definitively say. Perhaps a trawl through the ETF forum might find the relevant posts .....I have had an etrade account for many years now so am ok, however I am concerned as to the future, could it be the case that US brokers like etrade will stop irish residents from trading on their platform?
Has anyone ever gotten an explanation of the ridiculous tax situation from Revenue and how they think it's justified? I can't fathom how these complex rules have been in place so long. I'm going to be moving back to Ireland from Australia in the next year or so and am dreading it (from an investment perspective) after 8 years in a simple, low-tax system. I'll probably end up keeping my Australian bank and brokerage account open and have to invest in US ETFs that way. Will be a nightmare from an FX and tax admin perspective.
I'd be very surprised if revenue would engage with a Punter on justifying their rationales. If you're heading home in the next year there is some planning you can start now that may benefit you from a tax perspective / CGT. Maybe consider an appointment with a tax advisor in Ireland with experience with expats moving to Ireland. That expat experience is essential as there are different factors to consider. spend a couple of hundred EUr on a couple of tax sessions, can save you a lot more depending on where you're at right now.
Do you have a link/reference to where they said this please?Theres no great mystery or hidden agenda about this. Revenue are taxing ETFs in the same way as other unit funds - they simply clarified the position.
They recently said, there is no discernable drop off in usage of such investment funds due to the taxation.
It goes against the tide of investment trends globally, but its the law.
Theres no great mystery or hidden agenda about this. Revenue are taxing ETFs in the same way as other unit funds - they simply clarified the position.
They recently said, there is no discernable drop off in usage of such investment funds due to the taxation.
It goes against the tide of investment trends globally, but its the law.
Any tax advisors you could recommend?
Tax, UCIT ETFs, US ETF etc etc have been discussed at length on here. Some relevant threads include tax advice
https://www.askaboutmoney.com/threads/the-tax-treatment-of-etfs-for-irish-residents.199443/
https://www.askaboutmoney.com/threads/tax-treatment-of-etfs-and-investment-companies-trusts.175887/
8 year tax = UCIT (i.e. non-US funds only)
AFAIK US funds required to distribute dividends, so there are no accumulating US funds.
Estate tax in US is also an issue.
Thanks Marc,It doesn't matter if the dividend is reinvested, it is still taxable in the year it is paid,
However, there are some interesting benefits of US dividends in the taxation of irish residents.
See my tax guide for detailed analysis
See my tax guide for detailed analysis
They do allow this, there are a few other also. Check. Out https://www.askaboutmoney.com/threads/us-domiciled-etf-via-us-broker-analysis.223853/Firstrade are one of a rare few US Brokerage's who are open to Irish based investors - https://www.firstrade.com/content/en-us/international
Rather than go through the application process myself to test, anyone know if it's possible to still trade US ETF's with them?
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