Getting Lump sum from Parents aboard

I

I{U}Ireland

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My parents want to send me lump sum of 100K Euro from their account on non EU country:

- What is the best way to do that?
- Do I need to pay any tax for this?

I am Irish and working here in Ireland. I have account with AIB at the moment

Thanks
 
The easiest way to do this is an online transfer(s) if possible.

Which non-EU country? Is the country a member of SEPA?

There might be inheritance tax implications.
 
CiaranT said:
The easiest way to do this is an online transfer(s) if possible.

Which non-EU country? Is the country a member of SEPA?

There might be inheritance tax implications.
Click to expand...

The country is not a member from SEPA

The parents are still alive would that affect the tax implications?
 
You will have to ring the bank and ask how they do international transfers then.

There is information on gift tax here.
 
There will probably be money laundering issues too. Large lump sums have to be justified. Which country is the money coming from?
 


First question i suppose is, what is the money to be used for? do you need it all now, or can you do with taking it over a number of years to avoid gift tax etc?
 
finnegan101 said:
First question i suppose is, what is the money to be used for? do you need it all now, or can you do with taking it over a number of years to avoid gift tax etc?
Click to expand...

I think he / she wants to use the money as his / her house deposit.

I am actually in the same situation. However, my gift will come from Brazil.

So my question is: Does the money have to be transferred from my parent's account into my AIB account or can I bring this in cash?

I understand that once my mother, withdrawn the cash from her Brazilian Account, she can get her Bank to write down a letter stating the amount she took, so no suspicious regarding money laundry would arise? Then the same letter could be used to declare the cash at the Customs in Dublin Airport as well as to declare to the Revenue for the gift tax and at the Irish Bank when I apply for my mortgage?

Thanks all
 
Bringing in cash seems like an unnecessary hassle, especially as you could be held up for ages at airports having to explain, and explain and explain. Monies leaving a country in large sums needs to be declared etc...
 
I could be robbed indeed, but then I would not have to pay international transfer taxes from the Brazilians Bank, which are huge!!!
 
How much is hugh in relation to bank transfers? Getting robbed would be a lot more costly.
 
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