IBKR US/Ireland Confusion - Remittance Basis of Assessment for Non-Dom

Hi Folks,

I am a non-domiciled resident in Ireland. I created an account on Interactive Broker (IBKR) in Jan 2024.

I transferred my funds to IBKR US bank account in Germany. IBKR Account title: Interactive Brokers LLC
One Pickwick Plaza
Greenwich, Connecticut
06830
United States

IBKR Bank name and address:
J.P. MORGAN SE
TaunusTurm
Taunustor 1
Frankfurt 60310
Germany

I invested in shares of US companies.

My IBKR investment reports and account confirmation letter also show IBKR's address of Connecticut, US.

I did all this to ensure I benefit from the Remittance Basis of Assessment. I recently heard IBKR is also registered in Ireland.

Although (1) my transfers are to IBKR US in a German bank account (2) my investments are in shares of US companies and (3) my investment reports / account confirmation letter also show address of US; can this IBKR Irish entity still be an issue, from remittance basis perspective - even if I don't remit original investment/profits to Ireland?

Thanks!

Info_Seeker said:

can it still be an issue from remittance basis perspective?

Click to expand...

Where do you spend the money?

Dr Strangelove said:

Where do you spend the money?

Click to expand...

@Dr Strangelove Outside Ireland...

I was in the same situation with IBRK a while ago... I asked a tax consultant. The feedback was that it is only the actual funds remitted that would be trigger the "remittance to Ireland" event. The location of the agent is per se irrelevant. That's the feedback that I got ....

Henning G said:

I was in the same situation with IBRK a while ago... I asked a tax consultant. The feedback was that it is only the actual funds remitted that would be trigger the "remittance to Ireland" event. The location of the agent is per se irrelevant. That's the feedback that I got ....

Click to expand...

Thanks @Henning G
Can I PM you?

If you want, PM me. My tax consultant had told me that Interactive Brokers Ireland only acts as a "bridge", and all cash and securities are actually held in the US through IBRK U.S. This was a number of years ago. Maybe confirm with the broker that nothing has changed and at no time are the funds or assets held in Ireland, but according to your original post they aren't. He also told me to make sure that I don't leave a lot of cash uninvested. If you leave a lot of cash uninvested, the interest paid on that uninvested cash would trigger tax in ireland on the interest gained even if unremitted . Gains generated by dividends and capital gains on the sale of shares would not trigger irish tax if not remitted. Thas was around 2021 , roughly 3 years ago.