Isle of Mann Q.

J

jister

Guest
I was surfing and came across this bank account in the Isle of Mann - they pay 4.8% interest!

[broken link removed]

So if I open an a/c with them and transfer £5000 into it do I get 4.8% PA and what are the tax implications?
 
Some issues to consider:
<!--EZCODE LIST START--><ul><li>Particularly in the light of recent tax evasion scams they may not be willing to open an account for a non resident/Irish resident.</li><li>You will need to transfer the cash into sterling and back when you withdraw which will presumably cost you commissions and exchange rate margins each time.</li><li>By lodging in sterling you will be exposed to currency fluctuation risks.</li></ul><!--EZCODE LIST END-->
 
You can get similar rates for Stg deposits from Banks in Dublin
 
Is it legal

So is it legal for a person in this country to open an account in the Isle of Mann and transfer money into it from their Irish bank account and not have to "declare" any profit generated by interest in it to the Irish taxman?
 
elderdog, could you expand a little on this please?

Do you mean one can have a deposit account in a Bank here
and retain lodgements as sterling - without converting to euro?

Seems a very attractive interest rate even after DIRT.
If so does it apply to all Banks?

8)
 
sterling

To clarify: I receive cheque payments in sterling, so I would prefer not to have to convert to Euro as I purchase stuff in sterling too.

The amounts are small and my own bank seemed disinterested and also charge you extra fees for these accounts.
 
Phone up your favourite non clearing bank ( say Anglo in Stephens Green ). Ask for the deposits section & ask them what rate they will give for X thousand on a ( say ) one month deposit.

Depending on the amount involved ( mickey mouse need not apply ) and the duration you are prepared to leave it they will make you an offer probably between 4% - 5%. Off course they will deduct DIRT unless you can provide a DIRT exemption cert
 
Northern Ireland a/c

While on the subject, is it possible for somebody in the south with an existing BOI account to open a second account north of the border with Bank of I using their southern address? That way I can just post the sterling cheques up and get them lodged in sterling?
 
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