Non-resident bank account

[clueless]

A friend has been living in Dubai for the last few years. He was saving his money in an account there but will be moving soon. He thought about sending his money back to Ireland but wondered if any of the Irish banks have offshore accounts and what the issues would be with saving money in an account like that.

 

[Lightning]

I don't think any Irish banks offer offshore accounts anymore.

 

[RedOnion]

Not offshore accounts.

The main banks all offer non-resident accounts. But there are some extra requirements in opening them, and enhanced anti money laundering requirements for some countries.

There is additional responsibilities on the bank for managing these, so they generally impose minimum balance criteria.

Don't expect the process to be easy.

If he's planning to move back to Ireland, the banks might deal with him through a dedicated team as it's a potential lead for future business.

 

[Monbretia]

What's the benefit anymore of a non resident account? Years ago it was the dirt free status but with interest rates so low these days that would be a pittance anyway. Are there other benefits?

 

[RedOnion]

Are there other benefits?

No.
Some people use them to hold funds in Euro if their local bank can't provide that service. And you benefit from DGS protection which might not be available in country you're based in. Some countries don't have the most trusted banks, so people use Irish bank accounts. But otherwise, no.

 

[clueless]

Thanks for the info. Will pass it on.

 

[ReesesPieces]

Assuming he's Irish, did he close all his accounts before he left? We kept one open in Ireland through years in the UK and occasionally sent money over to it - we just had to provide information about our address and tax status and there was no issue with it.

It is usually easy enough to keep accounts and update with a foreign address, but opening them as either a new or returning resident is incredibly difficult: I foolishly closed my UK bank accounts when I moved back to Ireland for a few years than had to jump through all manner of hoops on my return.

The easiest thing might be to use an existing account, if there is one, and speak to the bank about the implications of his current residence and tax status.