Opening Sterling Bank Account in Ireland.

Back in the day one of the Irish Building Societies stated that they could open non resident accounts for people using U.K. addresses (they had to complete a non resident declaration form) and provided that the interest was paid (it had to be posted or transferred to a separate account) to an Irish resident, it could be paid DIRT free.

So. Is the revenue only interested in these Sterling accounts from a DIRT point of view? A current account does not pay DIRT, is that treated differently to a deposit account that does not pay DIRT?

I'm pretty sure that's the other way around? If the beneficiary of the interest is non-resident, DIRT might not apply - working from memory here.

DIRT is just one reason Revenue are interested in foreign bank accounts. Another is to ensure tax has been paid in the funds lodged into such accounts in the first place. For example where an Irish person might own an investment property in Spain, and have the rent paid to a Spanish bank account.
 
At present I get my UK dividends by post. I like it this way as I can call in to my local branch and lodge them to my account there and then at the counter. I can hold on to the dividend for a while if needs be and keep an eye on the rate of exchange. Maybe this is the wrong way to do things?

You're lucky if they're applying the rate immediately. Most banks now send all foreign cheques for collection. That means they apply the rate on the day they receive value for the funds, and usually charge around eur15 for their troubles.
 
This is my understanding. Correct as necessary.

1 If you have a sterling account in Newry (etc) it is a foreign account, even if your local branch in Wexford facilitates you in some transactions via internal post.

2 If you have a Euro account in Newry it is equally a foreign account.

5 If your local Wexford bank branch assists you in opening an account in its branch in Newry, it is a foreign account.

4 If you have a Euro account in your local Wexford branch (whether or not it pays interest) it is a domestic account.

5 If you have a sterling account in your local Wexford bank branch (whether or not it pays interest) it is a domestic account.

DIRT is payable on the latter two. If you are under the PAYE system this satisfies your responsibilities to Revenue. If you are a chargeable person you file your returns in a normal way.

You need to be able to account for the source of funds in whatever account you have (and pay tax, as appropriate). Foreign funds flowing into an account in any currency may raise extra suspicions.
 
You need to be able to account for the source of funds in whatever account you have (and pay tax, as appropriate). Foreign funds flowing into an account in any currency may raise extra suspicions.

If you have a type 5 account from the list above and you don't have to return it to the Revenue why/how would they even be aware of it?
 
If you have a type 5 account from the list above and you don't have to return it to the Revenue why/how would they even be aware of it?


They would be as aware of it, or unaware of it, as a type 4 (Euro) account. The Bank would have the same responsibility as regards money laundering or suspicious activity with both. Euro from Spain like Sterling from UK is either dodgy or it isn't. Or someone might want to keep some currency in Sterling for travel, business or other purposes. There is nothing inherently dodgy about it.
 
However, unlike you, I am unable to predict how sterling will perform against the euro.
It may have taken awhile but thankfully it worked out fine for me in the end and yes, Brendan, some of us can make predictions based on historic data, trends etc

A bit like your Bitcoin bets I suppose?
 
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