Pension advice - non-resident I am apparently not able to start a pension in Ireland?

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Conall2

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Hi All,

Excuse if this is in the wrong forum. I'm looking for advice on pension planning. I work at sea (and probably extremely late in planning for retirement at 47) I just found out that due to being non-resident I am apparently not able to start a pension in Ireland. What are the alternative to a pension or what would be the best advice in this situation.

Thanks in advance
 
The only advantage of having a pension is not to pay tax on the money earned. If you pay irish (or another country's) tax, I don't see why you cannot have a Irish pension etc. Otherwise you could invest money yourself using a stockbroker etc.

Edit, I see you have rental property in Ireland. There is no pension tax relief on rental income.
 
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Towger said:
The only advantage of having a pension is not to pay tax on the money earned. If you pay irish (or another country's) tax, I don't see why you cannot have a Irish pension etc. Otherwise you could invest money yourself using a stockbroker etc.

Edit, I see you have rental property in Ireland. There is no pension tax relief on rental income.
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Thanks, I'm not savy enough to invest in stocks myself but I'll look into a Decent fund with decent returns. i only found out recently as non resident you're not allowed start a pension in Ireland. Due to the nature of the job I'm not usually in one place long enough to gain residency and at the moment I'm in Africa and talking to some of the local lads their pensions don't perform too well.
 
Conall2 said:
Thanks, I'm not savy enough to invest in stocks myself
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You don't need to be. You could just buy shares in one or two already diversified conglomerate companies and sit on that investment long term. Over the long term the charges, tax and returns are likely to be significantly better than something like a unit linked fund. More on my opinion on this here...

What to do with a million euros?

Personal details Your age: 49 Your spouse's age: 54 Number and age of children: 2 aged 9 and 14 Income and expenditure Annual gross income from employment or profession: €30,000 (state job) Annual gross income of spouse/partner: €60000 (state job) Pension: have maxed AVC’s (should I also...
www.askaboutmoney.com
 
If you are paying tax on it, you should be getting Class S PRSI Insurable weeks. Which might entitle you to a Contributory State Pension, if you have enough.
 
You can just invest in funds (outside of a pension) and as a non res, you will be taxed where you are resident. Lots of people who work at sea pay no tax at all as they aren't resident anywhere. If you come back to Ireland, cash the investment in before becoming Irish resident again. It's still saving for your retirement.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Towger said:
If you are paying tax on it, you should be getting Class S PRSI Insurable weeks. Which might entitle you to a Contributory State Pension, if you have enough.
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@Conall2 is a seafarer that is non-resident in Ireland for tax.

Notwithstanding being non-resident, the net rental profit, as Irish source income, is liable to Income Tax & USC.

Non-resident landlords are not liable to PRSI on the net rental profits.

Irish resident landlords that have a rental profit, and are liable to file an Income Tax return form 11, under self-assessment, are liable to pay PRSI under class S. A typical example of this would be a self-employed individual who also has rental income or someone who has income from investments only.

Per guidance from the Department of Social Protection:

"Who does not pay Class S PRSI?

The following people do not pay PRSI at Class S:

- People classified by the Office of the Revenue Commissioners as non-residents who hold solely unearned income."

If @Conall2 becomes tax resident in Ireland and the rental income is the only source of income, a liability arises to Class S PRSI.
 
AAAContributor said:
@Conall2

"Who does not pay Class S PRSI?

The following people do not pay PRSI at Class S:

- People classified by the Office of the Revenue Commissioners as non-residents who hold solely unearned income."
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So no Contrib State Pension and probably too old now to buildup enough insurable weeks.
 
@AAAContributor: A seafarer's tax is dependent on their work location/type etc. there's a seafarers tax allowance if your at sea for 161 days (im open to correction on the exact days) and then if your international you are allowed into the country for 139 days each year so classed as non resident.
 
Is there any posts on the best fund to invest in? and I assume the funds will look after everything or is it like buying a share in the fund?
 
Conall2 said:
Is there any posts on the best fund to invest in? and I assume the funds will look after everything or is it like buying a share in the fund?
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There's no "best fund" for all scenarios.
Managed/unit linked funds generally look after everything but that means paying more charges and higher taxes than direct share investments.
You could be cutting your nose off to spite your face by investing long term in a managed/unit linked fund rather than investing directly in shares.

Pension advice - non-resident I am apparently not able to start a pension in Ireland?

Hi All, Excuse if this is in the wrong forum. I'm looking for advice on pension planning. I work at sea (and probably extremely late in planning for retirement at 47) I just found out that due to being non-resident I am apparently not able to start a pension in Ireland. What are the alternative...
www.askaboutmoney.com
 
ClubMan said:
There's no "best fund" for all scenarios.
Managed/unit linked funds generally look after everything but that means paying more charges and higher taxes than direct share investments.
You could be cutting your nose off to spite your face by investing long term in a managed/unit linked fund rather than investing directly in shares.

Pension advice - non-resident I am apparently not able to start a pension in Ireland?

Hi All, Excuse if this is in the wrong forum. I'm looking for advice on pension planning. I work at sea (and probably extremely late in planning for retirement at 47) I just found out that due to being non-resident I am apparently not able to start a pension in Ireland. What are the alternative...
www.askaboutmoney.com
Click to expand...
Do you mean just buy them through the likes of degiro or something along those lines?
 
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