selling up and moving abroad

Id appreciate any feedback and pros and cons on the following to help get the brain juices flowing.

Im toying with the idea currently of going to Oz for a year to holiday/work.

If I sold up everything here at home and went I would have a nice sum that I could lodge into an Ozzie bank acc at 6.5%. Also just as I may do here I could possibly use the cash in a managed fund or to specualte in Oz there are many options ( just as here ) but failing anything adventurous the deposit rates are high and rent low relative to here.

The bogus non resident scenario obviously would not apply to me while abroad as I would be resident.

The costs ( stamp tax mg agents etc etc ) of leaving the properties at home and the hassle to me, decreases the chance/likely cap appreciation back in Ireland I will get ( maybe ).
A guarnteed 6.5% sounds very tempting here to then bring home in cash after a year or 2.

I guess also I want to know will my "nest egg" some how be taxed as I bring it with me so to speak and when I bring it home???

Moved from Mortgages and Buying and Selling Homes

monkeyboy said:

The bogus non resident scenario obviously would not apply to me while abroad as I would be resident.

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Be careful about making assumptions here. You are still tax resident for a while even after leaving the country as far as I know. Best to clarify exactly what your residency/domicile status is and to be aware of your tax obligations in either or both jurisdictions at any time. See [broken link removed] for example.

A guarnteed 6.5% sounds very tempting here to then bring home in cash after a year or 2.

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What about currency exchange rate risks? Note that you can get that sort of rate here in Ireland at the moment on certain accounts. But then there's DIRT and once that's factored in inflation eats up most or all of the rest meaning that your money is simply standing still at best.

What acc specifically can I lodge a large lump sum and get that rate over here?
ANy I have found had restircted opening bal .

There may well be terms & conditions in order to get that sort of rate. Have a look at the Financial Best Buys forum for details.

Would concurr with previous comments on exchange risk/exchange costs.

I'm based in sydney and when I convert euros into AUD,I pay 1.1% margin on exchange mid rate + the hassle of organising transfer between Ireland/Australia.

If you are going to reconvert when u get back to Ireland is another 1.1% which means u need to clear 2.2% after tax of your Australian deposit account over Irish account excluding exchange risk.

Its' a no brainer,if u intend to go back to Ireland after your visit to Oz,then leave your money in Ireland especially with the ECB increasing rates this year which should add further strength to euro.

Monkeyboy
As a non resident you'll need FIRB approval first in order to purchase property property in Australia. You cannot become a resident in 1 year.

Property in Perth is experiencing growth at the moment. Sydney and Melbourne have been having a difficult time since 2003