Hi,
I have searched the forum for discussions on this topic but have yet to find one that covers my area of concern. Anyway here goes...
I am non-resident in Ireland having moved to Jamaica with work / secondment. I will be returning in roughly 2 years. I have been introduced to an investment scheme here in FOREX trading. Jamaica has a relatively loose taxation philosophy with very few people declaring correct earnings. The same applies to the regulations surrounding FOREX trading which is taking off here in a big way. I have invested some money with a trader of good standing and ability via an investment club, the guarenteed rate of return is 10% per month. I appreciate many people would be suspicious of such returns and advising that it is a hoax but I have satisfied myself, while not being fully compliant to US regulations, that it is real, and legal in Jamaica.
My question is my tax liability when I return to Ireland and what choices I have.
I can leave here and take whatever money I have made and declare it as foreign earnings and pay tax on it (no tax agreement with Ireland so my dealings with the Jamaican tax system will also have to be satisfied if I choose so). In this regard will I pay 41% on my return?
Secondly, if I leave the money in the account and withdraw the interest on a monthly basis (at present I am reinvesting the interest, thereby taking advantage of the compounding effect) what tax do I pay on that?
I appreciate that these situations can be complex but just in terms of tax due on the interest rather than the lump sum, is there any benefit there?
Cheers
I have searched the forum for discussions on this topic but have yet to find one that covers my area of concern. Anyway here goes...
I am non-resident in Ireland having moved to Jamaica with work / secondment. I will be returning in roughly 2 years. I have been introduced to an investment scheme here in FOREX trading. Jamaica has a relatively loose taxation philosophy with very few people declaring correct earnings. The same applies to the regulations surrounding FOREX trading which is taking off here in a big way. I have invested some money with a trader of good standing and ability via an investment club, the guarenteed rate of return is 10% per month. I appreciate many people would be suspicious of such returns and advising that it is a hoax but I have satisfied myself, while not being fully compliant to US regulations, that it is real, and legal in Jamaica.
My question is my tax liability when I return to Ireland and what choices I have.
I can leave here and take whatever money I have made and declare it as foreign earnings and pay tax on it (no tax agreement with Ireland so my dealings with the Jamaican tax system will also have to be satisfied if I choose so). In this regard will I pay 41% on my return?
Secondly, if I leave the money in the account and withdraw the interest on a monthly basis (at present I am reinvesting the interest, thereby taking advantage of the compounding effect) what tax do I pay on that?
I appreciate that these situations can be complex but just in terms of tax due on the interest rather than the lump sum, is there any benefit there?
Cheers