Tax of Savings Interest if Working Abroad

[supe]

Hi.

I lost my job in Ireland a while back and I'm currently working in the Middle East. I have savings in a Northern Rock account at home in Ireland though and will be paying tax on the the interest I make on those savings. Can I claim back that tax as I am no longer resident in Ireland?

Thanks in advance.

 

[Domo]

If you are definitely non-Irish resident, you can apply to the bank to have the interest paid without retention of DIRT.

You should contact the bank to make the relevant declaration.

 

[supe]

Hi. Thanks for that Domo.

I did as you said and contacted the bank however, the answer I got wasn't the one I was expecting. They have told me that as I am no longer resident in Ireland I should close my account. They say that they are not allowed to have accounts for non residents. I wonder can they inforce this or will I just ignore what they said. I am Irish and hope to return there when things pick up so don't want to have to close bank accounts etc. only to have to reopen them at some point in the future.

 

[Domo]

Unfortunately, the bank may well have their own criteria for account holders, and may have internal rules that they will not hold deposits for non-residents. Or, perhaps it is to do with the type of account you are holding.

However, this has nothing to do with the tax position, but merely the bank's internal workings.

Why not shop around for other accounts with other banks, both here and offshore?

I am not a financial advisor and can't give investment advice.