Moving to Ireland and Your Finances
There are thousands of returning Irish and global expatriates moving to and from Ireland every year, yet there are very few specialist financial advisory firms to serve them.
Moving to a new country is exciting. But there’s often lots to organize – including your finances.
On a weekly basis we are asked to help and advise clients moving to Ireland with their financial requirements. For many, it is a simple investment or pension query, for others it can involve more detailed advice in respect of cross-border taxation, legal and accounting implications.
Housing
You may find that housing is expensive in Ireland, irrespective of whether you are thinking of renting or buying a home. If you want to purchase a home you need to be aware of the price trends in Ireland, the process by which houses are bought and sold and the initial costs that are involved.
There are no restrictions on the purchase or rent of residential property or land.
Working
As an Irish citizen you do not need permission to work in Ireland.
However before you start work, you need to apply for a Personal Public Service Number (PPS number). You should also research details about employment rights and conditions such as minimum pay, leave and hours of work. If you decide to work part-time, you should find out about the employment rights of part-time workers. If you intend to be self-employed, a start would be to meet with an Accountant to discuss how to set-up a business / company in the most efficient manner possible.
Taxation and banking
If you are moving to Ireland you also need to know about residency for tax purposes. You will also be entitled to certain income tax credits and reliefs. For example, tax relief is available for certain medical expenses.
When you are opening a bank account in Ireland, you have to provide proof of your identity and of your current address in Ireland.
Health services
If you are normally resident in Ireland, you are entitled to a range of health services that are either free of charge or subsidized by the Irish Government. You are considered to be normally resident if you are planning to live in Ireland for a year or more. Depending on your income, you may be eligible for a medical card which entitles you to certain health services at no cost. GP Visit Cards entitle you to free GP (family doctor) visits. You will need to know how public health services are organised in Ireland.
In addition to the public health system, people in Ireland can avail of a range of private health care services. There are a number of private health insurance companies in Ireland.
Education
Children are entitled to free education in publicly funded primary and second-level schools. For pre-school children there is a range of childcare options which will need to be researched in advance.
You may be coming to study at a third-level institution in Ireland. To qualify for free third-level fees you must have been resident in Ireland or another EU country for 3 years. If your income is below a certain level you may be eligible for a student maintenance grant.
In all cases, it is important to begin your research well before you become resident in another country. For example, the types and rates of tax vary from country to country. You will need to understand your tax obligations prior to making any important financial decisions. You may also need to consider education fees, bank accounts, foreign exchange transactions and potentially a mortgage to buy your new home, as referred too previously.
At Heritage Wealth, we offer our customers a highly-tailored service, and along with our partners in the tax, accounting and legal sectors, we can help to ensure that any financial decisions you make when moving to Ireland are tax efficient, structured properly and in your best interests.
Gerard O’Brien LL.B LL.M CFP® QFA is a Certified Financial Planner and the Owner of Heritage Wealth Management, a Financial Planning practice based at 27 Cook Street, Cork. For more information, contact Gerard at gerard@heritagewealth.ie www.heritagewealth.ie
Disclaimer: All data and information provided within this article is for informational purposes only. Heritage Wealth Management Limited makes no representations as to accuracy, completeness, suitability, or validity of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries, or damages arising from its use.
