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Living in Ireland

Top Tips for Moving To Ireland

Moving to a new country is an exciting time in your life. You will experience a new culture, work environment and way of living, a time of broader horizons.

You will also face some challenges in how you manage your financial life. Without proper planning, some of these can turn into expensive mistakes. Planning your personal finances for a move to Ireland needs to start now, before you move.

Let's look at some of the key things you need to consider...

Bank accounts and Foreign Exchange


Irish High-Street Banks are not competitive with newer entrants to the market like Revolut or N26.

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Whilst Revolut has the edge in terms of functionality, they are moving their operations to Dublin and therefore in order to benefit from Remittance basis planning, we recommend opening an account with German Bank N26.

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It's very easy to avoid the uncompetitive rates offered by High Street Banks when moving substantial amounts from one currency to another.

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We recommend using a specialist currency broker like Currencies Direct

Regular Savings


Our analysis of regular savings plans suggests that Irish Unit Linked Savings plans are poor value when compared to regular savings funded by gifts from non-resident relatives.

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Consider setting up an offshore regular savings plan funded by gifts from non-resident relatives as a particular tax efficient form of saving.

Find out more

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Income Tax


Income tax in Ireland is at a rate of up to 55% (tax year 2020) on certain forms of earned income.

We met with one Foreign National who was taking up an employment contract with a large US multinational to work in Dublin. On reflection he would have been much better off working out of their Paris office.

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Take tax advice before signing contracts of employment.

Health Care


Health Insurance in Ireland operates under a system known as lifetime community rating.

If you are aged 35 or older and do not have health insurance, your premium may cost you  more due to Lifetime Community Rating legislation.

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If you take out private health insurance earlier in life, and retain it, you will pay lower premiums compared to someone who joins when they are older.

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Wills and Estate Planning


Estate Planning involves the orderly and tax efficient transfer of assets/wealth between individuals, and most commonly to the next generation, and covers both gifts and inheritances.

The core elements of estate planning are legal effectiveness, tax efficiency and practicality.

For many individuals, estate planning can be very straightforward.

In other cases, complexities can arise, including divorce, second marriages, non-marital relationships and children.

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Although Capital Acquisitions Tax is based on residency, non-domiciled individuals only become liable to CAT after 5 consecutive years resident in Ireland.

Careful management of time spent in the State can therefore act to mitigate the impact of Irish CAT.

Want to know more?

Download our full top tips guide to forward planning your finances as a Foreign National intending to move to Ireland

Download Now

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