Returning to Ireland in 2019? Foreign pensions

Tax questions on returning to ireland - foreign pensions

Returning to Ireland in 2019? – Here’s what you need to know.

Tax is always a major concern for ex-pats thinking of returning to Ireland. In a special holiday season series, our tax department are sharing some of the common questions that we are frequently asked from people who are looking to return home.

Question #5: I have made contributions to a foreign pension fund. Can I transfer these benefits back to Ireland?

The rules for transferring or accessing pension savings in a foreign pension fund are usually determined by that jurisdiction. Each country will have different rules attaching to such transfers. You should contact your pension administrator in the foreign jurisdiction to discuss what options are available for you to transfer the pension to Ireland.

Revenue will allow foreign pensions to be transferred to an approved occupational pension scheme, Personal Retirement Savings Account (PRSA) or Buy Out Bond where a number of conditions are met.

You also have the option of leaving the pension fund abroad. In some instances, it may be possible to continue to contribute to the overseas pension and claim tax relief on the contributions where a number of conditions are met.

Read the answers to the rest of our tax series on returning home:

Question #1: I’m planning on returning to Ireland midway through 2019. Will my foreign employment income be taxable in Ireland?

Question #2: I’m planning on returning to Ireland and taking up employment. I have been away for a number of years. How do I apply for tax credits?

Question #3: I have been living abroad for a number of years and am planning on returning to Ireland. I bought a property abroad and will sell the property before returning to Ireland. Will the proceeds be taxable when brought into Ireland? What about any money I have saved in my foreign bank account?

Question #4: I am planning on buying a home when I return to Ireland. What are the taxes and reliefs available to me?

Question #6: I paid social insurance contributions while living and working abroad. Will these contributions count towards qualifying for my Irish state pension?

Question #7: I am returning with a spouse / children who are not Irish citizens. What practical steps do I need to take in accessing benefits etc., for my family?

Question #8: I am moving to Ireland to work for an Irish subsidiary of my foreign employer. Am I entitled to any Irish tax reliefs or exemptions?

If you have any questions about returning to Ireland or any other personal tax issues, please contact a member of our tax team.