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