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Returning to Ireland after 3 years abroad

  • 24-07-2010 2:38pm
    #1
    grahamor
    Registered Users, Registered Users 2 Posts: 872 ✭✭✭


    Hi,

    I have been living and working in Switzerland for the past 3 years . I have been paying taxes there but not in Ireland during this time.

    I would be returning with 10% from a house that I sold (about €45k) and about €25k in savings .

    Do I have to pay capital gains on the money I am bringing back or any other taxes for the last 3 years ?

    Thanks for any advice


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    In any year you were non resident you will not be taxable in Ireland on your foreign sourced employment income.

    If you sell a foreign property in a year that you were either resident OR ordinarily resident then you may be liable for CGT in Ireland. In your case it would appear you are still Ordinarily Resident in Ireland (you would have to be non resident for three consecutive years in order to become non ordinarily resident).

    However this exposure to Irish CGT may not be relevant if the property in question was your Principal Private Residence during the entire period you owned it.

    This is not an area I have experience in - but there is also a double taxation agreement in place between Ireland and Switzerland, so even if you do have a liability in Ireland, it is likely that you will be entitled to a credit against any Irish liability for any CGT paid by you in Switz. (Someone else might confirm that this would be the case..)

    As regards your savings, again residence issues are not my field, but I doubt you'd have any problems there, given that the monies are out of your taxed foreign income. Although again, someone else might give you a more reasoned answer in relation to this...


  • #3
    wishful thinker
    Closed Accounts Posts: 78 ✭✭wishful thinker


    grahamor wrote: »
    Hi,

    I have been living and working in Switzerland for the past 3 years . I have been paying taxes there but not in Ireland during this time.

    I would be returning with 10% from a house that I sold (about €45k) and about €25k in savings .

    Do I have to pay capital gains on the money I am bringing back or any other taxes for the last 3 years ?

    Thanks for any advice

    Without knowing the full story I would possibly agree with the above poster.

    Any capital (savings) brought back into Irl by a person is not subject to taxes (basic point is has already generally been taxed elsewhere)

    Assumptions - PPR - no CGT in Irl, as you are in Swiss you would looked into your tax requirement there - no that solves that issue

    Small point, it may be more beneficial to enter Irl later in the year rather than earlier in the year - one word - residency & it's tax implications.....ok that's more than one word!!


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