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BOI- Deposit limits from abroad and tax implications

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  • 27-07-2011 11:07am
    #1
    colm.ims
    Registered Users Posts: 16 ✭


    I hope someone can help

    I am Irish but have been living in Vietnam for over a year. I still have my BOI account and regularly transfer money home each month,

    Recently I have started to make a lot more money and my question relates to deposit limits. Are there regulatory limits regarding how much I can send home each month?

    For example, recently I have been sending under 5,000 euro each month, but recent financial improvements in my situation here mean I will soon need to send upwards of 15-20k per month home to my account. I am uncomfortable keeping this amount here in Vietnamese banks and so, wish to send it home.

    Will deposits as big as this be flagged by the bank for any reason?

    Also, are there any tax implications I would need to consider? The tax I pay over here is minimal and I would like to keep it that way. Since I haven't worked in Ireland for 2 years I don't wish to pay tax there on my earnings from Vietnam.....

    Any help you can give would be most appreciated....
    Tagged:


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    #2
    who is this
    Registered Users Posts: 500 ✭✭✭who is this


    Shouldn't be a problem unless you have something to hide (i.e. they're not likely to stop you until you prove otherwise). As regards double taxation, you should check Revenue's page on Vietnam.

    However, as a non-Resident, I don't think Revenue will be concerned as regards that. They don't (as far as I know) have the ability to monitor someone's bank account, nor can the Bank tell whether or not you've paid tax on the income being lodged


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    who is this wrote: »
    Shouldn't be a problem unless you have something to hide (i.e. they're not likely to stop you until you prove otherwise). As regards double taxation, you should check Revenue's page on Vietnam.

    However, as a non-Resident, I don't think Revenue will be concerned as regards that. They don't (as far as I know) have the ability to monitor someone's bank account, nor can the Bank tell whether or not you've paid tax on the income being lodged

    The bank are obliged to seek more info on deposits over a certain threshold, i think its €10k and if they do not get answers they could report to revenue who can easily freeze the account. Try going into a bank and lodge €20k you will be asked a good few questions and if you are not willing to answer expect a revenue officer to come a knocking or your account to be froozen within a few days.

    OP as a non resident you have no tax obligations but it may be advisable to contact your bank and inform them of what your situation is in case it throws any red flags up on there system when larger payments come in from overseas bank. Something to show them you are non resident would keep them happy and would have no need to report anything to revenue.


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