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Moving wealth offshore

  • 14-10-2013 1:52pm
    #1
    Stinicker
    Banned (with Prison Access) Posts: 7,102 ✭✭✭


    I am not going to tolerate another increase in DIRT tax after tomorrows budget and I am already getting tiny sums of Interest from PTSB where I have my savings, I have a tidy sum maturing in 6 weeks time and I have another chunk which I will be adding to it. I am going to move this money offshore to either Switzerland or Singapore?

    I cannot stand having my money devalue in these low-interest accounts and then have most of the interest stole by the Government. Any ideas on accounts or countries to invest for an offshore savings account.


Comments

  • #2
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    I'm assuming that moving your money offshore will make absolutely no difference DIRT-wise, you will still be liable for DIRT if it's offshore, unless of course you are planning to hide this from the tax man - in which case I don't think you should be asking your fellow Irish citizens how you can do them out of their own income.

    Interest rates are disastrously low (for savers) at the moment but you would want to be cautious about exchange rate fluctuations with investing in Switzerland or Singapore, you could find interest (and more) wiped out, could work to your advantage as well of course.

    Investing with An Post won't give you a great return but will protect you from DIRT and currency fluctuations.


  • #3
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭ToxicPaddy


    MOD NOTE:

    Keep it legal and above board folks. If in doubt read the charter here.


  • #4
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    ToxicPaddy wrote: »
    MOD NOTE:

    Keep it legal and above board folks. If in doubt read the charter here.

    Not sure if this comment is meant for me, if there is anything improper with my post feel free to delete, no problem.


  • #5
    gordongekko
    Registered Users, Registered Users 2 Posts: 5,301 ✭✭✭gordongekko


    The reason behind the increase in dirt tax is to encourage people to spend rather than save. The hope is that there will be increased domestic demand resulting in increased employment and an end to austerity.

    The plan is not a flight of cash out of the country which may result in another bailout and more austerity.

    So live a little a spend some cash :)


  • #6
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭ToxicPaddy


    Cute Hoor wrote: »
    Not sure if this comment is meant for me, if there is anything improper with my post feel free to delete, no problem.

    Not meant for any one in particular. Just a friendly reminder for those not familiar with the forum, you get the odd person who pop in and give advice but are not a regular poster and don't check the forum charter in advance. :)


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  • #7
    Francie Barrett
    Registered Users, Registered Users 2 Posts: 16,931 ✭✭✭✭Francie Barrett


    Stinicker wrote: »
    I am not going to tolerate another increase in DIRT tax after tomorrows budget and I am already getting tiny sums of Interest from PTSB where I have my savings, I have a tidy sum maturing in 6 weeks time and I have another chunk which I will be adding to it. I am going to move this money offshore to either Switzerland or Singapore?

    I cannot stand having my money devalue in these low-interest accounts and then have most of the interest stole by the Government. Any ideas on accounts or countries to invest for an offshore savings account.
    If you move your savings offshore, you are still required to pay DIRT. The only way you can legally get around this move is to declare yourself non-resident and that would require you spending less than 183 days in the country in a given year.


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