Sending money home that's earned in a tax free country

abud

Hi,
My husband and I are both working in the UAE. We saved some money this year and are not sure the best way to bring it home.
Main question is can we be made pay tax on the money we send home...hopefully about 30k a year.
Also what is the best way to bring it home. ...wire it to our bank? Have heard of people bringing the money home in large amounts of cash so it cannot be traced..and spreading it between banks,post office etc....is this better than transferring it all to one account?
Any advice would be appreciated
Thanks

Mr. Incognito

http://www.revenue.ie/en/tax/it/who-pays.html

Read the above link

Then read the charter- any talk of hiding money from money and tax avoidance will result in a ban

mozattack

I understand why the OP was warned over comments but one must admire the suggestion to bring back cash but then lodge it into a bank!... Hmmmm?

OP: first consider if the income is taxable in Ireland, that is unlikely but will depend on your residency status which is an exercise any tax advisor will do for you. If non-resident you would not be due to pay irish tax on foreign earnings... recommend speaking to a tax advisor though because the residency tests can easily be miscalculated, especially the 280 day rule aspect.

abud

Thanks so much for your reply. Need to get more informed...will contact a tax advisor and see whats the best advice.

simplybam

I'll gladly hold it for you for a nominal fee. If we can agree on an amount I'll pm you my bank details

Marcusm

abud wrote: »

Hi,
My husband and I are both working in the UAE. We saved some money this year and are not sure the best way to bring it home.
Main question is can we be made pay tax on the money we send home...hopefully about 30k a year.
Also what is the best way to bring it home. ...wire it to our bank? Have heard of people bringing the money home in large amounts of cash so it cannot be traced..and spreading it between banks,post office etc....is this better than transferring it all to one account?
Any advice would be appreciated
Thanks

If you've gone abroad for the purposes of obtaining employment and intend on being abroad for a number of eyars, you will likely not be resident, for taxation of employment income, from the date of departure to the date of return (split year treatment). If you spend substantial amounts of time in Ireland while working abroad you may not be non resident (183 one year rule/270 day combined rule).

You need to cover off these points with your tax adviser. If you meet these requirements, the foreign income will not be subject to Irish tax at any point and you can feel free to remit it to your Irish bank account anytime you wish.

2ndcoming

simplybam wrote: »

I'll gladly hold it for you for a nominal fee. If we can agree on an amount I'll pm you my bank details

There are some Nigerian Princes I could put you in contact with if you'd like...

commited

Re the sending money home, use a service like currencyfair, you'll end up with much better rates.