Savings account in another country

Kewreeuss

I found an old thread asking why an Irish person couldn’t get a loan in another country.
Now I am wondering can an Irish person open a savings account in another country, if the interest rates were better than here or they had saving schemes?

Jim2007

It entirely depends on the bank's willingness to do it. But there are many reason why they may be unwilling to do so.


- They may not be authorized and licensed to do so.
- There may by tax reason why the would not wish to do so
- They may have very high minimum deposit levels for non resident accounts
- They may require you to physically visit their offices
- and so on


There are also many reason why you might not want to do so as well
- Language
- transferring and accessing funds could be difficult
- They may not be able to provide the tax documents you need for filing your Irish tax returns etc


Now it is of paramount importance that you understand that a higher return than that generally available represents a significantly higher level of risk than normal. If the normal rate available is say 1% and someone offers you 4% you can be absolutely certain that you are taking on a seriously higher risk, no mater how it is presented to you, otherwise everyone would be doing it.

Chris_5339762

You will also have to declare the interest to Revenue and pay CGT on it.

Henry Ford III

Chris_5339762 wrote: »

You will also have to declare the interest to Revenue and pay CGT on it.

No CGT on deposit interest. There is income tax at the marginal rate however plus levies.

Kewreeuss

Hi, Income tax because it’s interest earned abroad, not Dirt tax?
Thank you for your replies