Transfer PRSA Abroad?

shuffles03

Hi,

I have a PRSA with only 6K in it. This was setup in 2016 with Bank Of Ireland when I was employed with an Irish company.

However, I now live in Spain and I am a tax resident here.

Do you know, am I able to transfer the value of my PRSA to Spain?

I don’t have an equivalent setup here yet.

What are my options with my PRSA?

Many thanks in advance.

Jim2007

Yes there are provisions under EU law to guarantee your pension rights after you leave one member state for another and to allow citizens to transfer pensions between member states. However pension and tax rules vary greatly between countries and so it a complex issue. I don't know of anyone specialising in this area nor how much it would cost in terms of taxation and fees.

Is there any special reason why you need to transfer it? There is no currency risk as both countries are in the Euro and despite what many might think it is held in one of the better economies of the EU.

shuffles03

Thanks for the response. My reason for looking into moving it was because I hadn’t contributed anything since 2017, and now that I was in Spain, I thought it might have been better to move across here. But yeh, there might be a lot of tax implications etc.