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offshore accounts ?
confused.ie
Posts: 2 Newbie
Whats best for ex-uk resident for 2-4yrs investment of 50k.
Now living in ireland so no chance of investing here in current climate!
Now living in ireland so no chance of investing here in current climate!
0
Comments
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To be honest, it won't be worth your while opening an offshore account.
I have several of these (Guernsey and IOM), and the interest rates aren't any better than those available in the UK. The only advantage is that I'm not EU resident, so I can get the interest paid without tax deducted.
As you are an Irish resident, the bank or building society will deduct what they call a "withholding tax" (currently 15%)
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnSavingsAndInvestments/DG_10013299
They will also advise the tax dept of Ireland of your account.
If you still have ties to the UK, you would probably be better off opening one or more accounts there.0
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