How best to save for my Irish grandchildren?

greenglide

Since the parents and the children are residents within the Euro zone is there not a case to have the savings denominated in Euros rather the GBP.

Should it at least be considered having the savings to be domiciled in Ireland?

We have absolutely way of knowing what will happen to the Euro v GBP exchange rate over the next 15 years.

geoff2

Thanks to all, esp. anotherJoe and Bowlhead99 - fabulous stuff!

geoff2

Ps What you say regarding bonds makes a lot of sense. Good for a shorter term investment but we have plenty of time for this one, so stocks and shares are going to produce the best growth.

dividendhero

Slightly off topic, but an I'd give my right arm for an Irish grandparent - quite a short cut for keeping an EU passport

geoff2

Greenglide - I don't know how one would go about that. Wouldn't there be similar issues based around nationality and residence?

geoff2

dividendhero wrote: »

Slightly off topic, but an I'd give my right arm for an Irish grandparent - quite a short cut for keeping an EU passport

Indeed!

GreenSnake

So if you live in a country where the economy is doing well, then that means you as an individual will do well....

That will be great news to all the homeless people in my town. I'll cheer them up on my way to work tomorrow, by reminding them how well "our" economy is doing.

Meanwhile all those poor Chinese folk buying apartments in Central London will be gutted to find out that they only come from an Emerging Economy. Unlucky for them I guess.

Rule Britannia.

AnotherJoe

GreenSnake wrote: »

So if you live in a country where the economy is doing well, then that means you as an individual will do well....

No. It simply means you have a better chance of prospering than living in one where its not doing well. Not exactly rocket science.

GreenSnake wrote: »

S
That will be great news to all the homeless people in my town. I'll cheer them up on my way to work tomorrow, by reminding them how well "our" economy is doing.

Errr, whats your point ? Did I say our economy was doing well or bad????

FWIW I understand most people in that situation are there because of mental health and related issues (including addictions of various types) such as poor aftercare for people from the military, inadequate help with addictions and the like. So its not really an economic issue, its a political one, other than, an economy thats doing better has more resources, if the politicians choose, to direct the money such an economy creates, to help people in those situations who wish to be helped.

GreenSnake wrote: »

S
Meanwhile all those poor Chinese folk buying apartments in Central London will be gutted to find out that they only come from an Emerging Economy. Unlucky for them I guess.

Lucky for them they are the elite top % from their economy, just like the Russian oligarchs. By that time of course, even now maybe, they arent really in an Emerging Economy any more but so what, I dont make the definitions, just balance risks for investment. If soemone decides that China is an Emerging Economy and I wish to invest in China, then i pick an Emerging Economy fund. If they decide China is now a XYZ economy, i invest in a fund that includes XYZ economies.

GreenSnake wrote: »

S
Rule Britannia

Is that sarcasm about "Little Britain" mentality or are you an insular "Little Britainer" yourself and mean that, or what?

Your bitterness / sarcasm has lost whatever points it was you were trying to make.

ChasingSunshine

Sorry one thing to add for the OP as didn't see it mentioned and might change how investments are arranged.

Ireland also has a 8 year deemed disposal rule for investments - any investment held for more 8 years is deemed to have been sold and capital gains tax due on it even if you do not made any changes. I am pretty sure it applies even if investments are held outside of Ireland plus annual capital gains allowance is tiny in comparison to the UK.

Keeping it in your own name inside an ISA and avoiding a trust with childs name is likely more tax efficient and then distributing €3000 a year as and when you wish with the knowledge that they may end up paying inheritance tax (CAT in Ireland) at some point in the future.