With an established financial sector, expats will find that banking and taxes in Ireland are similar to that of the UK and the USA. Regardless, no matter where you are, taxes can quickly become complicated, and even more so in unfamiliar surroundings. We therefore recommended that expats hire a tax expert.
The biggest banks in Ireland are traditionally Bank of Ireland, Allied Irish Banks, Danske Bank and Ulster Bank. There are also many multinational banks that have branches in Ireland – this can be useful for serial expats or those who already have an account with the same bank back home.
Currency in Ireland
As part of the European Union, the official currency of Ireland is the Euro (EUR), which is divided into 100 cents.
Notes: 5 EUR, 10 EUR, 20 EUR, 50 EUR, 100 EUR, 200 EUR and 500 EUR
Coins: 5 cents, 10 cents, 20 cents and 50 cents, and 1 EUR and 2 EUR
Banking in Ireland
The major banks in Ireland offer a range of services as well as internet banking options, which are popular and easy to use.
Opening a bank account
It is easier to open a bank account in Ireland in person than trying to open one before arriving. To open an account, expats will need at least their passport and proof of address, but each bank will have their own requirements. The account can take some time to activate, so expats in Ireland should plan to keep money elsewhere while this processes.
ATMs and credit cards
ATMs are widely available in Irish towns and cities, and it is possible to use a foreign card at most ATMs. Credit cards are widely accepted across the country, although card facilities and ATMs may be limited in more remote areas.
Taxes in Ireland
Tax status in Ireland depends on an expat's residency status. Expats qualify for tax residency if they are in the country for 183 days or more in a tax year, or 280 days over two consecutive tax years.
Irish residents have to pay tax on income derived from both inside and outside Ireland, while non-residents pay tax only on their income within the country.
Everyone in Ireland has to pay a standard rate of 20 percent on their taxable income up to a certain amount, which depends on whether the person is single, married or a single parent. Everything earned above the cut-off point is taxed at 40 percent.
Ireland has tax treaties with most countries, but there are many legal loopholes and idiosyncrasies involved in this that are best worked out by a professional.