Banking, Money and Taxes in Ireland
With an established financial sector, expats will find that banking and tax in Ireland are similar to the UK and the USA. However, as taxes can quickly become complicated, it's recommended that expats hire a tax expert.
The “big four” banks in Ireland are traditionally Bank of Ireland, Allied Irish Banks, National Irish Bank and Ulster Bank. The first of these has been open since 1783, and all four are reputable. 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 eurozone, the official currency of Ireland is the Euro (EUR or €), which is divided into 100 cents.
Notes: 5, 10, 20, 50, 100, 200 and 500 EUR
Coins: 5, 10, 20 and 50 cents, and 1, 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 several weeks to activate, so expats in Ireland should plan on keeping money elsewhere in the meantime.
ATMs and credit cards
ATMs are widely available in Irish towns and cities, and it’s 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 inside 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 is a single parent. Everything earned above the cut-off point is taxed at 41 percent.
Ireland has tax treaties with most countries, but there are many legal loopholes and idiosyncrasies that are best worked out by a professional.