Retiring to Ireland: Your Guide to Irish Taxation as a Retiree

Taxbytes for Expats

I'm on my own this week to provide some guidance around retiring to Ireland as an expat and delve into the considerations for taxation, whether you're an Irish native returning home or someone who's chosen Ireland as their new home. While paying taxes is the last thing you want to think about before retirement, some of the decisions you make can have a significant impact on your lifestyle and the way you navigate the Irish tax system.

We'll explore some example scenarios, like moving from the US to Ireland, to illustrate how your income, including pensions and rental income, will be taxed. Plus, I'll share practical tips on handling what I call "life admin" for taxes, such as registering for tax, understanding your entitlements, and the importance of planning for the future with an Irish will.

As always, what I talk about in these episodes is for your information and not to be taken as direct tax advice for your situation - please seek a tax professional to give you advice, or get in touch with us at ExpatTaxes.ie to help you!

Main Topics discussed in this Episode:

• Introduction to Retiring in Ireland: common queries from retirees moving to Ireland.
• Irish Tax Residency Rules: determining tax residency based on days spent in Ireland.
• Taxation of Worldwide Income: explanation of how Ireland taxes worldwide income for tax residents.
• Understanding Double Tax Agreements: navigating tax treaties, particularly between Ireland and the US & claiming tax credits for foreign taxes paid.
• Non-Tax Considerations for Retirees: social insurance contributions & Drug Payment Scheme.
• Estate Planning and Inheritance Tax: Importance of having an Irish will & tax implications for foreign assets and inheritances.
• Professional Support and Consultation: seek professional advice for personalized tax planning.

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If you loved this episode or have a similar story, we'd love to hear from you! You can get in touch with us directly at [e-mail] or leave a rating and review on Apple Podcasts or Spotify.

Taxbytes for Expats is brought to you by ExpatTaxes.ie. If you're considering moving to or from Ireland and would like support with your taxes, book a consultation today: https://expattaxes.ie/services-and-pricing/.

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