Ireland Fact-File Part 7:
Business Owner Welfare and Lifestyle

7.7 Ireland Individual or Business Leaving Ireland

Moving away from Ireland

There are no special difficulties involved in moving internationally from Ireland but there are various procedures that should be undergone, in order to ensure a smooth transition to your new country.

Initially for an Irish resident, an up-to-date passport, – valid for the length of your intended overseas stay – is essential, especially given that Ireland isn't a party to the Schengen Agreement, which provides for the removal of systematic border controls between the countries that have signed up.

Other useful documents to take with you may (not so much because they will be needed for emigration purposes, but because they may be difficult to obtain from outside of the Republic if needed later) may be:

• Birth certificate
• Driving licence  
• Visas or work permits
• European Health Insurance Card, or any insurance documents, if appropriate

You should deregister your car for Vehicle Registration Tax (VRT) purposes if you intend to take it with you, and any pets should be properly vaccinated, and the procedures necessary for bringing them to your destination country properly investigated.

In terms of the two-legged members of the family, medical coverage and education for any school-age children should be arranged in the destination country ahead of departure, and you should talk to your bank regarding accessing your money from overseas. You should also notify your bank or the institution looking after your investment affairs of your date of departure.

The Revenue Commission should also be made aware of your departure, in order than any outstanding tax matters can be resolved before you leave the country.

In terms of a corporate entity leaving Ireland, a capital gains charge can be imposed in certain circumstances, with the company judged to have disposed of its assets and re-purchased them at the market value levels at the time of the move.

Where share options (that were granted in Ireland) are exercised after becoming resident, they will still be liable to Irish taxation (although a DTA, if there is one in place between the Republic and the destination country) may reduce the Irish liability.

As with a move to Ireland, it is possible (but not necessarily easy) to ensure continuity with regard to retirement planning, but expert advice is essential here.

And with regard to the taxation of assets held overseas, on departure from Ireland, it is worth being aware that ordinary residence is assumed for tax purposes for three years after an individual leaves the country, meaning that investment income from the assets in question may continue to be taxable during that period, unless sheltered by a trust (to which the settlor must not be a beneficiary, if overseas income is to be excluded from tax). After the three year period has expired, there will not usually be any Irish tax consequences as a result of the ownership or disposal of overseas assets.

If the non-residence is temporary in nature, then a foreign earnings deduction is available – further information on this is available from the Revenue Commission: http://www.revenue.ie/en/tax/it/reliefs/foreign-earnings-deduction-fed.html

Introductory Guides

Brief, clearly written summaries with links to relevant sections of the Fact-File. The Fact-File itself is linked in full below.

Ireland Artist Tax Guide

Ireland Contractor Tax Guide

Ireland Entrepreneur Tax Guide

Ireland Professional Tax Guide

Ireland Small Business Tax Guide

Ireland Sportsperson / Entertainer Tax Guide

Fact-File

Part 1: Business Formation for Individuals

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