Moving Abroad? - Advice for Irish pension assets
There are some important considerations to be aware of when moving, or retiring, abroad. We should also remember to consider our pension assets.
For example, what are the rules and regulations concerning our pensions should we change our residency, and how may we draw on these if non- resident, how will they be treated for tax, and are there beneficial choices that can be made?
Generally speaking, your Irish pension is intended to provide various benefits and an income under the assumption that one will be living out their retirement in Ireland.
As a non-resident of Ireland, or for those intending to move abroad, one may seek advantages such as:-
Upto a 30% initial lump sum
Double Taxation relief on income payments
Access to pension fund from age 50
Flexibility over drawdown options
Choice of currencies to suit individual needs
An open architecture range of investment funds
Succession planning
Our procedures typically involve assisting clients in initially purely seeking relevant information from their pension providers. This is normally done via a signed letter of authority, which simply enables us to request key information on your behalf.
Once all relevant information has been collected, we then assist individuals in understanding the key features of their existing Irish pension assets, and any associated rules and regulations around the plans. We may then be in a position to offer advice over best options and so forth. All advice falling under the appropriate EU regulatory systems.
The advice that we provide is most relevant to those who are currently, or planning to, live abroad, indeed as non-residents of Ireland.
Through our partnerships with tax & legal specialists across the EU, we strive to best advise expats residing in the likes of Spain, Portugal, France, Greece and Cyprurs.
It should be remembered that the decisions around our pensions is a very important topic, and one should seek best advice. We strongly encouage those seeking any advice regarding their pensions to always ensure that they are making informed decisions about how best to proceed.
