Organising your finances on your return

Introduction

This page aims to help you organise your finances when you return to Ireland. It has information on opening a bank account, tax, insurance, social welfare, borrowing money, the cost of living in Ireland, social welfare and social insurance.

Bank accounts

To open a bank account in Ireland, you need to show evidence of your identity and verify your address. Read about the documents you can use to do this.

Once you have opened a bank account in Ireland, you can transfer money to other bank accounts. Another way to transfer money is with private financial services companies. Before using their services, you can see if they are registered with the Central Bank of Ireland.

If you already have a bank account, but your circumstances have changed, or you want a better deal, you may want to switch your account to another provider.

Tax residence and domicile

Your tax residence and domicile are taken into account for a number of taxes in Ireland.

Your tax residence depends on the amount of days you spend in Ireland in a tax year. If you return to Ireland and plan on staying permanently, Ireland is your domicile (home) for tax purposes.

If you are resident and domiciled in Ireland for tax purposes, you must pay tax in Ireland on all of your income, including income from abroad.

Some taxes you may have to pay in Ireland include:

Revenue has a guide to tax residence.

Double taxation agreement

Ireland has a number of double taxation agreements with other countries. If your income is taxable in Ireland and in a country with which Ireland has a double taxation agreement, you do not pay tax in both countries on the same income.

Insurance

Insurance can help protect your personal property and your health against unexpected costs. The Competition and Consumer Protection Commission (CCPC) explain how different types of insurance work.

You should shop around before choosing an insurance provider. Use the Health Insurance Authority's online comparison tool to compare private health insurance in Ireland.

Read about buying private health insurance when you return to Ireland.

Car insurance

If you plan on driving in Ireland, you will need car insurance. If you have been abroad for less than 2 years, your no claims discount will still apply.

Depending on the country you are coming from, insurers may take your driving history in another country into consideration. For more information, see getting motor insurance when you return to Ireland.

Borrowing money

When you return home, you may need to borrow money. Before you do, make sure you are dealing with a lender that is authorised by the Central Bank.

If you plan on buying a home in Ireland, you should read about taking out a mortgage and all the steps involved.

Whether you’re applying for a loan or a mortgage, your credit history will be taken into consideration by the lender. If you’re returning to Ireland from abroad, make sure to bring all relevant financial documentation home with you.

The cost of living in Ireland

You may find that the cost of living in Ireland has gone up when you return. When making the decision to return to Ireland, it can be useful to compare the cost of living in Ireland with the country you are coming from to help organise your finances for when you return.

Social welfare assistance

If you need financial support when you return to Ireland, you can apply for a social welfare payment. You need to be habitually resident to be eligible for some social welfare payments. You may also need to satisfy a means test.

If you have children, you may be able to get Child Benefit.

Transfer social insurance and benefits

Before you return to Ireland, check if there are any benefits in your current country of residence which you can transfer to Ireland when you move.

You may be able to combine your insurance records from Ireland and another country to qualify for a pension or social insurance payment in Ireland.

Page edited: 28 June 2022