Organising your finances on your return

Introduction

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

Bank accounts

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

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.

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.

Tax residence and domicile

You should be aware of your tax liability when you return to Ireland. Read about tax residence and domicile in Ireland.

Your residence for tax purposes depends on the amount of days you spend in Ireland in a tax year. If you have returned with the intention of remaining permanently, Ireland is your domicile for tax purposes.

Residence and domicile are taken into account for a number of taxes in Ireland including income tax, Deposit Interest Retention Tax (DIRT), gift tax, inheritance tax and Capital Gains Tax.

For more information, see Revenue’s guide to tax residence.

Insurance

To protect your property and your health against unexpected costs in Ireland, read about the different types of insurance available. You should shop around and explore your options before deciding which insurance provider to select. For help with comparing private health insurance, use the Health Insurance Authority’s Health Insurance Comparison tool.

The Competition and Consumer Protection Commission (CCPC) has information that explain how different types of insurance work.

Car insurance

If you plan on driving in Ireland, you will need motor insurance. Depending on the country you are coming from, insurers may take your driving history into consideration. For more information, see Getting motor insurance on your 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 intend 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

Depending on how long you have lived abroad, you may find that the cost of living in Ireland has gone up. When making the decision to return to Ireland, it can be useful to compare the cost of living with the country you are coming from using comparison tools like Numbeo.

Social welfare assistance

If you need financial support on your return to Ireland, you may need to access the social welfare system. Before you return to Ireland, you should also find out if there are any benefits in your current country of residence which you can transfer to Ireland when you move.

If you have any children, you may be entitled to Child Benefit.

Page edited: 31 August 2020