Moving to Ireland from the UK

Ireland has consistently been a go-to location for high-earners.

Ireland has long been a popular destination for wealthy or high-net-worth individuals looking for a change of scenery and a new place to call home. With its stunning natural beauty, rich culture, and thriving business environment, Ireland offers a unique blend of relaxation and opportunity. If you're a high earner or a wealthy individual considering moving to Ireland from the UK after Brexit, there are a few key things you'll need to be aware of.

Attractive tax environment

One of the main draws of Ireland for wealthy individuals is its attractive tax environment. The country has a low corporate tax rate of 12.5%, and there are a number of tax incentives and reliefs available for individuals and double taxation treaties with 76 countries. 

Additionally, for high earners, Ireland offers an attractive “Residence Non-Dom” tax incentive which can make it an attractive location for certain wealthy individuals. We are Ireland's number 1 Non-Dom advisory firm. 

High standard of living

Ireland is the perfect location for families of High Net Worth Individuals and other affluent individuals. From stunning coastal views to world-class amenities, Ireland offers luxurious living with abundant comfort and convenience. Residents benefit from prestigious neighborhoods that boast an exceptional quality of life complete with top educational institutions, first-rate healthcare services, and vibrant cultural activities!

The Institute for Economics and Peace (IEP) releases its Global Peace Index every year (We’ll update this article once the latest 2023 index gets released). The top 5 safest countries in the world for 2023 are:

1. Iceland
2. New Zealand
3. Ireland
4. Denmark
5. Austria

In fact, according to Eurostat, it had the second lowest rate of violent crime in the European Union.

Thriving business environment and entrepreneurial spirit

With its strong and supportive business infrastructure, Ireland is a remarkable hub for entrepreneurs looking to launch their innovative concepts. A global leader in entrepreneurship, the country has been rated as one of the top countries worldwide for doing business -- boasting numerous thriving tech companies and successful startups.

Additionally, there are a variety of different business structures to choose from, including limited companies, partnerships, and sole traders. Each has its own advantages and disadvantages, so it's important to consult with a us to determine which one is right for you.

Be aware of the potential challenges

Moving abroad, especially to a country like Ireland with its unique history and culture, is an exciting opportunity. But it's important for wealthy individuals relocating there to also be mindful of potential challenges they may face in regards to local bureaucracy and regulations - something that can easily become daunting unless adequately prepared for beforehand.

Also, living in Ireland is much more expensive than living in the UK. Ireland is 16% pricier than the United Kingdom. However, it's important to consider your lifestyle and spending habits as they could shape how much you spend regardless of where you are located. 

Understanding Ireland's complex laws and taxes can seem daunting, but with the right guidance you'll have all your permits and licences secured quickly. To ensure a stress-free experience, work with an experienced professional who can provide advice on how to navigate this process successfully.

Unique blend of relaxation and opportunity for wealthy individuals

Ireland is a perfect blend of relaxation and opportunity, making it an ideal choice for wealthy individuals in search of new frontiers. From its attractive tax environment to the affluence associated with living there, Ireland provides considerable benefits as well as assistance throughout the relocation process so you can make your transition seamless.

Condé Nast readers recently voted Ireland as the friendliest country in Europe:

"Countless global reports have continually dubbed the people of Ireland as some of the friendliest and most welcoming to visitors in the world"

If considering relocating to Ireland has been on your radar lately, it's worth exploring further – after all, moving here could be one of the best decisions ever made!

Benefits of Moving to Ireland After Anticipated UK Non-Dom Tax Changes from April 2025

Favourable Non-Dom Tax Regime

From 6 April 2025, a new tax regime will be introduced that will assess UK resident individuals based solely on their residency status, with domicile no longer being a relevant factor in most areas of the tax system.

Under this new regime, individuals who have been UK residents for four tax years or fewer and who were non-UK residents for the entire ten tax years prior will be able to claim relief from UK taxation on most foreign income and gains.

Those who either do not meet the residence criteria or do not make a claim under the new regime will be subject to UK tax on their worldwide income and gains.

The current remittance basis of taxation will be abolished on 5 April 2025. However, foreign income and gains arising before that date and previously subject to the remittance basis will continue to be taxable in the UK if they are remitted after 5 April 2025.

Ireland offers a non-domicile tax regime that is less restrictive and more straightforward compared to the new UK regulations. Non-domiciled individuals in Ireland are only taxed on foreign income and gains when they are remitted to Ireland, with no remittance basis charge or complex transitional provisions.

Stability and Predictability

The Irish tax system provides greater stability and predictability. Unlike the UK's proposed changes, Ireland has maintained a consistent non-dom regime, offering long-term planning advantages for individuals and businesses.

No Remittance Basis Charge

Unlike the UK's annual remittance basis charge, Ireland does not impose such fees. This absence of charges makes Ireland a more attractive destination for non-domiciled individuals looking to optimize their tax situation without additional costs.

Fewer Anti-Avoidance Rules

Ireland's non-dom regime has fewer anti-avoidance rules compared to the UK. This simplicity reduces the administrative burden and allows non-domiciled individuals to enjoy the benefits of the regime without intricate compliance requirements.

Attractive Living Conditions

Ireland offers a high quality of life, with a vibrant culture, an excellent education system, and strong economic opportunities. Coupled with its favourable tax regime, Ireland is an appealing destination for those affected by the UK’s tax changes.

For non-domiciled individuals facing uncertainty due to the UK's new tax regulations, Ireland presents a stable, straightforward, and financially advantageous alternative. 

Nathan Trust: Your Partner in Navigating Ireland's Non-Dom Benefits

At Nathan Trust, we specialize in assisting non-dom individuals with tailored tax planning strategies. Our expertise ensures that your transition to Ireland is seamless and that you fully leverage the benefits of Ireland's non-dom regime. 

We also have Platinum Non-Dom service that enables high earners and high net-worth individuals to:

• Legally reduce their taxes
• Move your personal and business life to Ireland & the EU
• Get Irish residency/citizenship
• Unlock international tax-free investment opportunities
• Avail the benefits of the remittance basis of taxation

Moving from the UK? Our tailored tax solutions help non-doms maximize Ireland’s tax benefits while ensuring full compliance and financial security.