Documentation and Compliance

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It is very important that commingled funds and accounts are separated. Reporting and filing for tax becomes much simpler as it is easy to identify what is taxable and what is not. Remember it is up to the tax payer to prove there is no tax due on assets remitted.

Pre-2024 funds can be remitted tax-free, but you must prove they were earned before 2024. The Revenue Department uses a ‘first-in, first-out’ method. For example, if you had €90,000 in your account at the end of 2023 and later withdrew €50,000, you can demonstrate this withdrawal came from pre-2024 savings. Bank statements are essential for proof.