Cash out from Irish Ltd

[UpToMeTho]

Hello everyone,

I'm an EU national, UK resident. Got an Irish Ltd with 6 figures in profits. Corporation tax paid. What would be the most efficient way to cash out? I'm not in a hurry just wanna know what are my options? Thought the best way would be to move to a country that doesn't tax devidents and pay myself all or whatever part of the profits as devidents. The problem is for me to make any money I need to physically be in Ireland. So, if I go for a 6 month trip to another country I won't be making any money for that period. Not ideal. Rather looking for better options. Cheers.

 

[troubled soul]

Simply Take loan .
As Loan is not taxable.
Most people do this to avoid tax

 

[UpToMeTho]

Thanks for taking the time to answer. I'm familiar with that approach. There was a big scandal in the UK with a famous stand up comedian - Jimmy Carr, involved in a similar scheme.

I have already paid 12.5% tax, I'd rather use more consrvative approach that's not seen as tax avoidance.

 

[Sols]

Can you move to Ireland and make use of the Irish non-domicile resident scheme, or are you an Irish citizen?

Have you looked into whether you can benefit from the UK non-domicile resident scheme?

 

[UpToMeTho]

I am not an Irish citizen. Can move to Ireland straight away with no issues but as far as I understand I will have to pay Irish tax on my Irish income which in my case is almost all of my income. I am struggling to see any benefits. I might be wrong tho.

The UK non-domicile resident scheme from the other hand looks very promising. I am a domicile of origin anyway. Looks exactly what I am looking for. "Not have to pay UK tax on foreign income."

Need to spend a bit more time into it. Hope there are no major disadvantages. If anyone can shed some more light into this, would be very helpful.

Owe you big time. Thank you!

 

[Sols]

Ireland has a non-dom resident scheme similar to that of UK. Look up both options and see which one fits you best. If the money is sitting taxed in the Irish company with an Irish bank, I suppose it might be hard to make use of that scheme now.

https://www.gov.uk/tax-foreign-income/non-domiciled-residents
Cyprus and Malta also have similar schemes but then you'd have to relocate.

 

[khinkali]

Is Irish dividend withholding tax an issue?

I assume that people are relaxed about it because there are some specific loopholes within the EU or in DTAs maybe?

 

[UpToMeTho]

Is Irish dividend withholding tax an issue?

I assume that people are relaxed about it because there are some specific loopholes within the EU or in DTAs maybe?

That's the reason why I don't want to become an Irish resident. There are exemptions for non-residents.

 

[khinkali]

There are exemptions for non-residents.

Some, but each time I read the revenue.ie wording I want to run away.

If it wasn't for withholding taxes I'd be quite keen on paying Irish corporation tax. As a non resident citizen it would solve some issues.