The financial side of relocating from the UK to Ireland is often misunderstood due to the proximity and similarities between Ireland and the UK.
On the surface, the UK and Ireland feel familiar. In practice, they are two different tax systems, two different regulatory regimes and two different currencies. Those differences affect how your existing UK assets are taxed, what you can and cannot contribute to, and how you plan for retirement if you expect to spend most of your life, or at least your later life, in Ireland rather than in the UK.
This guide explains the key wealth management considerations for people moving to Ireland from the UK, including how UK investments are treated in Ireland, pension options, planning for retirement income in two currencies and what you need to know about financial regulation and advice.
Disclaimer
The information in this article is for general guidance only. It does not constitute personal financial advice, pension advice or tax advice. Tax and regulatory rules can change and how they apply depends on your circumstances. You should always seek independent, regulated advice in both the UK and Ireland before making any decision.
How residency affects tax and investment planning
When you move to Ireland, one of the first major shifts is tax residency. Once you become tax resident in Ireland, Ireland generally expects you to declare and potentially pay tax on your worldwide income and gains, not just income from Irish sources.
This matters if you intend to keep UK investments, UK rental property or UK pensions. You may still have UK filing or UK tax to pay in some cases, but Ireland can also begin taxing the same income. The starting point for any wealth plan is therefore: where will you be tax resident, when, and how soon will Ireland begin to view you as taxable on everything you earn and grow.
It is common to move before fully thinking that through. For example, selling UK assets after you arrive in Ireland can have a very different tax outcome than selling them before you become Irish resident. Advance planning is not about avoidance. It is simply about understanding which country has the first right to tax which asset at which moment, and what reliefs exist so you are not taxed twice.
How UK investments are taxed in Ireland
If you hold UK investments such as general investment accounts, ISAs, UK funds or UK buy-to-let property, moving to Ireland changes how those assets are viewed.
ISAs
In the UK, ISAs are typically free of UK income tax and capital gains tax. Once you become resident in Ireland, the ISA wrapper is generally not recognised in the same way. Income and gains from assets inside an ISA can become taxable in Ireland. In other words, what was ring-fenced in the UK may no longer be ring-fenced once you are in Ireland.
For most people this is a shock. They assume their ISA remains tax free forever, wherever they live. That is not how Ireland sees it. If you are planning a permanent or long-term move, you need to decide whether to keep those holdings, restructure them or realise gains at a time that is more tax efficient. This can only really be judged on your timeline and future residency position, which is why getting advice before you move is critical, not after.
UK collective investments and funds
Irish tax can treat certain non-Irish funds in a specific way, sometimes resulting in a flat tax charge on so-called offshore funds and specific reporting obligations. This is not the same framework that applies in the UK.
The result is that a fund or ETF that is simple and tax efficient in the UK might generate an unexpected Irish tax position once you live in Ireland. You should not assume that a UK-approved structure will continue to be efficient, or even suitable, once you cross the Irish Sea.
Rental income from UK property
If you keep a UK rental property, you will typically remain liable for UK tax on that rental income. Once you are resident in Ireland, Ireland can then tax that same rental income as part of your worldwide income.
Tax relief is normally available through the double tax treaty so you are not fully taxed twice on the same money, but you still have to report it correctly in both jurisdictions and understand that your Irish tax banding and Irish effective rates may now apply to something you originally bought purely as a UK investment.
Capital gains on UK assets
Disposals of UK shares, property or other assets once you are Irish resident can create a capital gains tax liability in Ireland, even if those assets are in the UK. Timing matters. The same disposal one month earlier, while you were still UK resident, could be treated completely differently.
People often assume they can sort it out later. Unfortunately, later can mean you are now in a different tax system with a different set of rates and allowances. For higher-value assets, getting advice on sequencing (what to sell, when, and in which country you are resident at the time) can make a major difference to your final after-tax amount.
Pensions when moving from the UK to Ireland
Your pension is usually your biggest long-term financial asset, and it is the area where mistakes are the hardest to fix.
UK workplace and private pensions
If you have UK defined contribution pensions or previous workplace schemes, you do not automatically lose them or have to cash them in when you move to Ireland. However, leaving them untouched without reviewing how they fit your Irish retirement plan can be risky for a few reasons:
- Currency: Your pension is likely denominated in pounds. Your retirement spending in Ireland will be in euros. A 10 per cent swing in the exchange rate can increase or reduce the real value of your income overnight.
- Access rules: UK pensions have UK access ages, UK rules around tax-free lump sums and drawdown, and UK regulatory protections. Ireland has its own pension system, contribution limits and rules on retirement income. You are effectively straddling two regimes.
- Tax on withdrawals: How and where you are taxed on pension withdrawals when you are resident in Ireland can differ from what you expected while living in the UK.
Transferring pensions from the UK
In some cases people consider transferring a UK pension into a structure recognised outside the UK, for example to align currency, consolidate pots, or bring the pension into the country where they expect to retire. This is not something to do casually.
There are several reasons:
- Once you transfer a UK pension out of the UK regime you may lose certain UK protections and benefits.
- There can be exit charges, tax implications and reporting requirements.
- Some transfers are irreversible and HMRC can impose penal tax charges if the transfer is not to an accepted type of overseas pension scheme.
This is an area where you must take specialist, regulated pension advice that covers both jurisdictions. A generic adviser who is only authorised in one country may not be allowed to advise you across both systems.
State pensions in the UK and Ireland
The UK State Pension and the Irish State Pension are separate systems, built on separate contribution records and paid in different currencies. You should not assume that years paying National Insurance in the UK will automatically produce the retirement income you expect in Ireland on a like-for-like basis.
If you intend to retire in Ireland, you need to know:
- What UK State Pension you have accrued so far
- Whether you will continue paying voluntary National Insurance to maintain or enhance your UK entitlement after moving
- What that pension will actually be worth to you when paid in pounds into an Irish life that is priced in euros
At the same time you should understand how the Irish State system works, including eligibility, contribution requirements and retirement age. The two systems are not interchangeable.
Investment planning across two currencies
Once you relocate, your income, savings and future goals may exist in different currencies. That exposes your investments to exchange-rate risk and regulatory differences that can affect returns, taxation and long-term financial stability.
A successful investment strategy depends not just on performance, but on where your assets are held, what currency they are denominated in and how long you intend to stay in Ireland.
Short- and medium-term relocation considerations
If your move is temporary or you plan to return to the UK within a few years, maintaining some sterling-denominated investments may make sense. However, you will need to plan how to fund euro-based living costs in the meantime.
- Currency exposure: Converting large sums at once can lock in a poor rate, while waiting indefinitely exposes you to further volatility. A structured conversion plan can smooth exchange movements over time.
- Liquidity: Keeping a portion of your assets in euro cash or near-cash form helps fund local expenses without frequent conversions.
- Tax residency: Even short stays can trigger Irish tax residency if thresholds are met. Understanding this early helps you avoid unplanned reporting or double taxation.
Long-term investment alignment
If your move is permanent or open-ended, your investments should eventually align with the country in which you live and spend.
- Rebalancing towards euro assets: Holding all your investments in sterling while spending euros can leave your lifestyle exposed to exchange rate swings. Gradually increasing euro exposure through Irish-domiciled or EU-regulated funds can reduce that imbalance.
- Tax efficiency: UK wrappers such as ISAs or certain offshore funds are not recognised under Irish law. Irish-regulated funds or life-assurance investment bonds offer compliant and often more predictable tax treatment.
- Currency strategy: Currency management is about risk control, not speculation. Using forward contracts or fixed-rate transfers can protect income and reduce volatility.
Managing investment risk across borders
Cross-border investors face additional risk beyond currency:
- Regulatory mismatch: Investments suitable under UK rules may not be approved or efficient under Irish law.
- Sequencing risk: Selling assets after becoming Irish resident can trigger a different tax outcome than selling beforehand.
- Inflation divergence: UK and Irish inflation rates can move independently, changing the real value of returns when your income and expenses are in different economies.
Professional advisers can help coordinate investment and currency strategy as part of one plan. This ensures transfers are handled efficiently, income is paid in the right currency and tax obligations are met without duplication.
Whether you are staying in Ireland for five years or for life, aligning your portfolio, currency exposure and tax position early will make your finances more resilient and your long-term returns more stable.
Investment strategy after you move to Ireland
After you become resident in Ireland, you should review:
- Where your investments are held and under which regulator
- Whether your structures remain tax efficient under Irish law
- How much sterling exposure you hold relative to your future euro spending
A joined-up approach between UK and Irish advisers is vital to avoid duplication, unnecessary taxation or reporting issues.
Tax-efficient investment options in Ireland
Once you become Irish tax resident, the investment landscape operates differently from the UK. There are no ISAs or direct equivalents, but there are Irish-approved ways to invest efficiently:
- Irish life-assurance investment bonds mean that growth is tax-deferred until you withdraw or switch, with an “eight-year deemed disposal” charge.
- Irish-regulated funds are locally domiciled UCITS and other schemes benefit from clear EU oversight and tax clarity.
- Pension and AVC schemes contributions may attract tax relief and investment growth remains tax-deferred until retirement.
Holding only sterling-based UK investments can expose you to exchange volatility and additional Irish reporting obligations. A review of your portfolio’s tax status, currency balance and future location should be part of your relocation planning.
Inheritance tax and estate planning when moving to Ireland
Inheritance tax planning now affects many British nationals, not just the wealthy. Since April 2025, the UK has replaced the domicile-based inheritance tax system with one based on long-term residence.
UK IHT changes from April 2025
- Anyone who has been UK tax resident for at least 10 of the previous 20 years will fall within the UK inheritance tax (IHT) net on their worldwide estate, regardless of domicile.
- When you leave the UK, your worldwide estate may still be liable for UK IHT for up to three to ten years (the “tail period”).
- From April 2027, unused pension funds and some death benefits will also be included within IHT, potentially increasing exposure for retirees.
This change means that moving to Ireland does not immediately take your estate outside the reach of UK IHT. Even after you become Irish resident, you may still face UK tax on your worldwide estate depending on your previous residence pattern.
Irish inheritance and gift tax (Capital Acquisitions Tax)
Ireland taxes gifts and inheritances through Capital Acquisitions Tax (CAT). CAT applies if either the giver or the beneficiary is Irish resident, or if the asset itself is in Ireland. Rates are generally 33 per cent on the value above the applicable threshold, which varies by relationship.
If you have family in both countries, this can lead to overlapping tax claims. The UK–Ireland double taxation treaty provides limited relief, but you will usually need coordinated estate planning to manage exposure in both systems.
Practical steps you can take before you move to Ireland
- Review your UK residence history to see if you will fall under the new long-term IHT rules.
- Update wills and succession plans to be valid and tax-compliant in both jurisdictions.
- Consider which assets and accounts will be in each tax system after you relocate.
- Seek cross-border legal and financial advice before transferring or gifting assets.
Inheritance tax is no longer a concern only for high-value estates. With frozen allowances and property growth, many ordinary homeowners may now be affected. Planning early gives you the greatest flexibility to reduce exposure.
High-net-worth considerations and cross-border wealth
For high-net-worth individuals, moving to Ireland brings additional complexity. Significant wealth often involves trusts, corporate structures and multiple residences across jurisdictions, each of which can create tax obligations in both countries.
Trusts and structures
A UK trust that continues while you are Irish resident can create Irish reporting requirements and potential exposure to CAT or income tax. Similarly, shifting management or control of a UK company to Ireland could make it Irish tax resident, bringing profits within Irish corporation tax.
Business and entrepreneurial wealth
If you own a UK business, moving your personal residence may affect where profits are taxed and whether dividends are treated as foreign income in Ireland. Early advice helps prevent double taxation or accidental re-residency for your company.
Global investment alignment
Irish-regulated funds and life-assurance products may offer compliant and tax-efficient alternatives to UK or offshore holdings. Aligning investment structures to your new residence reduces complexity and keeps reporting consistent with Irish requirements.
For wealthier families, the goal is coordination rather than wholesale restructuring. Understanding where your assets are located, which country taxes them and how they will be inherited is critical to long-term stability.
Regulation, advice and the limits of the FCA
The Financial Conduct Authority (FCA) regulates UK advisers, but their permissions do not automatically extend to advising residents in Ireland. If you act on advice beyond an adviser’s authorised scope, your consumer protections may not apply.
Ireland’s financial advisers must be authorised by the Central Bank of Ireland. After relocation, ensure that whoever advises you is either dual-qualified or part of a cross-border advisory arrangement. This ensures you remain fully protected and compliant under both regimes.
Practical financial checklist before you move to Ireland
Before relocating to Ireland, you should aim to:
- Map your likely residency timeline
- List all UK assets and understand their treatment in Ireland
- Review pension benefits and access rules
- Check currency exposure and retirement income alignment
- Consider sequencing for disposals or transfers
- Confirm regulatory coverage of any adviser you rely on and establish whether you current advisor can assist you outside of the UK
Frequently asked questions
How will Ireland tax my UK ISA?
Ireland does not recognise the ISA wrapper, so income and gains from ISA investments can become taxable once you are resident.
Can I keep my UK pension if I retire in Ireland?
Yes, but withdrawals may be taxed differently and exchange rates will affect the real value of your income.
Do I still pay UK inheritance tax after moving to Ireland?
If you were UK resident for at least 10 of the past 20 years, your worldwide estate may remain within UK IHT for up to 10 years after leaving. Ireland may also tax Irish-situated assets and inheritances to Irish-resident beneficiaries.
Are Irish investment products tax efficient?
Irish life-assurance bonds, regulated funds and pensions offer locally compliant ways to invest tax-efficiently, though they operate differently from UK ISAs and SIPPs.
Do I need separate financial advisers in both countries?
Ideally yes. Cross-border specialists can coordinate UK and Irish advice to ensure your plan remains compliant and efficient in both systems.
When to speak to a specialist
You should speak to a cross-border financial and tax specialist if:
- You hold UK investments or property and are unsure how Ireland will tax them
- You are considering a pension transfer outside the UK
- You expect to rely on sterling income to fund euro expenses
- You want to manage inheritance tax exposure across both jurisdictions
- You plan to retire in Ireland but most of your pension wealth is in the UK
A free discovery call with a regulated specialist before you relocate can help you build a strategy that protects your savings, reduces exposure to double taxation and prepares your estate for life in Ireland.
Request a free introduction to a cross border specialist
If you are planning a move to Ireland and want to understand how Irish tax, UK pensions, currency and retirement income all fit together, we can arrange a free, no-obligation introduction to a trusted cross-border financial specialist.
They will review your position, explain your options and outline what you should be doing now, before you move.
