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Inheritance Tax Planning for Nom Domiciled Residents in Ireland

Non-domiciled residents in Ireland are individuals who are not Irish citizens or residents but have chosen to live in Ireland. Inheritance tax planning for non-domiciled residents in Ireland can be complex, as it involves navigating the tax laws of multiple countries.

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Here are some tips for inheritance tax planning for non-domiciled residents in Ireland:

  1. Understand Your Domicile Status: Your domicile status is determined by your permanent home or the country where you have your strongest ties. Understanding your domicile status is crucial to determining your tax liability in Ireland and other countries.

  2. Consider Double Taxation Agreements: Ireland has double taxation agreements with many countries, which can help to avoid double taxation on assets subject to inheritance tax. These agreements allow residents to claim a tax credit for taxes paid in their home country.

  3. Consider Setting Up an Irish Trust: Non-domiciled residents may consider setting up an Irish trust to hold their assets. This can provide tax benefits and help to reduce the amount of inheritance tax payable.

  4. Plan Your Estate Carefully: Estate planning is crucial for non-domiciled residents, as the rules around inheritance tax can vary depending on the country in which assets are located. It's essential to seek professional advice to ensure that your estate plan is structured in a tax-efficient manner.

  5. Consider Lifetime Gifts: Making lifetime gifts can be an effective way to reduce the value of your estate and, therefore, the amount of inheritance tax payable. However, it's important to consider the tax implications of such gifts in both Ireland and your home country.

  6. Seek Professional Advice: Inheritance tax planning for non-domiciled residents can be complex, and it's important to seek professional advice from tax experts who understand the tax laws of both Ireland and your home country.

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