Open a Bank Account in Ireland
Ireland is one of the leading countries in Europe and the world. Due to the special favourable conditions for managing accounts and deposits, as well as ways to increase them, the Irish banking system is a very attractive structure for conducting international business. Although this country is not an offshore zone, the system of taxes and the distribution of the deposit interest allowance is considered more attractive in comparison with many existing offshore zones around the world.
You can open a bank account in Ireland for individuals or corporations in just 1 day. To do this, you need to collect a package of documents. Their list varies based on the conditions of each bank. You can find out full information about the registration of a bank account from the specialists of UraFinance. If necessary, the staff of the consulting firm will help with the choice of a financial institution, based on the client’s requirements.
Open a Bank Account in Ireland for Individuals and Legal Entities
The banking system of Ireland is famous for the lowest rates in comparison with financial institutions in Europe. It will not be difficult for a non-resident to open a bank account in Ireland, which is why this Western European country is popular in registering international business. Not being an offshore zone, Ireland’s tax schemes are characterized by zero rates. Also, the specifics of the legislation provide for cases when the income tax can be reduced to 10% of the amount.
Both individuals and legal entities can open an account with the Bank of Ireland. Due to the possibility of rapid capital increase due to low taxes and the creation of a high level of competitiveness, Ireland is an ideal place to give additional financial leverage for systemic development.
Local financial institutions open a personal bank account in Ireland, mainly for residents. The exceptions are wealthy private clients with large amounts of deposits. Registration of residents and non-residents in local banks differs in the number of documents required for registration.
Offshore in Ireland
There are special economic territories in the state that can be called offshore – Shannon and the Dublin Financial Services Center. Until the beginning of the XXI century, a feature of the jurisdiction of these territories was zero taxation of foreign corporations. This served to develop the attractiveness of the country for global investors, as a result of which hundreds of large corporations were registered here. Today, this law has been repealed, but despite the insignificant fee for deposits (within 12.5%), Ireland remains one of the most profitable countries for capital investment.
It is worth noting that in order to use an offshore account here, bank managers need to submit an annual financial report to the company. Thus, the leadership of this country avoids the possibility of cooperation with prohibited types of business (in the global sense).
The Most Popular Banks in Ireland
ACC Bank is characterized by an increased level of confidentiality, in connection with which the term of opening a bank account can reach 3 months. Provides services for the local population and businesses.
AIB Group – provides services for opening all types of accounts for residents. Among the Irish, this bank is popular due to low mortgage and personal lending rates. AIB Group provides remote bank account management services via Internet banking.
Bank of Ireland is characterized by almost equal conditions for residents and non-residents. The bank is popular among foreigners who have decided to move to Ireland, thanks to its loyal attitude to customers.
Banking 365 Online is a full-fledged financial organization that serves customers only via the Internet. The main direction of the bank’s development is the introduction of innovative Internet banking technologies. Thanks to the remote control, the bank is popular with locals who often leave Ireland and foreigners.
Ulster Bank – serves only Irish citizens and corporations registered in the country. The Bank is distinguished by loyalty to customers and an increased level of data storage security and confidentiality.
Foreign citizens who are located in Ireland for personal or corporate purposes can open a bank account in compliance with local laws.
There are two main types of bank accounts:
- current (designed to manage day-to-day operations);
- deposit funds (for saving money and receiving interest).
As a rule, to open an account with a foreign bank, in particular Ireland, the client must obtain a PPS (Personal Public Service) Number.
If you want to save yourself from paperwork and learn all the legal subtleties of opening an account with a foreign bank, please contact Crystal Tax.
How do I open a bank account?
Not only Irish citizens can open bank accounts. Non — resident individuals and legal entities are also allowed to open an account with a financial institution.
For this individual, you need:
- confirmation of the address in the applicant’s country;
- proof of address in Ireland;
- statement confirming the financial situation from another banking institution (if there are other active accounts);
- a copy of your passport.
Our specialists can provide detailed information about the requirements related to opening a bank account by non-residents.
When performing the procedure, several aspects must be taken into account:
- fees for banking services and transactions;
- bank fees (for document certification, Apostille, etc.);
- services connected to the account;
- ability to perform operations in other currencies.
Ireland is one of the most attractive countries for starting a business for non-residents. Non-residents, such as individuals, entrepreneurs, and representatives of companies, can open a bank account. All actions are performed by our lawyers and affiliated power of attorney agents.
With the help of our specialists, you will be able to achieve the desired result in the shortest possible time. High qualifications and experience in banking and international law allow us to minimize the number of refusals from Irish banks.
If you wish to open a business bank account in Ireland, our team here at IB-IA GROUP UAB will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.