Offshore funds and investments​

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The current Irish taxation regime for certain foreign investments, usually referred to as offshore funds, is considered labyrinthine by many tax advisors. In the event that a taxpayer fails to disclose or fails to correctly disclose details of income and/ or gains from offshore investments, Revenue could impose severe penalties.

 

Since May 2017, it may no longer possible for taxpayers to make a qualifying disclosure to Revenue in respect of foreign income / gains (including in the event of an honest mistake). It is vital therefore that any investor acquiring, holding or disposing of offshore investments seeks timely tax advice. Our services include:

 

• The review of investment documents including investment prospecti, fund factsheets and other documentation.

 

• Interpretation of investments to determine whether an investment qualifies as an offshore fund or otherwise.

 

• Determining whether an investment qualifies for ‘good offshore fund’ or a ‘bad offshore fund’ treatment.

 

• Ensuring Revenue reporting requirements are met.

 

• The pre-acquisition structuring of foreign assets to support tax efficient wealth accumulation.