Expat Exchange
Free MembershipSign In

Ireland Expat Forum

Retiring in Ireland for one year

New Topic Newest First
chibelle
  2/21/2017 11:06 EST

My daughter and I want to "retire" to Ireland for one year from the U.S. Basically, we just want to live there for a year. Our ages are 72 and 52.

Has any American out there actually received a " retirement" or "person of means" visa recently? I know the requirements have changed. We know about the $55,000 person. If anyone has done this, would you be willing to let us know about:
Income--how it's reported to the gov't. How to find the approved accountant. How much the accountant charges to prepare the paperwork.
Private health insurance--I have heard from $1200-1500 a year, but have also heard $800 a month!

The INIS website and the Irish Government websites are a bit vague.
Thanks.

dave8408e
  2/21/2017 13:08 EST

If you live in Ireland a year, you won't want to go back! Everything I say here is based on the current situation for receiving a Stamp 0 for "persons of independent means" and the current rules are supposedly about to be revised. You may want to contact INIS directly and lay out your plan to stay only a year, as there was talk that only people over age 60 would qualify.--- BUT since it takes them six months to process an application you might be able to cut a deal with them for an extended visitor stamp and avoid the headache involved in getting a Stamp 0. It's worth a shot! As far as reporting income for a Stamp 0, you'll be asked by INIS as part of your application to provide proof of NON-investment income, and this is to be certified by an Irish accountant. Most people are reporting a charge of around a thousand Euro to basically prepare a spread sheet of your income and expenses calculated in Euro and putting their own official stamp on the information... As far as private health insurance, Google can help you find insurance plans available in Ireland, as well as their prices. INIS provides NO guidelines as to what insurance you need to get. Keep in mind that INIS reserves the right to do anything they damn well please based on the info you provide.

GeoBlueGeoBlue
Get Quote

GeoBlue is a trusted leader in international health insurance. Wherever your destination, GeoBlue can keep you and your family covered with the right health insurance. Get a GeoBlue Quote Today!

GeoBlueGeoBlue

GeoBlue is a trusted leader in international health insurance. Wherever your destination, GeoBlue can keep you and your family covered with the right health insurance. Get a GeoBlue Quote Today!
Get Quote

BigWorld
  2/21/2017 14:20 EST

Dave, can you provide any more detail on what you mean by non-investment income? Do you think that only pension income is acceptable? What about dividend income or rental property income?

I believe that the language from INIS states "Investment sums are not
normally reckonable – finances must be in the form of pension income or
readily accessible funds. but the term "investment sums" seems to relate more to investment amounts rather than investment income. But who knows?

dave8408e
  2/22/2017 04:27 EST

Trying to get inside the heads of the INIS is tricky business, but what I THINK they're saying is that they want Stamp 0 applicants to prove is that they have a steady form of income that can't evaporate overnight due to stock market 'corrections' or bad management of their assets. It's your job and your accountant's to prove that on paper. As I said... "I think" that's what they're saying. YMMV....

KevinfromKinsaleviaNYC
  2/22/2017 13:10 EST

Part of INIS' Stamp 0 problem is that the rules are more like guidelines which discourages people from applying due to confusion about the requirements. I am thinking they may want it this way as it limits the number of applicants and gives them more power to decide who comes in?

Things still have not changed much since 2015.

Under the currently published rules, applicants for Stamp 0 still need to:
-move to Ireland
-establish a permanent home
-buy a comprehensive private health care insurance policy
-hire an accountant to compile documentation

And only then apply for the Stamp 0 for which there is no form and written guidelines outlining:
-what types of income will count
-what types of insurance will count
-how much cash on hand is required and what form should it take
-what exchange rate is used to convert e.g. USD to Euros
-how does cash or other assets get converted to income
-what types of investments or businesses can Stamp 0 holders engage in while resident in ireland

I am sure I missed a few things but that's a lot of unknowns and vagaries.

dave8408e
  2/22/2017 14:54 EST

Yep, Kevin nailed the issues in one concise post. Good job.

GeoBlueGeoBlue
Get Quote

GeoBlue is a trusted leader in international health insurance. Wherever your destination, GeoBlue can keep you and your family covered with the right health insurance. Get a GeoBlue Quote Today!

GeoBlueGeoBlue

GeoBlue is a trusted leader in international health insurance. Wherever your destination, GeoBlue can keep you and your family covered with the right health insurance. Get a GeoBlue Quote Today!
Get Quote

Joshuak
  2/22/2017 17:40 EST

My wife and I spent one full year plus in SE Ireland in a leased house in a retirement Village that was strictly for retirees of EU countries. As it turned out, of the 54 units in the Village, I was the only one from the US and one other person was from Switzerland. The remaining were native Irish. But the difference between your situation and mine is I have Irish citizenship (Dual) and have had for many years. We initially decided to stay in Ireland for maybe 2 years. We had visited many times over the years as we still have relatives there. However, when we started this plan in 2013 we both had medical insurance from my retirement plan at IBM that gave full coverage after a $1000 deductible and it became our primary coverage. Great, except IBM decided for 2014 to change and just give us a $3000 reimbursement fund to cover premiums or co-pays. No more insurance. So our first 6 months we had the IBM coverage. During 2014 we got partial coverage through a Medicare advantage plan that allowed a maximum of $50,000 for emergencies outside the US. (Was not AARP) But, with this plan, you need to return to your doctor every 6 months for a checkup. But many of these Medicare advantage plans have no premium so that might cover your costs of plane tickets back and forth. That would help the 72 year old, but the 52 year old would have to get private insurance which for a 52 year old female could be about $800-900 per month. According to my EU travel insurance card, the EU is using the number of 30,000 Euro as minimum coverage number and I believe most countries do require that for visitors from outside the EU even for a short visit. I know they don't seem to ask when an American arrives in any of the EU countries, but if they do ask, I believe they are looking for that 30,000 minimum number. The AARP "Medicare complete" advantage plan is in most counties in the US but you will have to check where you live. I do not know if the AARP plan has a maximum amount outside the country, but the "Summary of Benefits" does state "Worldwide" coverage. That might help you for one of you.

GeoBlue
GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlueGeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Living in Ireland GuideLiving in Ireland Guide

The passion that expats in Ireland have for their adoptive land is often truly amazing. Many get absolutely absorbed in the culture, the people and everything else that Ireland has to offer.

Ireland Forum Ireland Forum
Join our Ireland forum to meet other expats and talk about living in Ireland.

Contribute to Ireland Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Ireland.

Best Places to Live in Ireland Best Places to Live in Ireland

If you're considering a move to Ireland, here are the 15 Best Places to Live in Ireland in 2023.

Healthcare in IrelandHealthcare in Ireland

Expats in Ireland face very specific timelines and rules when it comes to getting healthcare in Ireland. It's important to understand how this will impact your journey and your individual health before you decide to move to Ireland.

Cost of Living in IrelandCost of Living in Ireland

Expats offer insight into the cost of living in Ireland.

Moving to IrelandMoving to Ireland Guide

Expats moving to Ireland have a wide variety of options in terms of great places to live. People moving to Ireland for work, to retire or for any other reason can realize the life they imagine if they do enough research before taking the plunge.

Real Estate in IrelandReal Estate in Ireland

Real estate listings in popular cities and towns in Ireland.

Pros Cons of Living in IrelandPros & Cons of Living in Ireland

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Ireland.

Retiring in IrelandRetiring in Ireland

Advice for people retiring in Ireland.

10 Tips for Living in Ireland10 Tips for Living in Ireland

If you've recently arrived in Ireland, here are 10 tips for digital nomads living in Ireland.

GeoBlue
GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlueGeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Contribute to Ireland Network Contribute
Help others in Ireland by answering questions about the challenges and adventures of living in Ireland.

GeoBlue
GeoBlue

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal