Offshore Accounts.

Dáil Éireann Debate, Tuesday - 17 February 2004

Tuesday, 17 February 2004

Questions (74)

Bernard J. Durkan

Question:

155 Mr. Durkan asked the Minister for Finance if he has satisfied himself that all offshore deposit accounts are restricted to those who are actually non-residents and that there are no circumstances whereby a local depositor can achieve offshore status while remaining full time here; and if he will make a statement on the matter. [4805/04]

Written answers

Minister for Finance (Mr. McCreevy)

There is no prohibition in law on Irish people holding offshore deposit accounts. Irish resident taxpayers who hold offshore deposit accounts must fully declare all their income and profits, including amounts placed in such accounts, for tax purposes.