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TAXATION (PRUDENTIAL INTERNATIONAL AND ITS PRODUCTS)
Policyholders who are not Resident/Ordinarily resident in Ireland
A tax charge may arise under Irish tax regulations if a policyholder is or becomes resident or ordinarily resident in Ireland. If this applies, Irish Exit tax will be deducted and paid to the Irish Revenue Commissioners:
- every eight years,
- when any benefits are paid out, or
- when the owner of the plan changes
For any new business cases, Prudential International will require the completion of a declaration confirming the residency of the policyholder. The declaration is included in the application form.
Prudential International will also require the completion of a declaration when a chargeable event occurs unless this has already been received with the original application form or because of an earlier chargeable event transaction.
The policyholder must inform Prudential International if he/she becomes resident/ordinarily resident in Ireland at any time while the policy is in force.
