The day we’ve been hoping for is finally here. The Irish government has announced a new investing scheme to provide people in Ireland with an easy, tax-efficient way to access the markets. There are hundreds of billions of euros sitting in Irish current accounts, and it’s time they get to work.
Back by popular demand, Dave Quinn from Investwise joins us to break down why these accounts are being introduced, how they’ll work, and what they might look like.
Simon Harris has stated that Ireland will follow the Swedish model, allowing users to invest up to $28K tax-free, with anything above that taxed at 1% annually.
Dave believes Revolut and other “new banks” are unlikely to initially enter this market, as they may not want to handle the tax reporting and administrative burden. Instead, it will likely be life insurance companies, such as Zurich, offering insurance-wrapped ETFs (not be ideal). He also believes that pensions remain the best option for most long-term investors. However, the introduction of these accounts could eventually lead to the removal of deemed disposal.
Mike and Dave agree on the most important thing the government needs to get right: investor education. Ireland hasn’t had generations of investors to help young people understand the power of compounding and the importance of protecting their money from inflation so we have to get this right via accessible education.
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00:00 Intro
07:22 EU Push to Mobilize Cash
13:53 How the Account Works
15:15 Swedish Model Explained
19:19 Who Will Offer It
21:08 Funds Only Limited Choice?
25:48 Pensions Versus Liquidity
28:45 Financial Literacy Rollout
35:28 Tax Treatment Uniformity
