Withholding tax for Irish savers

For Irish tax residents, interest from foreign bank accounts (such as those held through Raisin’s partner banks) must be declared on your income tax return. This page explains how foreign interest is taxed, what documentation you may need, and what steps you should take to comply with Irish tax rules.

The information provided here is for informational and educational purposes only and does not constitute tax advice. You should consult with a qualified tax professional or adviser regarding your individual tax situation. Tax laws and regulations are complex and subject to change, and the information provided may not be applicable to your specific circumstances. We are not liable for any tax decisions or actions you take based on this information.

For Irish tax residents with accounts at Irish banks, deposit interest retention tax, or DIRT, is charged at 33% of the interest earned, and the bank will usually automatically deduct and pay this tax to the Revenue Commissioners on your behalf.

Interest earned on savings held in EU banks outside Ireland is also subject to DIRT, but it isn't taken at source.

Since all of Raisin’s partner banks are located outside Ireland, any interest you earn through your Raisin savings account(s) must be included in your Irish tax return, as required under Irish Revenue rules. 

The table below summarises the withholding tax rules that apply when saving with Raisin’s partner banks across the EU.

To reduce or receive a full exemption from withholding tax on interest earned from foreign banks, you may need to provide specific documentation. Requirements and deadlines for submitting the necessary forms vary, so it’s important to follow each country’s rules carefully.

Raisin partner banks: Aareal Bank AG, Banca CF+, Banca Privata Leasing, Banca Profilo, BFF, BTG Pactual, CA Auto Bank, Carrefour Banque, Collector Bank, EuroExtra, Hamburg Commercial Bank, Imprebanca, Izola Bank, Klarna Bank AB, Morrow Bank ASA, Nordax Bank AB, Northmill Bank AB, Raisin Bank, Resurs Bank, TF Bank AB, Younited Credit. 

Required: No action required.

There is no withholding tax on interest income for tax residents of Ireland.

Required: The form Declaration by individuals for the purpose of unilateral tax relief at source

You will need to ensure that the form is signed and stamped by Revenue.

Raisin partner bank: J&T Banka

Required: Certificate of Tax Residence confirming your valid Irish tax residency. 

The Czech tax authorities now only accept tax documents that are issued or signed within 90 days of the date of the interest payment. The certificate must be sent at least four weeks before the deposit’s maturity date.

Raisin partner banks: BluOr Bank AS, Rietumu Bank

Required: Residence Certificate (Raisin will provide this to you once your account is opened)

You should submit the certificate to Revenue at least 12 months before the date of the interest payment to allow sufficient time for processing. The original form must then be posted to Raisin no later than eight weeks before the interest payment, after which we will forward it to the partner bank on your behalf.

Raisin partner bank: Fjord Bank

Required: Certificate of Tax Residence confirming your valid Irish tax residency. 

Lithuanian tax authorities only accept documents that are correctly dated and signed in the same year as the deposit’s maturity. If your deposit matures in the early weeks of a new year, it may not be possible to submit valid documentation in time, so the withholding tax cannot be reduced. Documentation must be submitted at least four weeks before the deposit's maturity date.

Required: Certificate of Tax Residence confirming your valid Irish tax residency.  

The original certificate, completed by you and signed by the Irish tax authorities, must be sent to Raisin no later than six weeks before the interest payment, but no earlier than six months before.

Raisin partner banks: Banco Português De Gestão, Haitong Bank

Required: The form 21-RFI  (Raisin will provide this to you once your account is opened)

You must submit the completed form to Revenue no earlier than 12 months before the interest payment is due. The original, completed and signed form must then be posted to Raisin no later than four weeks before the interest payment. We will then forward it to the partner bank on your behalf.

Raisin partner bank: Privatbanka

Required: Certificate of Tax Residence confirming your valid Irish tax residency. 

This certificate must be submitted at least four weeks before the maturity of the deposit.

Raisin partner bank: A&G Banco

Required: The form Auto Declaración de Residencia Fiscal de Persona Física y Jurídica 

This form must only be submitted once per customer, prior to opening your first deposit account. It is not required for any additional deposits or renewals. The form will be available in the “Documents” section of your Raisin Account immediately after you make your first deposit request.

You’ll need to declare all foreign income, including interest earned on deposits held in banks through Raisin, on Form 11 when you file your Irish income tax return. Foreign deposit income should be included in Section F (“Foreign Income” under “EU Deposit Interest”) — find out more here.

If foreign tax is withheld on the interest income, you may also be eligible for double tax relief under Ireland’s double taxation agreements.

It's also important to note that in certain cases, Irish tax residents may still be liable for Pay Related Social Insurance (PRSI), and capital gains from foreign assets may be subject to Capital Gains Tax (CGT).

Managing your savings through Raisin gives you clear control over what happens when your fixed term deposits mature. As your account approaches its end date, you can choose to renew your term, switch to another savings account or withdraw your funds. Renewal options are shown in your Raisin Account ahead of maturity, so you have time to review your choices and decide how you want your savings to work next.