Tax on Bitcoin Profits

barneystinson

superg wrote: »

CGT only applies if you dispose of the assets into fiat currency so you won't be liable until you've converted it into hard cash.

That is completely incorrect.

CGT arises on the disposal of an asset, based on the value of the consideration received.

Peregrinus

Which means that, if Adren disposes of his bitcoin and acquire eutherium, and if he realises a gain on the disposal of the bitcoin, he has a CGT liablity. How he pays it, as with any other tax liability, is his own affair. He can sell as much of the eutherium as is necessary. He can sell another asset. He can dip into his savings. He can borrow from the bank. He can go out and get a job and earn the money he needs. He can do it however he likes; the Revenue don't care.

Adren

Peregrinus wrote: »

Which means that, if Adren disposes of his bitcoin and acquire eutherium, and if he realises a gain on the disposal of the bitcoin, he has a CGT liablity. How he pays it, as with any other tax liability, is his own affair. He can sell as much of the eutherium as is necessary. He can sell another asset. He can dip into his savings. He can borrow from the bank. He can go out and get a job and earn the money he needs. He can do it however he likes; the Revenue don't care.

Thanks Peregrinus this is what I was looking for.

So even if I dispose of BTC by gifting it to someone, I would still be under the obligation to pay what ever was gain was made on the BTC?

Sorry for the basic questions, just new to this stuff.

I can see how if you buy and sell different cryptos CGT would be a nightmare to sort out.

The CGT exemption amount, that would be for each coin right?

CIARAN_BOYLE

Adren wrote: »

Thanks Peregrinus this is what I was looking for.

So even if I dispose of BTC by gifting it to someone, I would still be under the obligation to pay what ever was gain was made on the BTC?

Sorry for the basic questions, just new to this stuff.

I can see how if you buy and sell different cryptos CGT would be a nightmare to sort out.

The CGT exemption amount, that would be for each coin right?

Of course you are. They may also be obligated to pay gift taxes as well.

like any business proper record keeping is essential

Annual exemption across all capital gains

.G.

Hmmm, I was advised incorrectly then. I'll check the exact wording of what he said. I've only been keeping records of crypto that i convert into fiat, most of it is just trading from one crypto into another.

Edit : think it was something to do with cryptocurrency not being legal tender so revenue themselves aren't sure of their approach to it yet. It's easy if you sell if for euros bit if you use it to buy a different crypto is where I get hazy.

barneystinson

superg wrote: »

Hmmm, I was advised incorrectly then. I'll check the exact wording of what he said. I've only been keeping records of crypto that i convert into fiat, most of it is just trading from one crypto into another.

Edit : think it was something to do with cryptocurrency not being legal tender so revenue themselves aren't sure of their approach to it yet. It's easy if you sell if for euros bit if you use it to buy a different crypto is where I get hazy.

It's got nothing to do with it being legal tender or not, or the fact that it uses the word currency in its name.

It is an asset, and it has a readily ascertainable value. Revenue will have no problem in confirming the tax treatment if you ask them.

.G.

barneystinson wrote:

It is an asset, and it has a readily ascertainable value. Revenue will have no problem in confirming the tax treatment if you ask them.

But how do you put a value on it for cgt when it's changing from second to second, particularly if you dispose of it on a daily basis but aren't doing a tax return until October next year!

Seems like a lot of effort but I will for sure ask revenue about it and get it from the horses mouth.

CIARAN_BOYLE

superg wrote: »

But how do you put a value on it for cgt when it's changing from second to second, particularly if you dispose of it on a daily basis but aren't doing a tax return until October next year!

Seems like a lot of effort but I will for sure ask revenue about it and get it from the horses mouth.

Well cgt liabilities need to be paid before October of the following year.

Good records are essential. The valuation is the valuation at the moment of transaction.

If you trade in it at that moment you can check the value when you trade it.

.G.

CIARAN_BOYLE wrote: »

Well cgt liabilities need to be paid before October of the following year.

Good records are essential. The valuation is the valuation at the moment of transaction.

If you trade in it at that moment you can check the value when you trade it.

All the exchanges have records of what a person trades and when but it only records the amount of the coin traded and what it was traded into. It doesn't record the value of that coin in real currency because you haven't traded it into real currency. This is where I think things get murky. A lot of altcoins don't even have a Fiat trading pair so you can't even get a real money valuation of them.

Its something I trying to do now anyway, see if what I can make of it and fully intended to declare any earnings of real money , haven;t to figure out what everything is worth in real money is the issue, I don't think its as cut and dried as is made out but I intend to find out if I make a theoretical few quid!

.G.

Found this article which includes a letter from the finance minister of the time's private secretary.

https://bitcoinsinireland.com/irish-legal-position-march14reddit/

Dear drcross,

The Minister for Finance, Mr Michael Noonan TD, has asked me to thank you for your correspondence regarding Capital Gains Tax (CGT) and Bitcoin. The delayed reply is regretted.

CGT is chargeable on gains made on the disposal of assets. Section 532(b) Taxes Consolidation Act 1997 states that any currency other than the currency of the State is an asset for CGT purposes. Where a person acquires any foreign currency i.e. other than Euro, he/she has acquired an asset for CGT purposes. If that person subsequently converts that foreign currency into Euro or into another foreign currency that would constitute a disposal of an asset for CGT purposes.

Crypto-currencies, such as Bitcoin, are not legal tender in the Euro area. E-commerce, including the use of virtual currencies, presents a challenge to tax administrations throughout the world. The Revenue Commissioners and tax administrations in other countries are actively monitoring developments. From the information provided, it is not clear how Bitcoin would be treated for CGT purposes.

However, it is likely that gains accruing from speculation on Bitcoin would be liable for CGT in the normal way.

Persons are chargeable to CGT on such gains for a year depending on their residence and domicile.

The first EURO 1,270 of an individual’s net gains for a year (that is gains minus current year losses and losses brought forward from earlier years), is exempt from CGT with the balance taxed at a standard rate of 33%.

As regards reinvesting the proceeds of disposals of Bitcoin in tech startups,

a capital gains tax relief for entrepreneurs who reinvest the proceeds from the disposal of assets made on or after 1 January 2010 in certain chargeable business assets was announced by the Minister in Budget 2014.

The necessary legislation governing this relief is included in Section 45 of Finance (No 2) Act of 2013. Commencement of the legislative provisions is subject to EU state-aid approval. The purpose of the incentive is to encourage entrepreneurial activity by encouraging individuals who have disposed of assets in recent years to re-invest the proceeds into new productive business activities.

Subject to EU approval, the relief will apply from 1 January 2014 to individual entrepreneurs:

· – who have made disposals of assets since 1 January 2010 on which they have paid capital gains tax;

· – who invest at least EURO 10,000, in the period from 1 January 2014 to 31 December 2018, in acquiring chargeable business assets that will be used in a new business and

· – who subsequently (after a minimum period of 3 years) dispose of those chargeable business assets at a gain giving rise to a capital gains tax liability.

The relief will be given on the tax due on any chargeable gain arising on the subsequent disposal of the chargeable assets after a minimum period of 3 years and will amount to the lower of:

Ø the full amount of capital gains tax paid on the initial disposal made since 1 January 2010, or

Ø 50% of the CGT payable on the disposal of the new chargeable business assets.

If an entrepreneur reinvests the proceeds of that subsequent disposal in a further new business in the 2014-2018 period, the relief can also apply on a subsequent disposal of the chargeable business assets of that further new business. Where less than the full proceeds of a disposal on which capital gains tax has been paid are reinvested, only that proportion of the capital gains tax relative to the amount reinvested will qualify for relief.

The relief will be given in the form of a tax credit equal to the lower of the capital gains tax paid on the disposal of assets made on or after 1 January 2010 or 50% of the capital gains tax on any gain from the future disposal of the chargeable business assets.

The Minister hopes this information is of asistance.

Yours sincerely

Alex Lalor

Private Secretary

To me that means cgt due on gains when you convert it into actual money but I reckon I need professional advice on all this!

nxbyveromdwjpg

barneystinson wrote: »

That is completely incorrect.

CGT arises on the disposal of an asset, based on the value of the consideration received.

In practice the revenue have no interest in your selling dogecoin for neo and ethereum for zcoin and zencoin to btc.

They are interested in your gains in fiat currency when you cash out v what you paid in.

AndrewJRenko

superg wrote: »

But how do you put a value on it for cgt when it's changing from second to second, particularly if you dispose of it on a daily basis but aren't doing a tax return until October next year!

Seems like a lot of effort but I will for sure ask revenue about it and get it from the horses mouth.

It's just the same as any share trade - price changes from second to second, so you just record the price of your own trade.

barneystinson

Itzel Careful Treasure wrote: »

In practice the revenue have no interest in your selling dogecoin for neo and ethereum for zcoin and zencoin to btc.

They are interested in your gains in fiat currency when you cash out v what you paid in.

What makes you think that?

They're interested in correctly and fairly applying tax legislation and ensuring people pay the right tax at the right time.

All of the transactions you've listed above, are separate disposals of assets for CGT purposes.

Peregrinus

superg wrote: »

But how do you put a value on it for cgt when it's changing from second to second, particularly if you dispose of it on a daily basis but aren't doing a tax return until October next year!

As others have pointed out, lots of assets have values that change from second to second - e.g. shares. All that matters is the value the asset had at the time of the transaction, which is most cases is identified by looking at the value of the consideration given or received. In the case of cryptocurrencies, valuation is generally fairly easy, since all cryptocurrencies, all the time, are exchangeable for euros, and records exist of the exchange rates available from time to time.

Yes, of course you have to keep records of the amounts and values of your cryptocurrency transactions, but you'd be doing that anyway, wouldn't you? Unless you're genuinely completely indifferent to how much money you're making or losing. So this isn't a particularly onerous obligation, and no different to the obligation imposed on anyone who invests and divests in assets of any other kind.

You can ask the revenue about tax treatment if you like, but there's a quick and dirty way to get reliable answers without waiting on the revenue. For any question you have about the tax treatment of a transaction involving cryptocurrency, just ask yourself what would the treatment be for the corresponding transaction involving any currency other than euro. If you sell USD for JPY, how will that be taxed? Well, the same treatment will apply to your sale of bitcoin for eutherium.

McCrack

Some of you here might wish to take a step back and look at what you're spouting arguing the tax code, its finer points and its interpretation and that it must apply to cryptos and must be paid like all good citizens do.

The very people Im sure that pay their RTE tax because they are told to.

I have to also say the sense of righteousness is nauseating.

Peregrinus

McCrack wrote: »

Some of you here might wish to take a step back and look at what you're spouting arguing the tax code, its finer points and its interpretation and that it must apply to cryptos and must be paid like all good citizens do.

The very people Im sure that pay their RTE tax because they are told to.

I have to also say the sense of righteousness is nauseating.

People are asking questions about the tax treatment of transactions involving cryptocurrency. Presumably, they ask these questions because they have an interest in the answers.

Answering their questions by reference to the tax code is "righteousness"? It's "nauseating"? Seriously?

cnocbui

barneystinson wrote: »

What makes you think that?

They're interested in correctly and fairly applying tax legislation and ensuring people pay the right tax at the right time.

All of the transactions you've listed above, are separate disposals of assets for CGT purposes.

Given the quote above, it seems very clear that there is no legislation yet on which revenue can correctly base an opinion. I think disposal of a crypto aught to be judged to occur on conversion into a fiat currency, otherwise the whole thing would be an unnecessarily complicated mess. Many cryptos can not be exchanged directly for fiat on any exchange, so the have essentially no value. To convert them to fiat you have to go through at least one secondary conversion and possibly more, given not all exchanges carry all cryptos. Is a separate CGT event going to be deemed for each cross conversion necessary to get to fiat?

Many multiplayer games have in-game items that can be exchanged and purchased and earned, some of which can change hands for considerable amounts of fiat. If you swap your Sword of Unintended Consequences for Azorath's Potion of Fecundity, has a CGT event occurred? I have some very rude words for anyone who would seriously think that is the case.

AndrewJRenko

McCrack wrote: »

Some of you here might wish to take a step back and look at what you're spouting arguing the tax code, its finer points and its interpretation and that it must apply to cryptos and must be paid like all good citizens do.

The very people Im sure that pay their RTE tax because they are told to.

I have to also say the sense of righteousness is nauseating.

Please make sure you don't go to any publicly funded hospital or taxpayer supported GP for treatment of your nausea. Because that kind of hypocrisy would really be nauseating.

Peregrinus

There are no special rules for cryptocurrencies because there are no special rules for most asset classes. Cryptocurrencies are in principle taxed just like any other asset. In particular, they are taxed just like other currencies. Why would they not be? They are designed and intended to function as currency and do in fact function as currency (as in, you can buy stuff with them); why would they not be taxed in the same way that currency is taxed?

The notion that this creates an "unecessarily complicated mess" is not very appealing. People maintain records of their transactions in conventional foreign currencies, not just so they can deal with their tax returns but more bascially so that they can keep track of their own affairs, and know whether they are making or losing money and, in either case, how much. These are matters of some moment to most people, and I imagine people who invest in cryptocurrency are not fundamentally different in their attitude to their investments than people who invest in anything else.

As for cross conversion through several currencies - assuming you make all the transactions on the same day, most of them are going to be on a no-gain, no-loss basis, and even if there are gains or losses it seems to me that they should net out. Revenue will probably be happy with an accounting which starts with the holding of (say) bitcoin that you had at 9:00 am and then skips straight to the amount of euros you had at 5:00 pm, and you can treat yourself as having disposed of X bitcoin for Y euros, net of transaction costs.

CIARAN_BOYLE

cnocbui wrote: »

Given the quote above, it seems very clear that there is no legislation yet on which revenue can correctly base an opinion.

I always think it's amusing that people think there need to be separate legislation for each class of transactions before tax applies to them.

Cryprocurrency is not really that unique or special. It could just as easily be poppy futures or widgets and it would be taxed the same way.

.G.

Peregrinus wrote: »

There are no special rules for cryptocurrencies because there are no special rules for most asset classes. Cryptocurrencies are in principle taxed just like any other asset. In particular, they are taxed just like other currencies. Why would they not be? They are designed and intended to function as currency and do in fact function as currency (as in, you can buy stuff with them); why would they not be taxed in the same way that currency is taxed?

The notion that this creates an "unecessarily complicated mess" is not very appealing. People maintain records of their transactions in conventional foreign currencies, not just so they can deal with their tax returns but more bascially so that they can keep track of their own affairs, and know whether they are making or losing money and, in either case, how much. These are matters of some moment to most people, and I imagine people who invest in cryptocurrency are not fundamentally different in their attitude to their investments than people who invest in anything else.

As for cross conversion through several currencies - assuming you make all the transactions on the same day, most of them are going to be on a no-gain, no-loss basis, and even if there are gains or losses it seems to me that they should net out. Revenue will probably be happy with an accounting which starts with the holding of (say) bitcoin that you had at 9:00 am and then skips straight to the amount of euros you had at 5:00 pm, and you can treat yourself as having disposed of X bitcoin for Y euros, net of transaction costs.

Ok but my difficulty with all this is the following:-

People focus on bitcoin and Ether but I want trade cryptos, all kinds, not just the ones that can be converted easily into Euros. You stated in a previous post that all of them are easily converted to euros and as such can be easily valued in fiat and that is simply not the case, there's hundreds of coins out there that can only be converted to other coins! I view them as shares in a company or an business idea rather than actual currency cos I'd never spend them to buy things.

If I end up with more altcoins than I started with then I've made a gain and as such CGT is due apparently. If I never convert these gains into euros and revenue only accept euros for payment of tax how can I pay them for the gains I've made when in my opinion I haven't made any real world gains unless I've made a profit in fiat.

Unless revenue are happy to start accepting CGT in DOPE coin or Cannabis coin or Nexus coin or whatever altcoin I end up with at the end of a trade then I can't see how I pay them on any profits I make on these coins! Am I supposed to pay them out of my wages from my real job which has already been taxed by them even though I haven't made any actual real money from all this!?

I'd like to point out that I think there's a certain amount of suspicion here that folk asking questions about all this are trying to find ways to dodge CGT altogether. I'm not but I genuinely don't see how I can pay it if I never turn any of my crypto gains into actual cash.

Now you'll probably ask whats the point of it all if I don't turn it into euros! Well if it works out and I make a fortune I will eventually cash it out, in a year, maybe 2 or 10, I just don't know. At that point I'll pay my CGT but as I've said, until then I can't see how I'd pay it or how they'd expect me to when any gain exists only in lines of code in the blockchain!

PS: If I buy Sterling with Euros and then dispose of my Sterling, is CGT liable if a profit was made? Cos this seems similar.

cnocbui

CIARAN_BOYLE wrote: »

I always think it's amusing that people think there need to be separate legislation for each class of transactions before tax applies to them.

Cryprocurrency is not really that unique or special. It could just as easily be poppy futures or widgets and it would be taxed the same way.

Well it is unique and special in that there is no possible way for revenue to ever find out out about most inter-coin conversions in the first place.

CIARAN_BOYLE

cnocbui wrote: »

Well it is unique and special in that there is no possible way for revenue to ever find out out about most inter-coin conversions in the first place.

So same as cash in hand then?

superg wrote: »

Ok but my difficulty with all this is the following:-

People focus on bitcoin and Ether but I want trade cryptos, all kinds, not just the ones that can be converted easily into Euros. You stated in a previous post that all of them are easily converted to euros and as such can be easily valued in fiat and that is simply not the case, there's hundreds of coins out there that can only be converted to other coins! I view them as shares in a company or an business idea rather than actual currency cos I'd never spend them to buy things.

If I end up with more altcoins than I started with then I've made a gain and as such CGT is due apparently. If I never convert these gains into euros and revenue only accept euros for payment of tax how can I pay them for the gains I've made when in my opinion I haven't made any real world gains unless I've made a profit in fiat.

Unless revenue are happy to start accepting CGT in DOPE coin or Cannabis coin or Nexus coin or whatever altcoin I end up with at the end of a trade then I can't see how I pay them on any profits I make on these coins! Am I supposed to pay them out of my wages from my real job which has already been taxed by them even though I haven't made any actual real money from all this!?

I'd like to point out that I think there's a certain amount of suspicion here that folk asking questions about all this are trying to find ways to doge CGT altogether. I'm not but I genuinely don't see how I can pay it if I never turn any of my crypto gains into actual cash.

Now you'll probably ask whats the point of it all if I don't turn it into euros! Well if it works out and I make a fortune I will eventually cash it out, in a year, maybe 2 or 10, I don't just don't know. At that point I'll pay my CGT but as I've said, until then I can't see how I'd pay it or how they'd expect me to when any gain exists only in lines of code in the blockchain!

PS: If I buy Sterling with Euros and then dispose of my Sterling, is CGT liable if a profit was made? Cos this seems similar.

A tradesman comes up with the idea, I will do your plumbing if you will give me groceries. No cash changes hands and so no profit is made. Let's do barter. It's the exact same thing you are saying. If you make a profit you have to pay the cgt. Your choice whether to cash out or pay from your personal reserves.

cnocbui

CIARAN_BOYLE wrote: »

So same as cash in hand then?



A tradesman comes up with the idea, I will do your plumbing if you will give me groceries. No cash changes hands and so no profit is made. Let's do barter. It's the exact same thing you are saying. If you make a profit you have to pay the cgt. Your choice whether to cash out or pay from your personal reserves.

Not by my reckoning, not even close. I refer you to my in-game item analogy.

nxbyveromdwjpg

CIARAN_BOYLE wrote: »

A tradesman comes up with the idea, I will do your plumbing if you will give me groceries. No cash changes hands and so no profit is made. Let's do barter. It's the exact same thing you are saying. If you make a profit you have to pay the cgt.

Ah yes, I can see the tradesman now sitting down filling out his Form 11 with four carrots, two onions, etc. and can also see the revenue on the other side wondering wtf this guy is after putting this on the form for.

I mean if I offer to loan someone my car cos they're going down the shops, if they will just pick me up a mars bar while they're there - should we declare that transaction too?

In all practically no one wants to know or cares about this stuff. They are going to primarily interested in what you paid in, and what you got paid out.

eric hoone

superg wrote: »

Ok but my difficulty with all this is the following:-

People focus on bitcoin and Ether but I want trade cryptos, all kinds, not just the ones that can be converted easily into Euros. You stated in a previous post that all of them are easily converted to euros and as such can be easily valued in fiat and that is simply not the case, there's hundreds of coins out there that can only be converted to other coins! I view them as shares in a company or an business idea rather than actual currency cos I'd never spend them to buy things.

If I end up with more altcoins than I started with then I've made a gain and as such CGT is due apparently. If I never convert these gains into euros and revenue only accept euros for payment of tax how can I pay them for the gains I've made when in my opinion I haven't made any real world gains unless I've made a profit in fiat.

Unless revenue are happy to start accepting CGT in DOPE coin or Cannabis coin or Nexus coin or whatever altcoin I end up with at the end of a trade then I can't see how I pay them on any profits I make on these coins! Am I supposed to pay them out of my wages from my real job which has already been taxed by them even though I haven't made any actual real money from all this!?

I'd like to point out that I think there's a certain amount of suspicion here that folk asking questions about all this are trying to find ways to dodge CGT altogether. I'm not but I genuinely don't see how I can pay it if I never turn any of my crypto gains into actual cash.

Now you'll probably ask whats the point of it all if I don't turn it into euros! Well if it works out and I make a fortune I will eventually cash it out, in a year, maybe 2 or 10, I just don't know. At that point I'll pay my CGT but as I've said, until then I can't see how I'd pay it or how they'd expect me to when any gain exists only in lines of code in the blockchain!


This makes sense, Revenue can't take deductions from fictional/crypto profits until they're converted to euro which is the only currency they accept after all

AndrewJRenko

superg wrote: »

Unless revenue are happy to start accepting CGT in DOPE coin or Cannabis coin or Nexus coin or whatever altcoin I end up with at the end of a trade then I can't see how I pay them on any profits I make on these coins! Am I supposed to pay them out of my wages from my real job which has already been taxed by them even though I haven't made any actual real money from all this!?

It's your problem.

The same applies when stock options are realised. If you exercise and hold, you don't have any cash, but the exercise still creates a tax liability that you need to pay. You can jump up and down and throw a tantrum and tell Revenue that they HAVE to accept your shares and not cash, but it won't work.

dxhound2005

eric hoone wrote: »

superg wrote: »

Ok but my difficulty with all this is the following:-

People focus on bitcoin and Ether but I want trade cryptos, all kinds, not just the ones that can be converted easily into Euros. You stated in a previous post that all of them are easily converted to euros and as such can be easily valued in fiat and that is simply not the case, there's hundreds of coins out there that can only be converted to other coins! I view them as shares in a company or an business idea rather than actual currency cos I'd never spend them to buy things.

If I end up with more altcoins than I started with then I've made a gain and as such CGT is due apparently. If I never convert these gains into euros and revenue only accept euros for payment of tax how can I pay them for the gains I've made when in my opinion I haven't made any real world gains unless I've made a profit in fiat.

Unless revenue are happy to start accepting CGT in DOPE coin or Cannabis coin or Nexus coin or whatever altcoin I end up with at the end of a trade then I can't see how I pay them on any profits I make on these coins! Am I supposed to pay them out of my wages from my real job which has already been taxed by them even though I haven't made any actual real money from all this!?

I'd like to point out that I think there's a certain amount of suspicion here that folk asking questions about all this are trying to find ways to dodge CGT altogether. I'm not but I genuinely don't see how I can pay it if I never turn any of my crypto gains into actual cash.

Now you'll probably ask whats the point of it all if I don't turn it into euros! Well if it works out and I make a fortune I will eventually cash it out, in a year, maybe 2 or 10, I just don't know. At that point I'll pay my CGT but as I've said, until then I can't see how I'd pay it or how they'd expect me to when any gain exists only in lines of code in the blockchain!


This makes sense, Revenue can't take deductions from fictional/crypto profits until they're converted to euro which is the only currency they accept after all

If you intend never to convert them to Euros, or they cannot be converted, what happens when you die? What provision would you need to make for someone to inherit them and be able to realise their value?

makeorbrake

I'm interested in the idea of getting tax domiciled abroad. My understanding is that this can be achieved in a relatively cost effective manner in The Bahamas. On this thread, others have mentioned Malta. What is involved in getting domiciled there?
The only other option mentioned here is Germany...however regrettably that's not an option for me.

Can this be achieved in 1 calendar year? Ie. Move abroad for 1 year and return to Ireland afterwards.

relax carry on

makeorbrake wrote: »

I'm interested in the idea of getting tax domiciled abroad. My understanding is that this can be achieved in a relatively cost effective manner in The Bahamas. On this thread, others have mentioned Malta. What is involved in getting domiciled there?
The only other option mentioned here is Germany...however regrettably that's not an option for me.

Can this be achieved in 1 calendar year? Ie. Move abroad for 1 year and return to Ireland afterwards.

Tax residence and domicile are two different things. Domicile can be altered buts it's difficult.

https://www.revenue.ie/en/jobs-and-pensions/tax-residence/what-is-domicile.aspx