#306: Ireland’s New Investment Scheme Explained

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.Our Horizon portfolio is a boutique service led by our co-founder and lead investor, Emmet Savage. According to 100-bagger expert Chris Mayer, “no one owns more 100-baggers than Emmet”.This week, he’s adding a new stock that has passed 3 AI screeners and got a shout out from Porter Stansbury. Lucky for Stock Club listeners, they can claim as exclusive offer by emailing: [email protected]…. We don’t think you’ll want to miss this year’s Investicon. Grab your early bird tickets now: https://www.investicon.ie/Become a successful investor by checking out all the content MyWallSt has to offer:📩 Email us: [email protected]📚 Learn the fundamentals of investing by downloading our free Learn app: https://bit.ly/3DXPOz7💻 Keep updated on stock market news by visiting our blog: https://mywallst.com/blog/🎧 Tune in to our podcast Stock Club to stay updated on weekly news: https://mywallst.com/stock-investment-podcast/🎉 Follow MyWallSt on social:❌ X: @MyWallStHQ💃 TikTok: @MyWallSt📸 Instagram: @MyWallSt🖥️ Facebook: @MyWallSt👔 LinkedIn: MyWallSt00:00 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