Ireland has unveiled its national savings and investment scheme, which will open tax-advantaged accounts to every adult in the country. Tánaiste and Minister for Finance Simon Harris stated that cryptocurrencies, derivatives, and interest-bearing cash will not be included in the menu of eligible assets.
Traditional assets take center stage
Savers can hold a range of traditional financial products in these accounts, such as shares, bonds, funds, exchange-traded funds (ETFs), and insurance-based offerings. The government aims to shift a portion of the approximately $203 billion (€175 billion) currently sitting in household bank deposits into more productive investment vehicles.
The accounts will be available to every Irish tax resident aged 18 or older, with one account permitted per individual. Contributions will escape tax up to a specified threshold, while amounts above this will face a flat annual tax rate. There will be no minimum required contribution or lock-in period, but a maximum annual contribution cap will apply.
Harris, outlining details on social media, said the accounts are intended to “make a real difference in building up your own economic resilience.” The specific tax-free thresholds and rates will be announced on Budget day, set for October 6, and accounts are expected to be available next year.
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AAPLCrypto, derivatives, and interest-bearing cash excluded
Crypto assets are formally excluded from the scheme, as are derivatives and interest-bearing cash. This decision comes even as research by the Central Bank of Ireland indicates roughly 10% of adults in the country hold crypto assets, predominantly young men with an average holding of €2,266. Over half cited curiosity as their reason for investing in crypto.
The Central Bank found that Irish households currently allocate only 2.3% of their financial assets to direct investments in shares and bonds, compared to a 7.5% average across the European Union. Investment in funds stands at just over 2.2%, making the country’s direct investment rates some of the lowest in Europe, despite being a significant host of fund assets.
Mini dictionary: Tánaiste – The Tánaiste is the deputy prime minister of Ireland, a role currently held by Simon Harris, who also serves as Minister for Finance.
Tax treatment adjustments and regulatory tightening
Simon Harris confirmed that the new accounts will not be subject to the “deemed disposal” rule, under which certain investment funds are automatically treated as sold every eight years and taxed at 38%. The government reduced this rate from 41% to 38% in the previous budget. Harris indicated plans to review the rule more broadly, suggesting it may be eliminated entirely in the future.
The government will “make a real difference in building up your own economic resilience” by excluding crypto assets, derivatives, and interest-bearing cash from the new accounts, and will reconsider outdated tax rules for investment funds.
The exclusion of crypto comes as part of wider steps to tighten regulations around digital assets. In August, Ireland launched its first national anti-money laundering strategy, increasing oversight of crypto transfers involving private wallets and placing further requirements on firms transacting with foreign crypto companies. This built upon a prior action plan that highlighted crypto-asset misuse as a rising financial crime concern.
The savings and investment scheme was initially proposed in March and full details will be announced in Budget 2027.
| Asset Type | Eligible for Scheme |
|---|---|
| Shares, bonds, funds, ETFs, insurance products | Yes |
| Crypto assets, derivatives, interest-bearing cash | No |
