Purchase a Property in Ireland
Purchase a Property in IrelandUpdated on Tuesday 24th January 2023
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Ireland is a beautiful country, with great prospects for people who want to move here. With beautiful landscapes and peaceful lifestyle, Ireland can become a new home for you or for your business, in the situation in which you want to open a company. If you are interested in buying a property in Ireland, it is recommended to ask for help of our Irish lawyers, who can assist you throughout the entire process.
The Process of Purchasing a Property in Ireland
If you are a non-Irish resident, we advise you to be legally represented by our law firm in Ireland, as there are several stages that have to be accomplished in order to buy a property here, regardless of its destination: commercial, residential.
In Ireland, both parties – the seller and the buyer – must employ an Irish lawyer. The price on the property can be negotiated by an Irish law firm on your behalf. From a legal point of view, a buying-selling process must respect the following stages:
• The contract procedure – our Irish law firm will assist the negotiation process, opening a bank deposit and the legal date when you become the owner. The lawyers will also help when the contract is signed and at the transfer of ownership (this stage usually lasts 4 to 6 weeks).
• Insurance – when the transfer of ownership is completed, our local law firm can help you choose the most appropriate insurance policy for your property.
• Testaments – if you are interested in this matter, the execution of a will can be done after the purchase of the property.
• Taxes – taxes apply according to the type of property you own. Our Irish lawyers will provide you the necessary documentation for the payment of the taxes.
If you have already purchased a property in the country and are now interested in divorce in Ireland, our team can help with matters regarding the division of property.
Taxes Paid in Ireland when Purchasing a Property
There are several taxes that the Irish government imposes on property purchasing contracts. You can find below a short description, but if you need more information on the subject, our Irish law firm can offer you assistance.
- Stamp Duty -1% of the contract value for residential property under one million EUR and 2% for sums above this; for commercial properties a rate of 2% out of the purchasing price is applied.
- Income Tax – if the owner is not an Irish resident, the income tax on rents or on properties is applied at the rate of 20%. When the owner becomes an Irish tax resident, the taxes applied will be between 20% and 41%.
- Capital Acquisitions Tax – Applied only to tax residents in Ireland, whose taxes will be permanently regulated by the Irish authorities.
- Capital Gains Tax – Applied to the difference between the purchase price and the sale price for a person who isn’t an Irish tax resident.
If you are interested I property purchase in Ireland, our accountants in Ireland can give you detailed information on tax liability for property owners, both individuals and corporate. With our help you will also be able to easily manage any taxation issues in Ireland, if you are a foreign investor who wishes to buy commercial or residential real estate and have questions about the taxes that you will be subject to.
If you need assistance in buying or selling a property in Ireland, please contact our Irish law firm. We also provide other legal services for individuals, such as those related to divorce in Ireland.
If you wish to leave the purchased property to a certain family member after you pass away, we can help you when making a will in Ireland.