offshore property purchase and Stamp Duty
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sonny
Apprentice
Joined: 02 Jun 2007
Posts: 6
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 Posted: 03/09/08 - 08:02 Post subject: |
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| Some of my friends and I went to Ireland last year. We simply loved it there! People were great, kind and cheerful, we felt like we were on another planet. I recently came to an idea to buy some property there. Some of my friends are also considering buying a property over there, but we know nothing about their legal system and rates of stump duty. My best friend has relatives over there and he was told that transfer of property between relatives is free of stamp duty. Is this really true? Is it possible to buy a property without stamp duty obligation? |
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lebbie
Apprentice
Joined: 27 Feb 2005
Posts: 5
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| Posted: 04/07/08 - 21:32 Post subject: |
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| Stamp duty in Ireland represents tax payable to the Ireland government and it is a document which transfers ownership from seller of the property to you. The amount of stamp duty that is payable depends on many factors. It is my belief that as a foreign citizen, your stamp duty would be larger than the amount payable by a domestic one. It also depends on the value of the property or your status; if you want to purchase an offshore property as an investor, the amount enlarges. Stamp duty rates are also different for first time buyers and non owner occupiers. Also, if transferred between relatives, stamp duty is payable at half the normal rate. |
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