FTB status

ntlbell

do you lose if you buy property abroad?

a friend of mine was looking at a nice apt in germany but is afraid of losing irish FTB status?

EKRIUQ

yes you do lose your first time buyer status, I forget how they put it it but its something about owning a property in this state or any state

faceman

i didnt think that was the case bingobingo so i checked it out and you're right!

http://www.revenue.ie/index.htm?/revguide/stampduty/first-time-buyer.htm

gangster government!

pow wow

Any ideas how they'd find out you owned the property if it wasn't mortgaged (or mortgaged in someone else's name)?

faceman

tax audit or a tip off i presume. I think that banks and/or solicitors have a legal obligation to furnish details to revenue on transactions too altho im not 100% on that.

daveirl

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faceman

daveirl wrote:

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when you purchase property abroad, you are paying tax there. Why should you lose your FTB status in ireland as a result of it?

The_Conductor

faceman wrote:

when you purchase property abroad, you are paying tax there. Why should you lose your FTB status in ireland as a result of it?

Legally, as a tax resident in Ireland- you also have tax obligations arising from your property abroad here too (unless you evade the tax, which is illegal). The reason you loose your FTB status- is quite simply because it is a scheme to benefit those who do not own property already, and its attempting to make it more favourable for them to purchase. Obviously you're not a FTB if you already own property, irrespective of where that property is...... Its entirely reasonable and fair that you loose your FTB status when purchasing property abroad. It should also make people who are purchasing property abroad think twice about the consequences of their purchase.......

daveirl

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