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Buying from UK - buy as Company/Trust

  • 27-02-2016 11:25am
    #1
    pimlico35
    Registered Users, Registered Users 2 Posts: 9 ✭


    hello,

    Im considering buying a house with my dad (he lives in Kildare), Im based in Wales UK and wondered what do I need to consider in terms of me being a non-resident.

    A friend suggested I could buy a property; as a trust or as a company - Im not au fait at all with this and wondered if anyone else has suggestions or could recommend a specialist property solicitor/accountant in Ireland.

    Many thanks


Comments

  • #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,550 Mod ✭✭✭✭johnnyskeleton


    pimlico35 wrote: »
    hello,

    Im considering buying a house with my dad (he lives in Kildare), Im based in Wales UK and wondered what do I need to consider in terms of me being a non-resident.

    There's no prohibition on buying property if you are a non resident. You may have to go through an anti-money laundering process when you transfer the money.
    A friend suggested I could buy a property; as a trust or as a company - Im not au fait at all with this and wondered if anyone else has suggestions or could recommend a specialist property solicitor/accountant in Ireland.

    If you set up a company there may be tax implications, especially when you sell, and for a trust you need to appoint trustees who will probably want to be paid.

    Just buy it and the two of you would be co-owners.


  • #3
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    pimlico35 wrote: »
    hello,

    Im considering buying a house with my dad (he lives in Kildare), Im based in Wales UK and wondered what do I need to consider in terms of me being a non-resident.

    A friend suggested I could buy a property; as a trust or as a company - Im not au fait at all with this and wondered if anyone else has suggestions or could recommend a specialist property solicitor/accountant in Ireland.

    Many thanks

    Revenue is very anti-trust, as they are generally used to avoid tax. Most Irish company trusts are quite complex structure eg partly based in IoM, using a charity to hold shares etc. Even if you want to set up a pension trust, a lot of them have to be approved by revenue.

    IMO unless you plan on being the next Durst family and owning a substantial property holding. Just buy the company as a co-owner without a company or trust


  • #4
    jeamimus
    Registered Users, Registered Users 2 Posts: 157 ✭✭jeamimus


    Buying as a non resident is no problem at all. The process is exactly the same as if you were resident. The only difference is that if you don't already have a PPS number you will need to get one and this takes two or three months. (I've no idea why it takes this long, but it does)


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