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If selling a house in Ireland while living abroad would you take the proceeds ...

  • 19-12-2020 1:33pm
    #1
    Did you smash it
    Registered Users, Registered Users 2 Posts: 4,451 ✭✭✭


    If selling a house in Ireland while living abroad would you take the proceeds into your Irish bank account or explore other options?


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,599 Mod ✭✭✭✭Jim2007


    Did you smash it wrote: »
    If selling a house in Ireland while living abroad would you take the proceeds into your Irish bank account or explore other options?


    It would entirely depend on what you intend to do with the cash.....


  • #3
    joeguevara
    Registered Users, Registered Users 2 Posts: 8,159 ✭✭✭joeguevara


    Were you living in the house in the last 12 months? What is your residential status abroad? The main issue is the issue of principal private residence. If not then it may be subject to capital gains tax m

    Are you outside of the EEA? What is the currency? If transferred what is the bank charges?

    What is your intention for the money?

    This is the first thing you should consider and not simply about the account?


  • #4
    Did you smash it
    Registered Users, Registered Users 2 Posts: 4,451 ✭✭✭Did you smash it


    Jim2007 wrote: »
    It would entirely depend on what you intend to do with the cash.....

    I don’t have a plan as yet.

    It’s more a question if you’re living abroad and was getting a sum of money from a transaction in Ireland what is the best way to take the payment in your view.the country I live in is in the EU but is not a euro denominated.


  • #5
    joeguevara
    Registered Users, Registered Users 2 Posts: 8,159 ✭✭✭joeguevara


    Did you smash it wrote: »
    I don’t have a plan as yet.

    It’s more a question if you’re living abroad and was getting a sum of money from a transaction in Ireland what is the best way to take the payment in your view.the country I live in is in the EU but is not a euro denominated.

    If you have already considered the tax implications if it is not your principal private residence (also revenue may liaise with European counterparts (crs) so ensure that you are satisfied with everything, then you should consider the fx risk of your non euro denominated currency. Is it stable or liable to fluctuate. Also what is the security for where you plan to deposit your money. In Ireland we have a deposit guarantee scheme of 100k in a bank or credit union. What is the guarantee in your jurisdiction.

    If you don't have a specific plan then you may look into an investment to lock in while you decide. If you are going to use it to finance day to day then look at how you can do this. If large amount you can negotiate fx commission and charges.

    But other than that enjoy it.

    One thing, is if you have been renting it out, make sure that the tax is paid as ive seen it being chased (not that I am saying that it is an issue here)


  • #6
    Did you smash it
    Registered Users, Registered Users 2 Posts: 4,451 ✭✭✭Did you smash it


    joeguevara wrote: »
    If you have already considered the tax implications if it is not your principal private residence (also revenue may liaise with European counterparts (crs) so ensure that you are satisfied with everything, then you should consider the fx risk of your non euro denominated currency. Is it stable or liable to fluctuate. Also what is the security for where you plan to deposit your money. In Ireland we have a deposit guarantee scheme of 100k in a bank or credit union. What is the guarantee in your jurisdiction.

    If you don't have a specific plan then you may look into an investment to lock in while you decide. If you are going to use it to finance day to day then look at how you can do this. If large amount you can negotiate fx commission and charges.

    But other than that enjoy it.

    One thing, is if you have been renting it out, make sure that the tax is paid as ive seen it being chased (not that I am saying that it is an issue here)

    Good advice. Thank you.


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  • #7
    eatsshootsandleaves
    Registered Users, Registered Users 2 Posts: 21 ✭eatsshootsandleaves


    https://www.boards.ie/discussion/comment/115657592#Comment_115657592

    Hi OP, I hope you don't mind hijacking this thread but my question is somewhat relevant to the responses.

    My question is: if I own my house in Ireland and plan to emigrate to France, the ideal is to rent a while over there to suss out the area before buying. However, after 3 months in France, you're considered resident and so I presume liable for tax. So if after a few months once I've decided where to buy in France and I sell my house in Ireland, am I liable for France rate of CGT (30% I think) or Irish CGT?

    Thanks in advance.



  • #8
    The Ging and I
    Registered Users, Registered Users 2 Posts: 414 ✭✭The Ging and I


    To my knowledge its after 6 months you are considered resident. To keep things simple stay tax domiciled in Ireland and if the house is your home and always has been , theres no CGT. You can then open an account in France and transfer all or as much as you want with no tax payable.

    Credit Agricole have English speakers who will organise this for you. Perhaps other banks have this service.

    Good idea to rent locally before buying.



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