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Need Investment suggestions, sizeable sum for 12 months

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  • 20-08-2004 12:02pm
    #1
    padraigmyers
    Registered Users Posts: 413 ✭✭


    There has probably been threads like this already, and if I'm bringing up an old chestnut then sorry, but I was just looking to get some up-to-date info.

    I am heading to Austrailia for a year, and have a sizeable sum of mony (appox €80k-€100k) that I want to invest for 12 months, but I will need it when I get back home again.

    I had been looking into buying a house, getting a morgage for the balance and renting it out to cover the morgage while I'm gone, but if I only keep it for 12 months then stamp duty etc. will eradicate any possibe income and I would probably just break even.

    I'm open to any suggestions, fixed period depoist accounts, porperty investment, whatever. Any help that you could give would be much appricated.


Comments

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    #2
    Skybird
    Closed Accounts Posts: 47 ✭Skybird


    I could mind it here for you in Wexford and would not even charge you :rolleyes:


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    #3
    nahdoic
    Registered Users Posts: 944 ✭✭✭nahdoic


    http://www.angloirishbank.ie/depositrateseuro.asp

    2.35% for first 6 months, and 2.2% for remaining 6 months

    I personally wouldn't be buying a house now, especially if you are going away and you'll have to pay someone to mind the house. And you're not guaranteed of getting tenants, they might wreck the place on you, and you'd have to put in a month of doing it up when you get back to sell it on again.

    also picture your tenants ringing you up to fix a leak as you are driving through sydney city :)


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    #4
    Merrion
    Registered Users Posts: 1,421 ✭✭✭Merrion


    Since you will be non resident for 12 months I'd suggest looking at offshore bank accounts.

    Unless you want to invest in a small Dublin based software company ;-)


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    #5
    padraigmyers
    Registered Users Posts: 413 ✭✭padraigmyers


    Offshore accounts, now that sounds interesting, what are the big benifits with those (becides the tax free aspect)? Where would I get more info on this?


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    #6
    Merrion
    Registered Users Posts: 1,421 ✭✭✭Merrion


    Most of the major banking chains do offshore accounts. StandardChartered and HSBC for example.


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    #7
    Pepe LeFrits
    Users Awaiting Email Confirmation Posts: 15,001 ✭✭✭✭Pepe LeFrits


    nahdoic wrote:
    http://www.angloirishbank.ie/depositrateseuro.asp

    2.35% for first 6 months, and 2.2% for remaining 6 months
    Which gives a CAR of 2.29% (variable). The 12 month fixed term rate was at 2.33% yesterday.


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    #8
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    If the man is non-resident for the tax year, he shouldn't have to pay retention tax, even if he puts the money in a bank in Ireland. (You need to check this with the ladies and gentlemen of the Revenue Commissioners).This means he will get a return that's a good bit higher. I believe Northern Rock gives a slightly better rate than Anglo, but I could be out-of-date.


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