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Foreign Property

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  • 19-03-2007 11:13pm
    #1
    johnnyrotten
    Registered Users Posts: 3,593 ✭✭✭


    Please move if in wrong area

    I am considering buying a property abroad ( Canary Islands ). I would appreciate any advice, Thankd


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    #2
    connundrum
    Registered Users Posts: 5,563 ✭✭✭connundrum


    Have a builder/QS friend look at the plans if you're buying off plan.

    Do your own research into the builder/developer as so many have been fly-by-night traders.

    If you're buying 2nd hand, see if there is any debt on the land, have your solicitor scrutinise the deeds.

    Actually we can know more if we know whether you're thinking of a new build or 2nd hand property.


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    #3
    Victor
    Registered Users Posts: 78,398 ✭✭✭✭Victor


    Be aware that Spain has quite a different tax regime and that you will to a certain extent end up double taxed as they have property taxes, we don't. We are liberal in gift / inheritance taxes, they aren't.

    If you are going to rent it out, realise that you might only get 20-30% occupancy through the year.

    Is there a guaranteed rent scam?

    Are you aware the Spanish government is compulsarily acquiring all land withing 100m of the coast?

    Do you risk having to pay into a cumpulsory contribution scheme run by an unscrupulous / corrupt local council.


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