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FTB status

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  • 14-08-2007 8:44pm
    #1
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭


    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?


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    #2
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭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


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    #3
    faceman
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators, Social & Fun Moderators Posts: 16,603 CMod ✭✭✭✭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!


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    #4
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭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)?


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    #5
    faceman
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators, Social & Fun Moderators Posts: 16,603 CMod ✭✭✭✭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.


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    #6
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #7
    faceman
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators, Social & Fun Moderators Posts: 16,603 CMod ✭✭✭✭faceman


    daveirl wrote:
    This post has been deleted.

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


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    #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭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.......


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    #9
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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