buying second property for investment purposes

Mortgage interest is only allowable on PPR, not on investment properties. And unless you buy a wreck, which is a whole different ball game, expenses won't be enough to make a noticeable dent in your tax bill. It will be in or around 50% of your rent.

OP, you'd be tying a lot of money (over half your savings) up in a potentially very illiquid asset, depending on what happens in the next few years.

If you will definitely want/need to move in the near future, I personally would be finding a far more flexible home for my savings.

Not sure why you quoted me, as that's what I was saying?!

That's not correct. Can you show where it states that mortgage interest is only allowable on PPR?

https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-allowed.aspx

Are you getting the remittance basis confused with the domicile levy?

Put it this way, a Polish person coming here for work, becomes resident, becomes Ord resident, will still not pay any Irish tax on rental income earned in Poland, once the income is not remitted here. They will be liable to Polish income tax.

Look all for learning, but if you don't understand something, be careful how you answer, your answer was designed to be demeaning, in light of the above you might improve your attitude.

Well there you go, I warned you, and you've done it again.

You didn't find the use of the word "May" suspect at all? 😂😂😂😂

OP have you actually considered investing abroad? If not maybe the thread could cease to be derailed?

I don't care anymore. Has nothing to do with the OP

I don't care. Do yourself a favour and read the document. It is of no relevance to the OP who doesn't even want to invest abroad.

If they do, they will be liable for tax on the income. Despite your false "advice". Which, if followed, would amount to them breaking the law. Here and probably abroad too.

I am not wrong. The advice the other poster is giving and implying is that the OP can buy a house in Spain, tell the Revenue that even though they are Irish, living here and no intention of going anywhere, that they've decided to change their domicile and not have to pay any tax in Ireland, or any tax in Spain on any rental income from it.

Now when it is pointed out to certain posters that that is incorrect, they go on about a Polish person coming to Ireland and paying their tax in Poland. That is where the goalposts are being shifted. I shifted nothing. The OP is not a Polish person coming here temporarily. They are an Irish person who is living here and has their house here paid off and who has no interest in buying abroad.

The OP cannot just change their domicile like that. They could change their tax residency immediately (with split year treatment as I said). But they would have to actually leave to do that.

Unless you think that the OP can buy a house in Spain and not pay any tax anywhere on the income as long as they don't transfer it to Ireland? Are you saying that too? Because if you are, then you are also wrong.

I wouldnt touch it, and im a small landlord.

Tax makes it unprofitable and the wrong tenant makes it a complete nightmare.

I would look at investing a portion of that money. Plenty of places to put it that should give a hassle free return.

Now sneaky sneaky, trying to edit your posts. All can see the sarkey reply you made as I quoted it, your new post is quite a different post now that you realise you were wrong (and others can now see)...

You were wrong because you played the asshole, pretending to be an expert and you came unstuck.

I have no respect for you, if you had any self respect you would disappear.

Just to summarise for you again what you did:

1. You made asshole remarks.

2. You didn't know what the remiitance basis was, you instead talked about domicile levy and changing domicile.

3. I gave a circumstance where the OP would not be required to pay Irish tax on foreign rental income. You should have accepted this is something you did not have a contribution on. That was relevant to the OP. You did not heed my warnings and continued to be an asshole. This must be very embrassing for you.

4. You are now still not understanding that the OP may not have an Irish Domicile and regardless, will be required to pay tax in Spain/wherever on the rental income. There was no mention of domicile in the OP, just that they considered there would be no Irish tax payable.

5. Of course if the OP is Irish domiciled, they can confirm this themselves. In which case the remittance basis does not apply. But you are still an asshole for substituting knowledge with google.

Anyway, think there are a lot of people delighted to see you shown up like this, it is throughly deserved.

See above post. The OP is Irish. They are not Polish, nor from the planet Klingon.

Revenue will have the final determination as regards domicile for tax purposes. "Domicile" doesn't come into it for the OPs situation. It is useless to them. So arguing about it doesn't matter. They can take your advice and buy a whole graveyard somewhere, but it won't change anything.

Trying to change their domicile would only work after they had moved abroad for long enough (and would then be no longer tax resident or ordinarily resident here). For as long as they are tax resident, domicile doesn't matter.

Can't fix stupid.... You are trying to explain something you don't understand now and have forgotten your own argument!!!!

Remember you claimed remittance relief only applies if not ordinary resident!!!!!

Our tenant has recently left and we are putting out property on the market in the new year. So glad to be out of the swamp that is property investment in Ireland. We do have money lying around though looking to be spent and we have actually bee discussing buying a house abroad. We even know the town and the particular houses we are interested in.

Its in Portugal where we have spent a lot of time over the years. We could airbnb it if we wanted for when we arenbt there, but arent pushed about that tbh. Have some friends who we meet over there when we go and have known them for many years now. Currently tapping them for their own experiences on it. One had a house in Portugal and had 3 apartments in Dublin up til about 2 years ago when he sold all the ones in Ireland, so he will be able to advise us well.

But I am rambling. Point is that I understand what you are saying, that it looks like its better to invest property money abroad than carry the risk investing it in Ireland. I hear ya.

Well said Casati. As a landlord who has sold all but one property, I wouldn’t advise anybody to buy to rent. Landlords are treated badly on every front. If the government want to secure tenancy rights they should guarantee rents for any property which is up to standard.

The judgement made before Christmas to allow tenants owing €70,000 remain for a further two months should be an eye opener for any prospective landlord.