Being 'given' an overseas property - implications?

C

Caveat

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Turns out to our surprise and delight the above will transpire in about a year or so. Prefer not to name the country as it may identify but it is an English speaking country.

The person giving us the property is not a relative if that makes a difference.

What should we be aware of re fees/costs/complications and is there anything we can or should prepare for?

Thanks
 
Hi Cavaet,

You may have both Irish and non Irish taxes.

The person gifting may have some CGT payable

You may face a CAT and stamp duty bills. The stamp duty will depend on the incountry rules the CAT could be both non- Irish and Irish.

It is possible some of the CGT can be offset against the CAT but this would only apply to the Irish taxes.

You will definetly need specific advice.
 
You should ptobly start with advice in the foreign country. Solictor should be able to adive on taxes to a certain level.

Then speak with a good tax advisor.
 
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