You can only rent a room in your PPR, or where your friends or family would expect to find you. If you are only spending a couple of months a year in Ireland then any property in Ireland would not be your PPR.When i eventually move to Spain and continue renting out the rooms will this be considered "illegal",
No. It's €14k per PPR, not per room.You can do rent a room if you wish up to 14K. Not sure if you can get it for 2 x rooms at 14K each though?
Thanks for the informative reply. It will be 14k altogether.You can do rent a room if you wish up to 14K. Not sure if you can get it for 2 x rooms at 14K each though? Maybe one room will be enough?
You can't move to Spain and rent a room -it must be your main residence - you must live there.
If you move to Spain you will have to rent rooms but not under the scheme and hold a room for yourself - this will have to be in the agreed lease and you pay tax on this. Or you will rent out the full house and pay tax on this.
Thanks, i'm assuming if i spend more time in Ireland than Spain it would be ok then?You can only rent a room in your PPR, or where your friends or family would expect to find you. If you are only spending a couple of months a year in Ireland then any property in Ireland would not be your PPR.
There are lots of other moving parts (tax on earned income, tax on rental income) but for starters you cannot avail of rent-a-room relieve in a house you don't mainly live in.
(bit nervous of the timing due to upcoming crash).
Shares: €40k
Crypto: €25k
Stocks: €15k
Precious metals: €5k
But if you and your tenants and your child would benefit from a more expensive house, you should buy a more expensive house.
have just gone sale agreed on a 3 bed in Dublin for 320k
thanksCrypto and metals are very volatile so you should cash these immediately and make sure you have lots of cash.
Not sure what the difference is between "stocks" and "shares"? Again, as you are about to purchase, then you should probably sell these now.
Brendan
I will heed your advice Brendan, thank you sir.Hi matrix
Your objective now is to buy a house. You will have a mortgage. You should minimise that mortgage.
If you own speculative assets while you have a mortgage, you are effectively borrowing money at 3% to invest. That is not a good idea.
You should certainly sell down any shares in your employer as soon as it is tax-efficient to do so.
Brendan
Crypto and metals are very volatile so you should cash these immediately and make sure you have lots of cash.
When you do that you'll be tax resident in Spain and your tax liability for the rented rooms (and everything else) will be calculated based on Spanish tax rules. Is there a PreguntaporDinero.com?I plan to move to Spain in a couple of years
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?