Hi keano
If your son is not planning to live here within the next two years, he should not buy a property in Ireland.
This is particularly so if he is a first time buyer. FTBs get privileges such as 90% LTV and Help to Buy so don't give those up for an investment property. (In the past they have been even better such as stamp duty exemptions.)
If the landlord is living abroad, there are complications such as requiring the tenant to withhold the tax on the rental income. And, of course, there are tax returns in America and in Ireland. It really is not worth these complications.
If he wants a stake in the housing market, he could buy shares in the IRES - a REIT which invests in Irish property.
Alternatively, you could buy the property in your own name. Then when he returns, he buys it from you at the current value. You may have a CGT exposure. And you will have double legal fees and stamp duty.
But all in all, he is better staying out of the Irish market until he is buying a home for himself to live in.
Brendan
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?