Accounts

If you are a business owner and you are either unhappy with the present service you are getting from your accountant or feel you are paying too much for this service, why not get a commitment free quote from our sister company FC on Call (formerly owned by Catherine Brennan).  As you will see from the website FC on Call provides a huge range of cost saving and profit increasing services.  Alternatively contact 01 6275750 or info@fconcall.com for more information.

Taxes

There are many misunderstandings regarding taxes payable on property abroad and probably only a small portion of people who already own property abroad are actually fully tax compliant. The first thing to clarify is that tax in Ireland is payable on all worldwide income if you are an Irish resident. Agents boast that the development they are showing you have no capital gains if you hold for five years or sell in the first three years etc. This is very misleading as it is indeed the case in the foreign country but if you sell your gain is taxable here in Ireland. The other thing to note is that just because you understand how to do a tax return here does not mean they are all the same, some countries allow interest to be deducted and others don’t. You cannot offset against tax incentive property here as the rents are foreign income. Some countries even charge you tax on “deemed rent” if your property is empty. It is wise to get an expert to do your tax returns abroad. The easiest way to avoid paying capital gains is not to sell property but to top up and release equity to reinvest.

Enquire about taxes at info@makemerich.ie

Legal

People are understandably concerned when they are about to purchase abroad that they do not understand the law of the land where they are buying.

Despite this many people buy without a solicitor where they never would in Ireland. This is very high risk as at least in Ireland you have warning signs when a deal is in difficulty.

We always recommend you use a solicitor and local solicitors tend to be much cheaper than the solicitors doing work abroad from Ireland/England. The simple reason for this is that you are paying two solicitors when you book from here. The foreign solicitor the company uses must be paid and also the company running the business here must be paid.

However many people like to call in to the solicitor here and prefer to deal with an Irish person. That of course is fine but expect to pay more.

We recommend different solicitors for different countries and can provide you with those details depending on your country of interest.

Enquire about legal at info@makemerich.ie