Hi, quoting from the Revenue FAQ
"How are foreign rents taxed?
In general, income from foreign property is computed on the full amount of the income arising, irrespective of whether the income has or will be received in the State. In the case of foreign rental income this income is charged under Case III of Schedule D and the same deductions and allowances are available as if the income had been received in the State. Deductions are also normally available in respect of such income for sums in respect of foreign tax paid. This income should be included in an individual’s tax return on the Foreign Income panel.
These rules do not apply to a person who is not domiciled in the State or who is an Irish citizen not ordinarily resident in the State. In such cases, income tax is computed on the full amount of the actual sums received in the State from such remittances, etc. without any deduction or relief given. "
Am purchasing an investment property in Morocco, property in Q will be tax free for the first 5 years, also sliding CGT rate to zero after 10 years.
Q1. Will this tax free period and CGT rate be "honoured" back here?
AFAIK there is no Tax Treaty between Ireland and Morocco......
Q2. Not from a tax evasion perspective but how could the Irish Revenue be aware of said property/income without self declaration?
Tks in advance
"How are foreign rents taxed?
In general, income from foreign property is computed on the full amount of the income arising, irrespective of whether the income has or will be received in the State. In the case of foreign rental income this income is charged under Case III of Schedule D and the same deductions and allowances are available as if the income had been received in the State. Deductions are also normally available in respect of such income for sums in respect of foreign tax paid. This income should be included in an individual’s tax return on the Foreign Income panel.
These rules do not apply to a person who is not domiciled in the State or who is an Irish citizen not ordinarily resident in the State. In such cases, income tax is computed on the full amount of the actual sums received in the State from such remittances, etc. without any deduction or relief given. "
Am purchasing an investment property in Morocco, property in Q will be tax free for the first 5 years, also sliding CGT rate to zero after 10 years.
Q1. Will this tax free period and CGT rate be "honoured" back here?
AFAIK there is no Tax Treaty between Ireland and Morocco......
Q2. Not from a tax evasion perspective but how could the Irish Revenue be aware of said property/income without self declaration?
Tks in advance