Selling Flat in Budapest

C

Catan

Registered User
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Hi Folks,

I have a question that I hope someone will have an answer for. I'm in the process of selling my flat in Budapest. As much as it pains me to sell anything at the bottom of the market, it's time to bite the bullet and move on. I've requested that the monies be transferred to my AIB account here in Ireland. The buyer has agreed and it being written into the sales agreement as I type. Now my question is - when this money suddenly appears in my Irish account and awakens the tax revenue beast, and I liable to pay any tax in Ireland? The flat is being sold at the price I purchased at so no profit has been made (that would be for HU revenue anyway). I also lived there for three years so it was my residence for a time. Do I have to prove the money is coming from a property sale and give them all the details? Will they come for me or do I go to them?

Thanks in advance

Des
 
If filing a Form 11 then put it on that, if not then a CG1 with details of the cost and disposal proceeds if no gain then no liability. There may be different rules in the foreign country.
 
Not in reply to your question but a bit of advice. If the money Is coming from Hungary in forints then make sure your Aib account will accept. It probably will UNLESS your account is with AIB Direct Deposits. If that's where your account is then the money has to be converted to Euro in Hungary before it is transferred. If if comes over in HUForints then Aib Direct Deposits WiLL reject the payment and it will be sent right back to Hungary.

Most people want the currency transfer to happen here as it Is cheaper but again I repeat if your account is with AIB dd you can't do that.
 
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