SSAP - 2 questions: overseas property and crypto

Hi all

I'm thinking of switching my executive pension to SSAP. I have heard that there are some restrictions around overseas property - could anyone point me to a link where I can see what those are?

Secondly, are there any restrictions around holding cryptocurrencies in a SSAP?

many thanks!

Here's a link to the Revenue pensions manual chapter covering SSAPs.

"Purchase of overseas property will only be permitted where there are appropriate arrangements in place to enable the pensioneer trustee to maintain control of the asset to ensure that Revenue rules are complied with."

In practice that means that the trustee needs to have procedures in place to make sure that, among other things, you're not going to use the property yourself for a few weeks of the year. As that's difficult to do, some trustees steer clear of foreign property.

Thanks both for the link, and for the clarification. I imagine a copy of a rental contract with a tenant would suffice to satisfy this requirement?

Any idea on cryptocurrency restrictions?

It sounds like the property you have in mind might be a holiday property. If so, it won’t satisfy Revenue requirements. Any property you buy, whether in Ireland or overseas, must be totally arms length. Whatever about buying a commercial property, buying an apartment (particularly overseas) is very problematic. A rental agreement would not be sufficient, as most such agreements tend to be for a limited timeframe. In addition, most Pensioneer Trustees tend to be reluctant to buy overseas property , not just from a Revenue perspective, but also because the administration is more complicated and more expensive.
As for crypto, I am not aware of any restrictions, but clearly they constitute a more risky investment. Again, it may depend on whether the Pensioneer Trustee is happy to hold such investments

Conan said:

As for crypto, I am not aware of any restrictions, but clearly they constitute a more risky investment. Again, it may depend on whether the Pensioneer Trustee is happy to hold such investments

Click to expand...

Couldn't the governing documentation of the pension scheme not be drafted in a way such that trustee (in this case the pensioneer trustee) is afforded protection in facilitating such investments?

Bear in mind that it's not you that's buying the property; it's the trustee on behalf of your pension fund. So you'll need to source a conveyancing solicitor in whatever country you want to buy who is both qualified and registered to act as a conveyancing lawyer in the foreign country and also familiar with the rules and legalities of an Irish pension trust.

Good points, all. Many thanks.