tax on latvian property rent

B

bulmers

Guest
I am resident in Ireland and pay tax and work here (self employed) I own an appartment in riga which i let out.I am not sure if i should pay tax here in Ireland or pay in Latvia ? there is a double taxation treaty in place with Latvia.does any person know what the situation is in this case? I have a mortgage from a latvian bank and my rent is paid into this .Any help would be great.....Thanks in advance.
 
You would need independent, professional advice from somebody who understood the tax codes in both countries. At the very least you are most likely assessable for income tax on the rental income. You may get a credit for any tax witheld at the other end. You need to also understand any other taxes that may apply in either or both jurisdictions (e.g. stamp duty, property taxes, CGT etc.). Did you not get such advice before buying!?
 
Bulmers,

The Revenue's double taxation agreement with Latvia is on this link, Article 6 of the agreement is relevant for property in Latvia [broken link removed]

This link also provides good background on tax on property in Latvia If I were you I would appoint one of the specialist companies who deal with overseas tax such as Property Tax International www.ptireturns.com or http://www.foreigntaxreturns.ie

Good luck,

Simon
 
After paying any taxes due in Latvia, you then have to make a return in ireland as though the property was a irish investment property. See [broken link removed] and in particular "How are foreign rents taxed".
Different rules apply in different countries.
 
You must log in or register to reply here.
Back
Top