Buying a property in Ireland and getting a residence permit in Ireland
Buying a property in Ireland is not restricted to people of any nationality or people with any capital. But if the investor wants to apply for a residence permit in Ireland through buying a property in Ireland, he must buy at least 450,000 euros’ bonds in a property which is worth 500,000 euros. After completing the legal process and registering this investment, the applicant can apply for a temporary residence for himself/herself and his/her family for 2 years. After these 2 years, the Immigration Office of Ireland will check the investor’s condition to see if this investment still has the previous requirements, and if the property is still available, the residence permit of the property’s buyer will be extended for another 3 years. After this 5-year period, the investor can apply for a permanent residence in Ireland to the Immigration Office of Ireland.
Migrating to Ireland and getting a residence permit this country through the purchase of a property is a method that requires the applicant to transfer a large amount of capital to this country. In the European Union, there are other countries with high investment standards that will offer the investor residence permits without investing in the destination country and with amounts that are much less than 450 thousand euros. In fact, you can get a European residency only if you have a much lower initial capital and preserving this capital in the country of origin.
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Buying a property in Ireland and people who are eligible to buy property
Buying a property in Ireland does not have any restrictions for foreigners. However, for those who need a visa to enter this country, it is recommended to buy only a property that leads you to get a residence permit in Ireland and this way you have no problem for traveling to this country. As mentioned earlier, buying a property which worth 450,000 euros in this country will lead you to get a residence permit in Ireland. For foreign investors with this amount of capital, who aim to get a residence permit and citizenship of a European country, some much better ways are offered. For example, you can even get a residence permit in Austria without transferring capital. This article on buying a property in Ireland has been prepared only for the official website of Malekpour Law Firm. Therefore, copying it is forbidden.
Buying a property in Ireland and the legal process of buying a property in Ireland
Applicants who want to buy a property in Ireland must first search for the property and choose it through an expert in real estate. To complete all of the steps of buying a property in Ireland, you must use a reputable lawyer who is familiar with the Irish law. After the final approval of the property, the buyer’s lawyer prepares a draft of the terms of transferring the property to the buyer’s name and sends it to the seller’s lawyer, and after the seller’s lawyer approves it, the buyer must sign the documents and pay 10% of the value of the property as a prepayment (down payment), and the property transfer process begins, which takes about 6 to 8 weeks and sometimes up to 12 weeks in special cases.
During this process, all legal steps are taken by the lawyer, such as revoking and canceling the stamp and registering the transferring of the property at the Irish Registry. During this process the applicant must pay other fees in addition to the costs of the property in question. These costs include VAT, tax stamps, real estate agency commissions, registration in the registry office system, lawyers, and more. In the table below you can see the registration fees in the Irish Registry Office system based on the price of the property:
| registration fees | |
| Value of Property | Registration fee in Euros |
| Less than 50 thousand euros | 425 euros |
| 50 thousand euros to 200 thousand euros | 600 euros |
| 200 thousand euros to 400 thousand euros | 700 euros |
| More than 400 thousand euros | 800 euros |
The following table gives an overview of the costs of this process:
| The total cost of the process of buying a property in Ireland | ||
| Revoking the stamp | 1% – 2% of the property value | By the buyer |
| Legal fees | 1% – 1.5% (+ 23% VAT(valued added tax)) | By the buyer |
| Registration fees at the registry office | 0.25% – 0.75% of property value | By the buyer |
| Real Estate Agency Commission | 1% – 3.5% (+ 23% VAT) | By the buyer and the seller |
| Total costs to be paid by the buyer | 3.71% – 8.90% of property value | |
| Total costs to be paid by the seller | 1.23% – 4.305% property value | |
Buying a property in Ireland and the costs of buying and renting a property in Ireland
The cost of renting and buying a property in Ireland varies from city to city. As expected, the cost of buying and renting a property in Dublin is higher than in other Irish cities.
The difference between the costs of renting a property in Dublin with other areas of other cities is quite obvious:
| The cheapest areas of different cities in Ireland | The most expensive areas of Dublin | ||
| ROSCOMMON area | 688 euros | STH CO. DUBLIN area | 2.169 euros |
| LANGFORD area | 685 euros | STH DUBLIN CITY area | 2.110 euros |
| DONEGAL area | 633 euros | CENTRAL DUBLIN area | 2.029 euros |
| LEITRIM area | 584 euros | NRTH DUBLIN CITY area | 1.859 euros |
The same applies to the costs of buying a property in Dublin, the costs of buying a property in the capital of Ireland, is significantly different from other cities. For example, the costs of buying a three-bedroom property in city center of Dublin can range from € 300,000 to € 1,800,000.
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