Guide for Canadians Buying Property in Ireland

Ireland Places

Have you ever wanted to move to Ireland?

The Island offers beautiful vistas, coastline cliffs, green pastures, and rolling hills, it is no wonder that people are enchanted by the Emerald Isle.

The Irish people are known worldwide for celebrating colorful events and festivities throughout the year. Ireland's picturesque landscapes, hospitable locals, and unique culture make it an attractive place to buy property. The Irish people are known worldwide for celebrating colorful events and festivities throughout the year. Here you will find all the information you need to make sure your purchase goes smoothly from start to finish.

What are the Reasons to Buy Property in Ireland as a Canadian?

There are many reasons why people choose to purchase property in Ireland, such as:

The Rich Culture and History of Ireland

Ireland has a unique history and culture that attracts visitors from around the world. Well known for its traditional music, literature, theatre, and dance, Irish culture has been incredibly influential in the development of Western Civilization. For Canadians, this makes Ireland an interesting place to live and invest in.

Low Prices Compared to Other Countries

One of the main reasons for buying property in Ireland is the competitive prices. When compared with other countries, properties here tend to be much more affordable. Whether you are looking for an investment property or a home, Ireland is an economical option for Canadians.

An Excellent Education System

The education system in Ireland is one of its main attractions. Schools throughout the country are renowned for their excellent academic standards. Moreover, universities in Ireland are very popular among international students, due to their high-quality facilities. Many universities also offer scholarships for Canadian students, which can make buying property even more affordable than it already is.

The Booming Economy

The economy in Ireland has been rapidly growing. This has made it an attractive place for investors looking for potential growth opportunities. Although prices for properties remain relatively low compared to other countries, the market is expected to grow significantly over the next few years. This is why now is a great time for Canadians to buy property in Ireland before prices start rising again.

Incentives from the Government

There are several government incentives available for Canadians interested in buying property in Ireland These include lower taxes on income generated from rental properties as well as tax exemptions on capital gains when selling them after five years. It is easier than ever for potential buyers to break into this market, without having to worry about large upfront costs, or losses if they choose to sell later down the line.

Key Elements to Consider when Buying Property in Ireland as a Canadian

  • Get Professional Help - It is important for Canadians to research the real estate market in Ireland before buying property. Consider speaking with agents and other professionals to get an idea of the associated costs and process.
  • Know About Taxes and Fees - Be aware of the taxes you may be liable for when investing in Irish real estate. This can include local, state, and national taxes.
  • Residence Permit - As a Canadian, if you plan to stay in Ireland for an extended period of time, you will need a residence permit. This can be obtained by filling out an application and providing the necessary documents.

Best Places in Ireland to Buy Property

Ireland is a popular destination for ex-pats, families, and business people alike. Some of the best places to buy property in Ireland are:

Dublin

Dublin

From its bustling city life to its vibrant culture and booming economy, Dublin is a top choice for property buyers. Excellent public transportation makes getting around the city easier and there is so much to explore. In Dublin, houses and apartments come in all price ranges, you will surely find the perfect property to suit your needs.

Cork

The city of Cork is a beautiful location situated on the south coast of Ireland, with mild temperatures year-round. Cork is a dream for anyone interested in beaches, nightlife, and beauty.Also known as the culinary capital of Ireland, Cork hosts a diverse range of food markets and restaurants.

Cork
Galway

Galway

Galway City is often referred to as “the cultural heart of Ireland.”It is an ideal place for families or anyone looking for an adventure.Galway is a bohemian city with a love of traditional music, art, and architecture.

Property Purchase Costs in Ireland

The cost of real estate in Ireland can vary depending on the city or region. It is important to be aware of the average costs in the area you are interested in as well as any extra fees involved with buying a property such as:

Legal Fees

Knowing the legal fees associated with purchasing a property can be difficult, however, solicitors do offer competitive rates for conveyancing work.

Stamp Duty

Stamp duty is a tax that you are required to pay for property transfers. When you purchase real estate, stamp duty must be included in the final sale price. 

Local Property Tax 

Depending on when you purchase a home, you may be responsible for all or part of the Local Property Tax (LPT) In Ireland, all residential properties are subject to this tax. 

How to Buy Property in Ireland as a Canadian - A Step-by-Step Guide 

For Canadians looking to purchase property in Ireland, the process can be complex.However, following these steps will help make sense of the process: 

  1. Real Estate Agent - A reputable real estate agent will not only help you find your dream home but also take care of all the paperwork associated with your purchase.You will need an Irish Personal Public Service Number (PPS) for which your agent can advise you.  A PPS is the same as a SIN number in Canada. 
  2. Research Areas - Before you purchase a property, be sure to do your research on locations. Infrastructure, such as transportation, schools, nearby attractions, and amenities can impact the quality of life, so do your research.  
  3. Acquiring Residence Permits - If you are not an Irish citizen; you might need to acquire a residency e permit before buying any property in Ireland. To be on the safe side, speak with an immigration lawyer beforehand. 
  4. Close the Deal - Finally, it's time to close the deal after completing all your research and reviewing all the paperwork.  Your real estate agent will help with most of the paperwork, but make sure to double-check everything before signing anything. 

How to Pay for a Property Purchase in Ireland? 

To pay for your property in Ireland, it is essential to be aware of the currency used in Ireland and how to convert it. When making payments for your Irish property, Euros are the only currency accepted.  This means you need to convert Canadian Dollars (CAD) into Euros. However, keep an eye out for any fluctuations in exchange rates so that you can get the best deal possible.  

How can you Get the Most Value for your Money when Exchanging Currency? 

Exchange rates are always fluctuating and if you are thinking about buying property overseas, it is important to pay attention to the exchange rate. With that in mind, you can be sure that you're getting a good deal on your purchase. The exchange rates can greatly impact the price of the property, the registration fee, legal fees, and all applicable taxes. Remember, you will be converting Canadian dollars to Euros, therefore, you will need to stay informed about the EUR/CAD exchange rates. Continue reading to learn the best exchange rate options. 

What Methods can Canadians Employ to Purchase Real Estate in Ireland? 

There are several methods you can use to pay for property purchases in Ireland as a Canadian. To choose the best method for your payment, consider the following options: 

  • Bank Transfer - This is probably the most traditional option. However, banks typically charge exorbitant exchange rates and even higher fees for international transfers. 
  • Money Service Provider - The most secure option is to use a money transfer service such as MTFX. MTFX offers transparent money transfer options, without any additional charges, providing excellent exchange rates, making it the most reliable and secure option for currency exchange and money transfers worldwide. 

Is it Possible to Convert CAD into Euros Through the Bank? 

It is but beware of some facts, there are several reasons why you should avoid banks for currency conversions and money transfers when purchasing a property in Ireland, such as;

  1. Exchange rates offered by banks are not very competitive. 
  2. Banks charge high fees (sometimes hidden fees) for international transfers. 
  3. The process of transferring money through a bank is slow. 
  4. Bank transfers can be unreliable.
  5. Bank transactions are sometimes canceled without notice or delay. 
MTFX handle the money transfer for your foreign property purchase

 

What Sets MTFX Apart and Makes it the Ideal Choice for International Money Transfers? 

MTFX is an excellent choice for those looking to send money internationally, they offer: 

  • Competitive rates.  
  • MTFX saves you anywhere from 2-5% on your exchange rate.  
  • Timeliness, transactions with MTFX take only 24-48 hours to process. 
  • Customer Service, MTFX's customer service is exemplary. 
  • Accessibility, experienced representatives are always available to answer any questions or concerns that you may have.  
  • Market Watch, MTFX offers rate alerts notifying you when the rate hits your desired level, making it easy for you to monitor where the market is heading and to make informed decisions about your money. 

Open an account today to enjoy simple, secure, and cost-effective international payments to buy property in Ireland with MTFX.

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