Galvin Property are specialists in offering secure, valuable and high-yield investments in prime locations across Ireland and the UK. We are trusted by clients across the world to deliver complete and continuous investment solutions that achieve strong and competitive annual yields. With 15 years of successfully operating in the Irish and the UK property market we have developed a comprehensive, in-house service, covering all aspects of the investment process to include sourcing, negotiating and financing deals.
Our team of experts provide bespoke property selection, negotiation, efficient and cost-effective renovation, innovative and individual furniture and fittings packages, full property management and asset improvement services. Our experience and expertise ensures the best value at every stage presenting you with unique opportunities and carefully selected prime city centre locations, with all our products focussed on saving clients time and money.
We are committed to their success by providing high performing solutions designed to fulfil their investment goals.
Established in 2005, Galvin Property is a full-service property investment company that helps high net worth investors add the strength of global real estate to their portfolio. Our unique end-to-end approach, delivered by an experienced team of international real estate and investment professionals, untangles the complexities and complications of property investment
There’s more to real estate investment than buying and selling property. In between the initial capital investment and subsequent resale, international landlords need to deal with the complex issue of managing that asset. For many international landlords this long-term management aspect, particularly on an international level, can turn investors away from the excellent potential real estate offers.
As part of our end-to-end process, our team of experts along with our preferred taxation and legal partners, will make the day-to-day management of your property transactions as straightforward as possible, whilst achieving leading rental yields to strengthen your overall returns.
Investing in Irish property from abroad has become more and more attractive to foreign investors. Allied to the reduction in prices in both the residential and commercial market there are substantial tax incentives in the current market. In particular:-
1. Stamp Duty
Commercial property – single rate of 2%
Residential Property – property value up to €1,000,000 – 1%
Balance – 2%
An attractive option is to acquire shares in a company holding the property – stamp duty on the transfer of Irish shares is charged at 1% of their value.
2. Value Added Tax
In the case of a freehold or “freehold equivalent” interest in property VAT applies at the rate of 13.5% if the property is considered “new” (less than 5 years old) or if the seller and purchaser agree that VAT should apply.
Irish resident company – corporation tax at 25% of rental profits.
Non-resident companies and individuals – standard rate of income tax – 20% (higher rate for individuals of 41% in excess of the standard rate band).
In computing rental income for tax purposes, deductions are allowed for payments to a superior landlord, maintenance, repairs, insurance, management fees, improvements and interest on borrowings incurred in the purchase, improvement or repair of the property.
2. Withholding Tax
Withholding tax does apply where rent is payable to a non-resident landlord. However, there are options available to foreign investors to apply to Revenue for a certificate of exemption and it is open to foreign investors to appoint a resident Irish agent on their behalf. The agent becomes accountable and liable for discharging the tax.
Interest payable in respect of borrowings secured upon Irish real property may be regarded as Irish source interest, and accordingly separately subject to withholding tax, but there are exemptions in circumstances where the lender is an Irish bank or if the borrower is a company exempted by the Revenue Commissioners.
4. VAT on leases
A landlord can elect to apply VAT at the standard rate (23%). This is usually applied where the landlord has incurred VAT on the purchase of the property in Ireland.
Capital gains tax participation exemption on disposal of qualifying shareholdings;
Effective exemption for foreign dividends via 12.5% tax rate for qualifying foreign dividends and a flexible foreign tax credit system.
Double tax relief available for tax suffered on foreign branch profits and pooling provisions for unused credits.
No withholding tax on dividends paid to treaty countries (or intermediate non-treaty subsidiaries).
Exemptions to dividend withholding tax are available under the Parent Subsidiary Directive for EU companies.
Access to double taxation agreements to minimise withholding tax on inbound royalties and interest, and additional domestic provisions to minimise withholding tax on outbound payments.
Extensive double taxation agreement network and access to EU directives.
The applicant is not required to establish actual residence in Ireland. The programme is about the rights of residence that the applicant may exercise as their business and family needs dictate. No minimum residence requirement is set other than the stipulation that the persons concerned should visit Ireland at least once in every 12 month period.
Applicants will be required to be self-sufficient and to support their families without recourse to State funds.
Applicants must be of good character and will be required to attest to their bonafides. This will be done via an affidavit sworn in this Ireland. False misleading or incomplete information submitted can lead to the removal from the State as well as revocation of the immigrant permissions.
Provenance of the Funds
The applicant must be able to show the source of the funds proposed for the investment, i.e. that the funds were legally acquired, are fully owned by them and are theirs to dispose of as they wish. All funds must be fully compliant with Anti Money Laundering Legislation.
The Irish Government has introduced two major new immigration initiatives aimed at facilitating (non-EEA) migrant entrepreneurs and investors who in return for permission to reside in the State are prepared to invest in Ireland for the purposes of saving or creating jobs.
These initiatives are known as
The Immigrant Investor Programme & The Start-up Entrepreneur Programme
Immigrant Investor Programme
A range of investment opportunities are now available to non-EEA nationals and their families wishing to reside and invest in an approved investment in Ireland. Approved applicants under the Immigrant Investor Programme will be granted a right of residence in Ireland with their families and will be granted multi-entry visa permission. Successful applicants will be granted residence permission for a period of five years. When the application is first approved, the applicant will be granted residency permission for a period of two years. At the end of the initial two year period, a review will take place to ensure the Investor continues to satisfy the terms of the programme. Once it has been determined that the terms of the Schemes continue to be satisfied, a further three year residency permission will be granted.
The residency permission granted is a right of residence in Ireland and does not oblige the Applicant to have Ireland as its main residence. The Immigrant Investor Programme is designed to give rights of residence to Investors and their families that they may exercise as their needs dictate. The only obligation in terms of residence is that those granted rights of residency under the Programme visit Ireland at least once every twelve months.
The level and duration of financial commitment required from the Investor will depend on the nature of the investment but will generally range from minimum €500,000 for investments in an Irish enterprise and up to €2,000,000 in any Irish Real Estate Investment Trust (REIT) that is listed on the Irish Stock Exchange. The level of investment in business entities where jobs are being created or saved will be guided by and be reliant upon the advice of the IDA Ireland and Enterprise Ireland in assessing individual proposals. The Investor Programme is designed to attract individuals with a successful background in business to invest in and relocate to the State. A range of investment options are provided for with different thresholds applied depending on the nature of the investment.
Immigrant Investor Bond
A minimum investment of €1,000,000 in a 5 year immigrant investor bond issued by Ireland acting through the National Treasury Management Agency. This will be a non interest bearing bond for a five year investment period. The bond will be issued on behalf of Ireland by the National Treasury Management agency (NTMA). It will be offered exclusively to participants in the scheme that have been approved by the Department of Justice and Equality. The bond will not be tradable on any market and will not be transferable and must be held by the participant for the full five years until it matures. The Immigrant Investor Bond is a Government guaranteed investment.
A minimum €500,000 in either a single Irish enterprise or spread over a number of enterprises for a minimum of 3 years. The enterprise may be a start-up established by the investor or an existing business registered in Ireland. The enterprises must be registered and headquartered in Ireland. The investment must support the creation or maintenance of employment. The investment must be in the name of the individual seeking residence under the Programme.
A minimum investment of €500,000 in the approved investment fund. The money committed to this fund must be invested for a minimum period of three years.
Real Estate Investment Trusts (REIT)
A minimum investment of €2,000,000 in any Irish REIT that is listed on the Irish Stock Exchange. The investment can be spread across a number of different Irish REITs and must be held for a period of three years. After the initial three year period, the investor can divest with 50% of the shares purchased. After four years, the investor may divest with a further 25%. At the end of the fifth year, the investor may part with its shareholding in its entirety.
A Real Estate Investment Trust is a listed company used to hold rental investment properties. The aim of the REIT is to provide an after-tax return for investors similar to that of direct investment in property while also giving the benefits of risk diversification. To eliminate the double layer of taxation which typically hinders the holding of property through a company, a REIT is exempt from corporation tax on qualifying profits from rental property. Instead, the company is required to distribute the vast majority of its profits to investors each year for taxation at the level of the investor. The company must have a diverse ownership. No one person or group of connected persons can control the REIT.
In certain cases an investment in property will be considered eligible for the programme. In order for the property investment to be the basis for qualification for residence the property in question must be a residential property in which the applicant and their family intend to reside in Ireland (residential properties purchased for rental income will not be eligible). In such cases, a minimum of €950,000 will apply and this investment must be diversified between residential property with a minimum value of €450,000 and an immigrant investor bond valued at €500,000. The property and the bond must be held for a five year period.
A minimum endowment of €500,000 in a project of public benefit in the arts, sports, health, cultural, or educational field. The endowment should be regarded as a philanthropic contribution with a clear public benefit. Investors will receive no financial return or recoupment of the investment. Where a group of five or more investors wish to combine their philanthropic endowments to contribute to an appropriate project, a minimum investment of €400,000 will qualify under the Programme.
The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland. Approved participants in the Programme and their immediate family members will be granted rights of residence in Ireland which will allow them to enter the State on multi-entry visas and to remain here for a defined period but with the possibility of ongoing renewal and, over time, allows the establishment of a permanent relationship with Ireland. Each applicant will be examined on its merits and the investment has to be good for Ireland, create jobs and be in the public interest. Funds invested have to be legally acquired and owned by the investor (i.e. not borrowed). The person has to be of good character. The investor must propose an investment in one or more of the following:
(a) A once off endowment of a minimum of €500,000 to a public project benefitting the arts, sport, health, culture or education.
(b) A minimum of €1,000,000 aggregate investment into new or existing Irish businesses for a minimum of three years. Funding by the investor through a venture capital fund will be considered provided that it has the same effect as a direct investment.
(c) A minimum €2,000,000 investment in a special low interest five year immigrant investment bond. There will be one interest payment of 5.1% at the end of the five year investment period and this is equal to an annual equivalent interest rate of 1% (AER).
(d) A minimum €1,000,000 mixed investment consisting of €500k in property and €500k in immigrant investor bonds. Successful applicants can expect to receive residence permission for five years (subject to review after two years) which shall be renewable for five year periods thereafter.
The investor is not required to establish actual residence in Ireland. The Immigrant Investment Programme is about rights of residence that the investor may exercise as their business and family needs dictate. No minimum residence requirement is set other than that the persons concerned should visit Ireland at least once in every one year period. Anyone interested in this programme should contact us at Galvin Property (firstname.lastname@example.org) and we will outline the requirements of the programme and the application process.
Irish Long Term Residency
Irish long term residency is granted to non EEA nationals who have completed a minimum of five years (60 months) legal residence in the State on work permit conditions, working visa or work authorisation may apply to the Irish Naturalisation and Immigration Service for a five year residency extension.
Requirements for long term residency application
The applicant must have: