A Duty on the Acquisition of the Second Immovable Property to be used for Own Residence has been published. Through this scheme, second-time buyers can benefit from a stamp duty reduction.
Legal Notice 35 of 2018 states that the acquisition of a second new property and the sale of the old one must occur within a span of 12 months. This applies to the current sole residence being replaced by another sole property and not a purchase of an additional second property.
Eligible applicants will benefit from a refund on the stamp duty paid on the first €86,000 of the value of the replacement property up to €3,000. The scheme currently only applies to individuals who bought their second home starting from October 10, 2017 to the end of 2018.
Furthermore, the scheme offers better benefits to persons who are on the first €150,000 of the value of the new property will be refunded. In this case, the scheme is Register of Persons with Disability kept by the Commission for the Rights of Persons with Disability. The duty paid on applicable for acquisitions going back to the start of 2017. This also applies to guardians of persons with a disability.
Contact our team of experts at Firstbridge to learn more about how you can benefit from this scheme.