Blog – McCarthy & Associates – Galway Talks, 24/11/2016

The Central Bank eases lending restrictions

Finally, the Central Bank has got its act together in relation to the deposit requirements for First Time Buyers.  New regulations will be effective from 1st January next. First Time Buyers will be required to only have 10% of the purchase price saved, irrespective of the cost of the house.

For all other purchases i.e. Investors and Second Time Purchasers, they will require a 20% deposit (which I believe is only appropriate).  The existing income limits will remain in place.

Revenue to have access to information from 100 countries in 2017/2018

In a major development Revenue will now receive a variety of information from over 100 countries over the next 18 months. This information will range from bank account data to property ownership etc.

It is important that if you have any overseas assets that you inform Revenue prior to 1st May next.

For a lot of people there may be a very good explanation as to why they have a bank account etc in other countries but Revenue will need to know about it, so as to not to make an assumption that there are hidden assets.

After 1st May next, if they cross reference this new information and find that an Irish tax payers has questions to answer, it may result in an audit.