asked the Minister for Finance the rules and regulations that apply to Irish citizens purchasing holiday homes abroad; and the guidelines, if any, applicable.
Written Answers. - Purchase of Property Abroad.
689.
Under Exchange Control regulations all purchases of personal property abroad by Irish residents must have specific approval from the Central Bank.
Where the property is located outside the EEC, the Central Bank will consider applications to purchase one property per family unit at a cost not exceeding £20,000. The full amount of the purchase price must be financed by way of foreign currency borrowing. More favourable rules apply for purchases within the EEC but again specific approval by the Central Bank is required in each case. The Exchange Control Acts lay down heavy penalties, which may include a fine or imprisonment or both, for breaches of the regulations. A detailed information notice on purchase of property for personal use abroad is available from the Central Bank. A copy is being sent to the Deputy.