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ARTICLE · 11 JANUARY 2017

Irish Real Estate Funds – Tax Changes

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Significant changes to the taxation of Irish investment funds came into effect on 1 January 2017.

IrelandFinance and Banking
Andrew Quinn
Andrew Quinn
William Fogarty
William Fogarty
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Significant changes to the taxation of Irish investment funds came into effect on 1 January 2017. The new regime applies to regulated funds that invest, or may invest, in Irish real estate and related assets. It introduces a potential 20% withholding tax on certain events, including the sale of units, distributions and redemptions from such funds, and additional reporting and compliance requirements. Funds carrying on a business of renting, developing or trading in Irish real estate are the primary focus of the legislation.

The changes do not affect non-Irish funds, funds that are Undertakings for Collective Investment in Transferable Securities (UCITS), or funds that have an international investment focus, including funds holding non-Irish real estate. As a result the vast majority of Irish regulated funds continue to enjoy the traditional beneficial Irish tax regime, being broadly, tax exempt status for the fund and no Irish tax for non-Irish resident investors,

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