Overseas Property from Aquarius Properties

Calida and Cataluna. The dedicated customer service team in Dublin has been established to serve those customers who want to open a Banco Halifax Hispania bank account or arrange their finance for a Spanish property before they leave Ireland. A major benefit to customers is that all dealings with the new Banco Halifax Team based in St Stephens Green, Dublin, the branches of Banco Halifax Hispania in Spain and the Call Centre in Madrid, can be carried out in English. In addition, Banco Halifax Hispania has compiled a list of qualified solicitors and surveyors in the popular Costa del Sol and Costa Blanca regions who have local knowledge and experience of acting for Irish customers.

"This is excellent news for people looking to buy property Spain," comments Ian Smith, Head of European Operations, Banco Halifax Hispania. "Banco Halifax Hispania aims to take the worry out of the Spanish house buying process by supporting customers at every stage in the purchase. The whole process therefore becomes no more complex than buying a property in Ireland."

Building an overseas property portfolio

It is critical that buyers looking to expand their overseas property portfolio have extra services like taxation, legal, financing and accountancy at their disposal - and that they don't have to pay a fortune for them.

Noreen Hynes, managing director of Aquarius Properties, realised two years ago that the market for overseas properties was changing and developed the 'Build an Overseas Property Portfolio' concept. "We have to recognise that each client is unique and requires a different kind of portfolio, which is why we have taken a more bespoke approach to this concept. Some clients, for example, may have small budgets starting off and want to build a portfolio over time, while others may have a few million and want a variety of properties in different geographical locations."

Covering more than 25 locations worldwide, Aquarius Properties have thousands of properties to choose from and can cherry-pick the best properties for clients. The big benefit for clients is that they can get launch discounts of up to 25 per cent on pre-launch properties, which can be a significant saving when building a property portfolio. "We also tend to focus mainly on fully managed properties which are hands-off because people are just too busy to be worried about leaky pipes or signing tenant leases," adds Ms Hynes.

One of the main criteria when purchasing property in different tax jurisdictions is for buyers to understand there are cost implications and filing obligations to be dealt with up front. "For example, tax returns have got to be made in the country of purchase, as well as in Ireland," explains Ms Hynes. "One also needs to understand the implications of there being a double taxation agreement between the country of purchase and your home country, as well as what other taxes apply, including tax on rental income, capital gains tax and inheritance tax."

"It is important also to obtain independent legal advice which covers the usual legal due diligence on the property, conveyance of the property, as well as advice on making a will."

It is very important to build your property portfolio in a structured way over time, using professionals you can trust. Aquarius Properties are assisting a lot of people become property millionaires and are hosting free property seminars in association with international firms of lawyers, chartered accountants and independent mortgage advisors. Register to attend these seminars by calling (01) 278 2900.