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Olla

Any ideas regarding running costs for 2 bed apartment ?

We intend to use it 3 or 4 times a year, each stay about 4 days. We are trying not to rent it but that will all depend.

I'm particularly concerned by the Income Tax that will be applied even if you don't let the property. I only found out about this long after I purchased.

Anyway, the categories I have are :

Community Charge : I was advised to budget €100 monthly. (Does anyone know yet who our Administrators are yet prior to the Community Of Owners being set up ?)

Rates & Rubbish :  ?

Income Tax :   I was advised 25% on 2% of 45% of market value. That means on a €300000 apartment it is 300000*45%*2%*25% equals €675 annually/€55 monthly

Wealth Tax :  ?

Water : ?

Electricity : ?

Any guidlines much appreciated.

Will & Marianne

Hi Will & Marianne,

As I understand it the level of income tax set by the government is 25% for non residents. Tax breaks are available but what these are I have no idea. You are right in that you will still be taxed even if you don't rent out. Again at a rate set by government. The thing is I don't know anybody who has actually paid this tax!

My understanding on wealth tax is it is from 0.2% to 2.5% of the value of the property.

Will offer more info if and when I get it.

Alan