Business Irish

Thursday 5 December 2019

Top civil servant pushes Ireland as a property-services hub

IRELAND could be a property services hub in the same way many of the world's airplanes are currently owned and financed by businesses based here, according to John Moran, head of the Department of Finance.

That could happen once the law is changed to allow for the creation of real cross border estate investment trusts (REITS) traded on the stock exchange.

REITs are a tax-efficient way for smaller investors to trade in and out of the property market by buying shares in the REIT instead of actual buildings.

Mr Moran said Ireland would seek to push the issue of creating tax-efficient cross-border REIT structures that avoid double taxation.

That first priority though is to create REITs that can invest at home, including buying property from NAMA and the banks, he said.

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