Saturday, June 15, 2024

Ireland Provides Financial Incentives for Individuals Investing in Homes on Its Remote Islands

The Irish government has launched a plan to revitalize more than 30 remote islands on the west coast of Ireland. They are offering grants of up to $92,000 to individuals willing to invest in homes on its remote islands.

These Irish remote islands are known for their rugged landscapes and historical significance. They draw approximately 300,000 tourists each year. However, the islands’ population has declined over the last 20 years with fewer than 3,000 people, according to the Irish government.

Recognizing the need to maintain sustainable population levels, the Irish government aims to attract new residents to the islands. Similar to Italy’s scheme of selling homes for 1 euro in small towns, Ireland’s plan offers financial incentives for property renovation. Individuals who renovate a worn out building on one of the islands can receive up to nearly $92,000. Those who fix up a vacant property are eligible for up to approximately $67,000. This enhanced funding is part of a broader 10-year strategy to attract more people to relocate to the islands.

Remote Islands In Ireland

The islands on the list include:

  • The Aran Islands: Inis Mór, Inis Meáin and Inis Oírr
  • Inishbofin
  • Inishturk
  • Clare Island
  • Coney Island
  • Dursey
  • Bere
  • Toraigh

Applicants must complete the application form and submit it to your city or county council for approval. They must either own or be in the process of purchasing the property. The property must have been empty for at least two years and constructed before 2008. They must live in or rent out the renovated home as their primary residence. Registered companies and developers are not eligible, and applicants must be current on their tax obligations.

The application process involves completing a form and submitting it for approval to the local city or county council. Applicants must provide evidence of property ownership, proof of the property’s vacancy for at least two years and other relevant information.

Funding can be utilized for various renovation purposes, ranging from structural repairs and roof replacements to cosmetic improvements such as repainting. While there are no residency requirements for purchasing properties in Ireland, owning a property does not automatically grant the right to reside in the country, potentially complicating matters for Americans interested in applying for the refurbishment grant.


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