Outside EU Property to be signed over to siblings
Hi Folks,
as part of future planning, my dad has decided that he wants to sign over his inherited apartment in Istanbul to myself and my sibling, in case of cases. This is because of the potentially problematic handover with authorities after his death, as we are Irish citizens.
So my question to you is: How is this dealt with tax wise here? Dad is still well and good. Apartment is not being rented out (Dad goes a few times a year to visit family there). It is not used by us in Ireland as any form of holiday home or residence.
When it gets signed over, would we have to declare that as an asset and what would the implications be yearly (when no income from it)? Is it gifted and then done with once declared (under 330,000)? And would we declare it as 50% each when signed over? Value is approx. EUR190,000. Really not sure if this has a benefit right now as we would not be able to pay any sort of tax for something we don't use or haven't sold. The opportunity is great, the potential paperwork is giving me a fucking headache.
Looking forward to your help or clarification.