Current:Home > FinanceIreland is paying up to $92,000 to people who buy homes on remote islands. Here's how it works. -Golden Summit Finance
Ireland is paying up to $92,000 to people who buy homes on remote islands. Here's how it works.
View
Date:2025-04-13 01:27:47
The Irish government has a plan to boost the population of more than two dozen remote islands in the Atlantic Ocean: Dangle grants of up to $92,000 to homebuyers who are willing to move there.
The islands include Inis Mór, where the Oscar-nominated 2022 film "The Banshees of Inisherin" was partly filmed and which is one of the Aran Islands that sit off the West coast of Ireland. These islands are often a tourist draw due to their rugged landscapes and history.
About 30 islands off the coast of Ireland have permanent year-round residents who are cut off daily by the tide and who don't have a connection via bridge or causeway to the mainland, the Irish government said when it released the plan earlier this month. Some of the islands have as few as two year-round residents on them, it added.
Over the past two decades the population of these islands has dwindled, with fewer than 3,000 people now spread across them, according to the new Irish government revitalization plan. Even so, the islands are an important for tourism, with more than 300,000 annual visitors.
"An ongoing concern for island communities both nationally and internationally is to maintain the population levels of their islands," the plan noted. "Island communities generally have a higher than average age profile, as many young adults leave the islands to avail of further education or employment opportunities elsewhere."
The plan is reminiscent of Italy's plan to sell homes in small towns for 1 euro as a way to lure new residents. However, there are plenty of stories from people who bought a 1 euro home about the difficulties and high costs of renovating them.
Here's what to know about the Irish grants.
How much is Ireland offering?
Ireland is offering up to almost $92,000 (€84,000) to people who renovate a "derelict building" on one of the islands. People who fix up a vacant property can get up to almost $67,000 (€60,000) for renovation, according to a government website.
This is an expansion from an earlier program, the Vacant Property Refurbishment Grant, which offered about $55,000 for people who renovated vacant properties.
The government is now providing more money for the islands as part of its 10-year plan to draw more people to relocate there. However, the more generous funding for people who renovate on the islands isn't yet available, according to the government website.
Where are the islands located?
They are located on the west coast of Ireland in the Atlantic ocean. They include:
- The Aran Islands: Inis Mór, Inis Meáin and Inis Oírr
- Inishbofin
- Inishturk
- Clare Island
- Coney Island
- Dursey
- Bere
- Toraigh, described as the most remote of Ireland's inhabited islands
How do I qualify for funding?
There are specific criteria for getting the funding, according to the government. Among them are:
- The property has to have been vacant for at least two years and built before 2008
- You have to own the property or be in the process of buying it
- You have to live in the home as your principal private residence when the work is complete, or rent it out
- You can't be a registered company or developer
- You also have to have paid your taxes and have your taxes in order
How do I apply for funding?
You have to fill out an application form and send it to your local city or county council for approval.
You'll need to provide proof that you own the property, as well as that it was vacant for at least two years, among other information.
What can I use the funding for?
The funding must be used for demolition work and renovation of a property, ranging from replacing roofs and structural work to more cosmetic issues like repainting.
Can Americans buy properties in Ireland?
Yes, because there are no residency requirements for purchasing properties in Ireland, according to the government.
However, buying a property doesn't automatically give you the right to reside in Ireland, the government noted. That could complicate plans of Americans interested in applying for the $92,000 refurbishment grant for the Irish islands.
Americans can apply for work permits, while those who want to invest in Ireland or start a business there can also qualify for residency.
- In:
- Real Estate
- Ireland
veryGood! (5)
Related
- Could your smelly farts help science?
- Michigan launches nationwide talent recruitment effort to address stagnant population growth
- Nashville officer fatally shoots man with knife holding hostage, police say
- Unprecedented Israeli bombardment lays waste to upscale Rimal, the beating heart of Gaza City
- Questlove charts 50 years of SNL musical hits (and misses)
- Carey Mulligan Confirms She and Husband Marcus Mumford Privately Welcomed Baby No. 3
- 6.3 magnitude earthquake hits Afghanistan days after devastating weekend quakes
- Amazon October Prime Day 2023 Headphones Deals: $170 Off Beats, $100 Off Bose & More
- DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
- Swans in Florida that date to Queen Elizabeth II gift are rounded up for their annual physicals
Ranking
- Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
- Texas prepares for inmate’s execution in hopes that Supreme Court allows it to happen
- British TV personality Holly Willoughby quits daytime show days after alleged kidnap plot
- Kendall Jenner Shares How She's Overcome Challenges and Mistakes Amid Shift in Her Career
- The White House is cracking down on overdraft fees
- Georgia’s rising public high school graduation rate hits record in 2023
- California Gov. Gavin Newsom signs bill expanding conservatorship law
- 1 dead, 3 injured after schooner's mast collapses onto boat deck
Recommendation
The Super Bowl could end in a 'three
Who is KSI? YouTuber-turned-boxer is also a musician, entrepreneur and Logan Paul friend
Special counsel asks judge in Trump's Jan. 6 case to implement protections for jurors
7-year-old Tennessee girl dies while playing with her birthday balloons, mom says
The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
X removing Hamas-linked accounts following shock attack
Lego just unveiled its Animal Crossing sets coming in 2024. Here's a first look
House Republicans still unclear on how quickly they can elect new speaker