Ireland 爱尔兰
上市地产已被私有化殆尽的市场 — 本页是一份裁决书
爱尔兰是本站第一个「市场本身已消失」的国家页：上市地产载体自 2019 年起逐一被私有化（Green REIT 2019、Yew Grove 2021、Hibernia 2022），最后的 IRES REIT 在本书发布时正处收购要约的定期限内——无论要约成与不成，它都不是一个可按备案收入买入的稳定载体。制度本身不差（REIT 强制分派 ≥85% 租金收入），收入案例也不算差（事前价口径约 5.2–5.5%），但把三件事叠在一起——载体随时退市、25% 的 REIT 股息预扣且非居民豁免被明文排除、追回只能手工——结论是本站标准格式的裁决：拒绝立项、条件写明（要约流产 + 价格重置 + 再派一个完整年度股息，三者齐备才重开本页）。爱尔兰页存在的意义是回答「为什么没有爱尔兰条目」——答案在正文里，不在沉默里。
Four grades
Identity & tax (in one line)
Identity & tax: Ireland has no property-linked residence channel citable for this entry (the Immigrant Investor Programme closed in 2023 and never ran through property purchase). Tax: the REIT regime (Part 25A, TCA 1997) exempts at company level on conditions including distribution of at least 85% of rental income, at least 75% of income from property rental, at least three properties and a continuing main-market listing; distributions to non-residents suffer 25% dividend withholding tax with the non-resident exemption disapplied for REITs (s.172D), the excess over the Ireland–Singapore treaty rate being reclaimable only manually from Revenue after the fact; non-residents pay no Irish capital-gains tax on selling REIT shares.
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
This page's existence is itself the information: a REIT regime with an 85% mandatory distribution, an English-language market and institutional tenancies was taken private name by name within seven years — the sector's disappearance is Irish listed property's first fact, ahead of any yield.
The takeover pricing is worth learning from: Green REIT's board put it up for sale citing a 'persistent structural discount to NAV'; Barings' possible offer for IRES at EUR 1.386 sits almost exactly at EPRA NTA — private buyers pay net asset value while public markets price at a discount, and that scissors gap is the valuation lesson the Ireland page leaves its readers.
The tax asymmetry is pinned precisely: REIT distributions carry 25% dividend withholding with the non-resident exemption statutorily disapplied for REITs (s.172D) — the least friendly cell for a small foreign holder among major European REIT markets, recoverable only by manual reclaim.
Entry routes
No usable route (a verdict page): at publication, Ireland has no listed property vehicle buyable on filing-grade income — IRES is inside a takeover deadline and the rest are delisted. This page offers no purchase route, only reopening conditions (see the risk list).
Direct route: none (no entry) — Ireland has no property-linked residence channel and no citable net-yield series for foreign retail landlords on this site.
Risks
- Reopening conditions (the verdict's flip side, applied literally): only if Barings walks away under Rule 2.8 AND the IRES price resets to its pre-approach range AND IRES pays another full-year dividend on its 85% policy — all three — will this site re-list IRES as a small, low-yield residential candidate (carrying permanent take-private risk).
- Event risk is live on publication day: the Rule 2.6 deadline is 17:00 on 9 Nov 2026 (Dublin time) — the offer status cited here follows the formal announcements around that moment; check IRES's latest RNS before citing.
- If a new Irish listed property vehicle appears in future, its first lesson remains this page's scissors gap: public holders who bought at a discount to NAV have three times 'sold' the vehicle to buyers bidding at NAV — here the discount is an exit channel, not a margin of safety.