If you rent out your overseas property you are liable to pay income tax on the net profit rent. This liability applies to any overseas property you may have anywhere in the world.
There is no definite figure but it has been approximated that the Irish own around 150,000 to 250,000 properties abroad! And last March the Revenue began a mission of making an example out of their guessed number. Using James Bond tactics the Revenue began studying up on Irish owned properties abroad which then spurred a serious clampdown on tax dodgers.
As well as paying tax to the Irish Government you will also have to pay tax on your rental income to the country where you have your property. All countries will have different percentages and rules & regulations as to how much tax you will have to pay on your rental income.
Albeit the revenue admits that the tax you pay isn’t that high when you take into account both expenses that you can claim on your rental income & the fact the Ireland has double taxation agreements with about 46 countries. This means that you will be credited for taxes that you pay abroad… so come clean!
To pay tax on your rental income to the Irish Government you need to provide details of any gain by filing a return of income by October 31, following the year. Best advice is to get an accountant or tax advisor to guide you through the maze so as you leave nothing unknown to the taxman!