Yes, but these transactions are more complex. Here are some items to consider with assets sourced abroad:
1. Financing Options
- Cross-Border Financing: Many finance providers in Ireland can assist with funding assets purchased from foreign dealers, subject to certain conditions.
- Pre-Approved Finance: Secure financing in advance to streamline the purchasing process.
- Currency Exchange: Be mindful of exchange rates and potential fluctuations, as this can impact the total cost.
2. Dealer Reputation
- Research the Dealer: Verify the dealer’s reputation by checking reviews, ratings, and references.
- Accreditation: Look for dealers accredited by industry associations or regulatory bodies.
3. Import Regulations
- Customs Duty and VAT: Be aware of any import duties or VAT that may apply. For example, importing from outside the EU may incur additional costs.
- Compliance: Ensure the asset complies with Irish and EU regulations, including safety and environmental standards.
4. Transportation and Logistics
- Shipping Costs: Include the cost of transportation in your budget.
- Insurance: Ensure the asset is insured during transit.
- Delivery Timeline: Consider the time required for the asset to be delivered.
5. Warranty and Support
- Warranty Coverage: Check if the warranty is valid in Ireland and covers repairs locally.
- After-Sales Support: Ensure there is access to parts and service providers for maintenance and repairs.
6. Documentation and Contracts
- Sales Contract: Ensure all terms, including delivery, payment, and warranty, are clearly outlined.
- Title and Ownership: Verify the legitimacy of the seller and that the asset has a clear title.
- Certificates of Origin: Required for customs clearance and compliance checks.
7. Tax Implications
- VAT Reclaim: In some cases, VAT can be reclaimed if the purchase is for business purposes.
- Depreciation Rules: Understand how the asset’s depreciation will be treated for tax purposes.
- Benefits of Purchasing Assets from Abroad
- Access to a Broader Market: Potentially lower prices and greater selection.
- Specialised Equipment: Access to niche or customised equipment not readily available in Ireland.
- Competitive Pricing: Exchange rates or regional pricing differences can make foreign purchases more affordable.
8. Potential Challenges
- Longer Lead Times: Shipping and customs clearance can delay delivery.
- Communication Barriers: Language or time zone differences with the seller.
- Warranty and Service Limitations: Support might be less accessible for assets purchased abroad.