Real Estate

Buying Property in Eastern Europe by Leaonne Hall

By Leaonne Hall

Extract: Written with the intense investor, second-home customer and everlasting relocator in brain. protecting thirteen nations - together with Turkey, Croatia, Bulgaria, Poland and the Czech Republic - this identify bargains suggestion on every little thing from estate laws and taxation matters, to the place and what to shop for and the way to regulate to the tradition surprise of residing out east. estate within the sector has already benefited from quickly progress and elevated curiosity within the final 5 years. This publication is written with the intense investor, second-home consumer and everlasting relocator in brain. overlaying thirteen nations - together with Turkey, Croatia, Bulgaria, Poland and the Czech Republic - it bargains professional recommendation on every thing from estate laws and taxation concerns, to the place and what to shop for and the way to regulate to the tradition surprise of residing out east.

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Buying Property in Eastern Europe

Extract: Written with the intense investor, second-home consumer and everlasting relocator in brain. overlaying thirteen nations - together with Turkey, Croatia, Bulgaria, Poland and the Czech Republic - this name bargains recommendation on every little thing from estate laws and taxation concerns, to the place and what to shop for and the way to regulate to the tradition surprise of residing out east.

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If the developer or vendor is passing a number of clients onto a lawyer or is a ‘local’, then you may become the victim of poor – or less than objective – legal advice. 26 3 – FINDING AND BUYING A HOME 5. Never pass money for a deposit to any intermediary other than the lawyer acting for you. Even then, ask for proof that they have a separate client account in which the funds are held, so you have some protection in the event of the lawyer running off. 6. If buying a new property, always ask the developers if they have insurance against insolvency so that if they go bust, you can claim for the lost deposit(s) and/or the right to funds to complete the project.

Property ownership through a company Many countries only allow foreign individuals to acquire property through a local company due to restrictions on property ownership by foreign buyers. If you remain UK resident and use the property you’ve purchased as a holiday home, the UK Revenue and Customs department may charge you tax on an annual ‘benefit in kind’, even though you will have financed the property and the running costs. Also, depending on the circumstances, a foreign company effectively managed and controlled in the UK by you could, itself, be viewed as a UK tax resident and become subject to UK company taxation and compliance requirements.

However, be prepared for less space and less privacy. There is also the option of choosing a period apartment. Budapest is a good example of this, with a number of turn-of-the-century buildings transformed into modern apartments. With distinctive architecture, running from Rococo to Art Deco or Baroque, all are centrally located and many contain unique frescoes and balconies. 32 3 – FINDING AND BUYING A HOME Villas Not every Eastern European country will have the right climate, demand or advanced property market to be able to offer a newly-built villa development.

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