Buying Property in Norway
There is no restriction for foreigners to buy property in Norway. However, the first step for a foreigner to purchase a property is to get a “D” number which gives the buyer an identity in the country. This is obtained from the Population Register that is located in the vicinity of the property that the foreigner wishes to purchase. This number is issued to the foreigner after he/she submits the required documents.
The easiest way to proceed with a purchase is via an estate agent. After the buyer chooses a property, he approaches the seller. Once a selling price has been settled upon, a contract is set up which contains all clauses of agreement and also contingencies between the 2 parties. These include the course of action to be taken in case of the breach of contract by either of the parties.
Once both the parties sign the contract, a deed is issued to the buyer who makes an initial payment which is a percentage of the total cost (usually 10%). This deed is not transferred till the remaining steps are complete. There is also no need of a notary or an attorney to complete the registration process. The documents are sent to the Land Registry by post. These details are registered in a daily book. This is followed by the all the relevant information being entered in the database. Then the information is passed on to the relevant department for verification. This verification process is completed within 3 days and an official paper acknowledging the verification and registration is sent out. This document also states the name of the new property owner.
The responsibility of the stamp duty and the payments of any other fees to a third party, if involved in the process, lies on the buyer. After this document is received is also when he/she is liable to making the remaining payment to the seller and closing the deal. This is the last step in the purchase.
Buying Property in Poland
If you are not a citizen of Poland but belong to the European Union, then you can purchase property in Poland of all types except when it is farmland, woodland or a second property. However, if you are acquiring a farmland for renting or agricultural purpose for a period of a few years, then you do not need a permit. If you are able to establish that you will use the woodlands for work purposes for several years, then too you do not need a permit. A second property if is used for touristic purposes (like an inn or motel) does not require a permit. If you need it for residential purpose, then it does.
The process of purchase starts with the buyer approaching the seller for the property. The seller has to obtain an extract from the Land Registry which proves the seller’s authority to sell the property and also whether any mortgages or taxes are pending on the property. This process can take up to 7 days. Once the information is extracted, the seller passes it on to the notary appointed by the buyer.
At the same time, both the parties have to obtain an extract from “Cadastre” which states the evidentiary number and the boundaries of the property on official map.
Also, one has to obtain a local spatial development plan to establish that the property is not for agricultural use. Also, in case either or both the parties are entrepreneurs, an extract from the register of entrepreneurs of the National Court Register is required, in order to establish who is authorized to act on behalf of the entrepreneur.
After all these documents are obtained, the notary prepares the transfer agreement. With this agreement the notary applies for registration at Land Registry or Registry Court. This process can take up to 6 months and on completion is when the property considered transferred.
Buying Property in Greece
Under normal circumstances, a foreign national can purchase property in any part of Greece, but if the buyer is not from European Union, then he/she must obtain prior approval from the local prefecture. This permission can be sought by the help of real estate agents.
The first step of the property purchase is to obtain a tax role number also called AFM. Passport is to be shown by non EU residents and any government issued id is to be shown by members of other EU nations for this. Then the buyer must open a bank account where all the transactions are done in Euro. This is vital because the purchase of land in Greece must come from a Grecian bank. This is followed by the process of obtaining a “Pink Slip” which means that the government allows wire transfer of money for purchase from abroad. With the “pink slip” available, the buyer can get money transferred to the account via wire transfer. However, the taxes will be applicable as per the Grecian laws.
Simultaneously, the notary creates a preliminary contract basis the agreement between the buyer and the seller. This is as soon as the offer is made on the property. During the execution of this agreement, up to 10% of payment is made. This amount is not refundable unless the seller stalls the sales process or the title of the estate cannot be had in the allotted time.
It is between the signing of the preliminary agreement and the final one that the buyer has to verify the credentials of the seller and vice versa. Then a final contract is signed between the 2 parties. Then the title deed is recorded under the name of the buyer at the land registry which can take up to 8 days. Lastly, the transfer is registered in Cadastre. The process takes up to 5 days during which the registrar checks the legality of deeds transfer.
Buying Property in Germany
Anyone can purchase property in Germany including the foreigners. So long as the foreigner owns a valid passport and proof of funds for purchase, he/she can purchase the property. Purchasing a property does not give the foreigner the right to immigrate to the country.
The purchase is completed with the assistance of agents and notaries. A buyer has to hire a notary who seeks information on the property chosen by the buyer. This information includes the verification of the property being free of burdens and mortgages. In Germany, the notaries have privileged access to the registers to obtain information on properties. Most of the information can be found online but that which is not is made available on request. The process can take place between 5 to 7 days.
The notary is also responsible for creating the sale and transfer agreement. It must be noticed that the notary fees is fixed at EUR 4494 and other costs which can range up to EUR 7317.75 plus VAT at 19%. For the maturity of the purchase price, the registration of the priority notice is to be done to secure the rank of the buyer and the seller. Along with this consent of public authorities regarding cancellation of encumbrances is also required. The fee of this notice depends on the property value.
Once all the conditions of maturity “Fäligkeit” of the purchase price are met, the notary issues a statement of maturity called “Fäligkeitsmitteilung” to the buy buyer. Once this is issued, the buyer has to pay the agreed price. Once the payment has been confirmed by the seller or the bank, the notary forwards the declarations to the land register. The declarations in Rem, are in a format according to the land register regulation (Grundbuchordnung), and the transfer has to be registered in the land register. Then the transfer tax has to paid and a confirmation obtained. The process is completed with the application for the registration of the new owner and deletion of the priority notice to the land register.
Buying Property in Spain
With the exception of a few areas like the border regions and the military occupied areas, the foreigners and the residents can buy properties in Spain. Just like it is with many other European countries, the notary assigned by the buyer plays a pivotal role in the property purchase. The primary role of the notary is to verify the authenticity of the seller and be aware of the encumbrances on the property. This is done by consulting the papers on the property from the Property registry books.
The fees of the notary are on cumulative scale which is established and is based on the price of the property. The notary has to execute and deliver the deed within 2 days of initiating the process unless advised by the buyer to do otherwise. The documents include power of attorneys from the buyer and the seller and the original property title of the seller.
If the seller is an individual and not a businessman, the transfer of the property is subject to the property transfer tax at percentage rate of the property depending on the location. There is additional VAT at 16%. These paid off, the public deed is sent to the Land and Property Registry where the entry dates give priority. This deed then carries the entry’s date and is registered within 15 days. The transfer is valid as of the execution of the sale as mentioned in the public deed and the delivery of the property.
The total fee of registration cannot be more than EUR 1900. This fee excludes the fees of any third party agents that the buyer might have sought the assistance of. There are 25% discounts offered for housing purchases, and the low income housing has a fixed fees of EUR 36 per entry and EUR 100 per editorial deed.
Buying Property in the Netherlands
There are no restrictions for foreigners buying property in Netherlands either for their own use or for investment purposes. Once a buyer has decided on a property, he/she chooses a notary to assist in completion of purchase. It is a mandate in Dutch Law to hire a notary for registration process of the property. Some notaries charge by the hour while the others charge a percentage of the sales value.
The first thing that the notary does is to conduct a title search at the Land Registry and conducts research regarding the representation of the buyer and the seller. He also verifies the authority of the seller. Then he/she prepares a deed of the transfer and provides for a transfer of a property that is free of mortgages. These checks can be made online for all the deeds and property related documents. Details of the older properties are provided on demand and scanned documents are sent by mail. For companies, the notary must conduct research with the Trade Register with respect to specific information of the company. At times the cooperation of 3rd parties is required for seeking all the information and the process can be completed within 4 days.
For the execution of the transfer deed, the parties involved either must be present or should have granted power of attorney. The transfer tax is paid to the notary who in turn pays it to the Tax Authorities after registration, along with the deed. Sometimes VAT is applicable instead of transfer tax. The tax authorities then check the deed for tax aspects. After the check is complete, a statement is sent to the notary with the deed saying that the verification is done. The true copy of the deed is then registered at the relevant Land Registry office. The submission is done by internet and the notary receives a receipt. Then the notary finally checks for any changes between execution and registration of the deed and the purchase is complete.
Buying Property in Austria
Austria has always been a popular travel destination but now people are beginning to consider it an ideal location for a second home. Its ski resorts, beautiful scenery and burgeoning summer tourist industry contributes to a robust economy and makes it one of the best places in the world to live.
Austria has allowed EU citizens to own property within its borders since 2001. People that want to purchase Austrian property but who don’t reside in the EU must get permission from the local authority office where they want to buy the property. This is generally just a formality and easy to get.
If the property you buy is intended as a vacation home only, the Austrian law states that it must be registered with the local tourist office so that it can be rented out during the months you are not living there. However, they don’t care how high you set the rental price so you can keep it from being rented by setting an exorbitant rate.
Once you find a property you are interested in a10% deposit is usual and is returned if the sale is cancelled. Sales are handled by lawyers, the documents are signed and notarized and funds are deposited in an escrow till everything is settled and the transfer is complete. Taxes and fees are paid by the buyer’s lawyer and the seller gets the purchase price.
There are substantial fees involved in buying Austrian property, totaling about 9% of the purchase price. Property transfer taxes are 3.5%, there are notary fees of 3-4%, ownership registration is 1% with stamp duty of 1% and land registry fees run between $450-700. After the sale, the new owner information must be entered into the Austrian Land Registry, a slow process that can take as long as four months.
Property prices in Austria are increasing about 7% per year! Remember, the higher the altitude the more expensive the property will be. You should choose a property that you want.
Buying Property in England
There are no restrictions on foreigners buying property in England or the United Kingdom. That said, you will have to check visa requirements if you intend to live on the property for more time each year than a quick vacation.
About 2/3 of buyers in central London are foreigners; Britons only make up a little over 35% of property buyers in London. If you use US dollars you can get a property for about 40% less than last year, as England has been hit hard by the world-wide recession. You have your choice of flats (apartments), townhouses, land, new developments and houses for sale.
There are three types of ownership in England. Freehold ownership means that the land is included in the price of the property and you own it. With a Leasehold contract you own the structure but lease the land that it sits upon for a certain period of time. Commonhold ownership is common when you buy a flat—you own certain parts of the building in common with the other tenants such as the common area, recreation rooms or the laundry room.
Of course there are fees associated with buying property in England. You’ll have survey and valuation fees, Stamp Duty Land tax, a land registry fee, attorney’s fees, mortgage and real estate agent fees. Of course, there is also the VAT (Value Added Tax) which is a certain percentage of the purchase price.
A real estate agent can help you choose which type of property is best for your needs. He or she can steer you towards the areas of England that you prefer with the tax structure that you can afford. You should also retain an attorney, which is referred to as a “solicitor”.
England has something for everyone, from bustling cities to quiet, rural villages and farms and everything in between.
Buying Property in Malta
Buying property is something that has to be done after much consideration and it pays to be even more cautious when you plan to buy property in another country other than you own. You need to be aware of the real estate laws and regulations of the other country so that you can avoid a lot of stress and conduct a smooth transaction.
There are certain restrictions which are imposed on foreigners wishing to buy property in Malta. One basic rule to be remembered is that a non-resident of Malta can buy a house for primary residential use of the person or as a place to stay while on a holiday. But they cannot buy any property which is commercial or industrial in nature.
Of course, it is possible for a foreign national to make a legal agreement with a Malta citizen and invest in a limited liability company, but not many foreigners avail of this due to the insurmountable hurdles that have to be crossed by way of government approvals and regulations.
There are certain major rules to be observed by foreigners while buying property in Malta. Firstly, the value of the property that is to be purchased should not be lesser than 50,000 MLT. The second requisite is that the funds for purchasing the property must be sourced from outside the country. The third rule that is to be followed by the foreign property owner is that the house should not be rented out to anybody else. The third rule has an interesting contradiction in that if the house has a swimming pool, the owner can lease it out to somebody else when they are not personally using the property.
The process of purchasing a property in Malta is quite simple and uncomplicated. Initially, after identifying the property to be brought, a preliminary contract with a validity of three months must be drawn up during which the buyer has to deposit about 10% of the value of the property. After getting the relevant titles and other documents verified, both the buyer and seller then enter into the final contract during which the remaining amount must be paid after which the buyer will obtain possession of the property.
Most of the legal documents are drafted in English and it is moreover advised to get the help of a concerned lawyer who will be able to guide you aptly.
Buying Property in Switzerland
One of the most sought after countries in terms of buying property is Switzerland. With awesome scenic beauty and a rich economy, Switzerland is highly accessible by road, rail or air and is moreover a hot spot for tourists from all over the world. With a clean environment and most modern amenities, no wonder this part of the world is considered great in terms of investment.
It is not very easy for foreigners to acquire property in Switzerland since the real estate sector is regulated by the ‘Lex Koller’, which is the Federal law on the acquisition of real estate by persons abroad. By this law, land can be acquired by foreigners only through permits that are sanctioned by the specific Cantons, who in some cases also decide on the size of the property brought. Restrictions apply not just to foreign individuals, but companies too and the rule is that any company with more than 30% foreign ownership cannot purchase property in Switzerland.
Considering that you have crossed all these barriers and have acquired the required permits, the rest of the process in purchasing a property becomes comparatively easy. It is necessary to rope in the services of a lawyer in this regard to help you carry out the deal competently.
The initial process after identifying the property is to get an agreement of sale or the ‘Promesse de Vente’ drawn up by the Public Notary. Along with the agreement, it is mandatory to pay a deposit of about 10% of the value of the property. The most important part to keep in mind is that this is a conditional agreement and can be implemented only if permission is received by the ‘Commission fonciare’, a process which could take anywhere between eight weeks to three months.
If the property you are acquiring is newly constructed, it is possible to pay for it in stages. These stages are to be detailed in the purchase agreement and to be adhered to strictly. After this formality, the buyer signs the document in the presence of the Notary to complete the purchase.
The purchaser needs to pay a variety of fees ranging from the Real Estate transfer tax, the Registration fee to the Land Register authority, the Notary fee, as well as lawyers and agent’s fee. The registration process may take about 16 – 20 days to complete after which the property will be in your name.