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Purchase Process |
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How to purchase Romanian property Under current Romanian Law anyone who is not a Romanian citizen may not purchase land in Romania. However, a Romanian company may purchase land in Romania. Transylvanian Holiday Homes .com trading as Global Homes(Europ)Srl is a Property Consultancy Company,we offer a full range of services that cannot usually be provided by a Realtor. These include Company Formation, bookeeping and Project Management Services. We also offer full property management on request. Transylvanian Holiday Homes.com reccomends that all client's use the services of a Romanian Lawyer to purchase their property and will help with finding an English Speaking person where appropriate. Pictures of land and property are for indicative purposes only and in the case of land the propsective buyer should identify the exact plot with us/the owner prior to agreeing to purchase. How to acquire a Romanian Company We provide a comprehensive service for the acquisition of a Romanian company on your behalf. There are no restrictions on the ownership of a Romanian company by non-Romanian persons. Security of Title The Romanian government has become extremely strict in respect of title to property. There is now a central land registry similar to the UK and other western European countries. No sale will be entered into without a notarised certificate from the land registry showing proper title to the property. No official notary in Romania will provide incorrect information in respect of the title of the property. Costs A new Romanian company is not required to register for VAT until its turnover reaches a certain threshold unless the company owners wish to make a voluntary application in order to recover VAT for outgoing expenses. Once the company is formed there will be accountancy fees payable in the region of 20 euros per month (inclusive of VAT). The registered address of the company can be transferred to the property at a later date if required. The normal company formation fee is 1000 euros. If you are purchasing property from us, the company formation fee will be 600 euros. Please note that in addition to the purchase price of the land there is a tax payable based on the total price of the acquisition. Currently, this is a standard tax rate of 3%. This should be taken into account when working out the overall costs We charge an all inclusive finders fee of 3.0% or 500 euros whichever is the greatest of the final purchase price which is payable after the property purchase is completed. If you wish we can arrange maintenance and management of your property in your absence. Property Survey We can obtain a comprehensive written surveyors report at a cost of 350 euros. This would be prudent if you would require insurance for the property. Procedure 1. We can form a company for you without it being necessary for you to be present in Romania, however you will have to come to Romania to have the company transferred to you at some later stage and in order to buy the property. If you decide to proceed with the purchase of land and property (assuming that it is an apartment) we will on your request form a not Romanian company on your behalf for acquisition of the land (or if you decide to come to Romania we can form a company in your name which can then purchase the property. You will need to stay in Romania for approximately 14 days in order for us to complete the company formation and purchase the property etc.) We will then negotiate a deposit with the owners of the property and enter into a secure notarised agreement for a reasonable period of time to complete the transaction. We will act on your behalf as consultants and advise you of the necessary time scale and payment procedures. 2. We will instruct our lawyer (who speaks English) on your behalf to obtain the necessary guarantees in respect of the land registry title and if you wish to arrange any insurance in case of any default. 3. The company will own the land and therefore the property and will be transferred to you at the time of your choice and therefore you as the sole owner of the company also be sole owner of the land. Should you wish a property to sell at later stage you can therefore do this by a simple transfer the company to another party which will include the ownership of the property and should therefore not incur any capital gains tax. We can advise on any other tax liabilities in respect of such a transfer of the company. Inheritance As the property will be owned by a limited company, which in Romania is called an SRL you are able to declare to whom the company will pass in the event of demise. The company and therefore the property would then be owned by anyone you nominate. In conjunction with our lawyer the local notaries and The Chamber of Commerce it is our job on your behalf to deal with all these issues and we guarantee that all legal and fiscal requirements will be dealt with in that way. |