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Logistics of buying property in Croatia

If you are planning to buy property in Croatia then you need to be well versed with the laws governing the foreign ownership of the real estate in Croatia. Property boom started in Croatia from the year 2000 onward and it opened up to foreign investors who made a beeline to invest in Croatian real estate for maximum gains. European Union citizens got preference for investing in Croatia as they were able to buy the real estate on the same terms as local Croatians except for agricultural land. Sizeable numbers of foreign investors have bought commercial, multi-family residential and holiday real estate holdings over the course of the past two decades.

For property transactions in Croatia the investor must hire a competent lawyer who acts solely for him. Majority of foreign nationals investing in real estate in Croatia are the individuals who have migrated to the country for business purposes. The basic provisions of the laws governing real estate ownership by foreign nationals state that if the country of origin of the foreign citizen allows a Croatian citizen the ability to own real estate, Croatia, in turn, will allow that foreign national the ability to purchase and own real estate in Croatia.

A foreign national must obtain permission from the Croatian Ministry of Foreign affairs before investing in Croatian real estate. The Ministry must verify the ultimate ownership interests when real estate is being purchased by a foreign national. The first step in the process is the execution of a sales contract between the parties. This agreement is taken to the Ministry of Foreign Affairs together with a written petition seeking approval from the Ministry. The deed cannot be filed in the Land Books of Croatia by a foreign national without the necessary papers approving the purchase as prepared and issued by the Ministry of Foreign Affairs.

Once you buy property in Croatia you are required to make a certain deposit when the initial agreement for the purchase of property is executed. Usually, it is 10% of the overall cost of real estate. Upon approval from the Ministry of Foreign Affairs and execution of the final contract, the buyer is responsible for paying the balance amount due to the seller. Currently, the property transfer tax is 3% and the buyer is liable to pay this tax.

The change of ownership generally happens within thirty days. Value Added Tax (VAT) at present in Croatia is 25% of the property value but if you are buying a new apartment from a company, the seller will pay the VAT. In all other cases, buyer pays 4% tax on the purchase price. VAT of 25% is also charged on the services provided by both legal expert and real estate agent. Some builders and developers offer mortgage facility on their properties for sale which can be beneficial for both the parties depending on the logistics of the mortgage.           

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Choosing a Commercial land for sale in GA property can be as difficult as choosing a new home. After all, this decision has a direct impact on your business and can mean the success or failure of a company. Therefore, making a right choice is a process that involves planning and a lot of research. Check out some essential tips for choosing the right commercial property for your business.

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5. Research hard to get the best

The choice of a commercial property needs to be based on a very well defined strategy. In addition to all location and structure considerations, you need to search hard to find a spot that fits in your pocket. Do not let the excitement when signing the contract - the value of the investment should not exceed the planned budget. After all, business must bring you profits and not losses. Bureaucratic issues such as business license and termination fines cannot be left behind when choosing a commercial property. To make sure everything is in line, count on the support of a trusted realtor.

Need to start as soon as possible

If entrepreneurship is in your future plans, you need to start planning as soon as possible. This will enable you to organize your financial life early, without risk or loss. In addition, it is necessary to analyze the potential appreciation of the region in which you intend to acquire the property, as well as the possibilities of expansion in case of need for expansion, the physical and structural conditions of the work, the regulation of the building and also its documentation.

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