The examples below are just a drop in the ocean and by no means claim to be the 'best of the best.' We did not follow any special rules in selecting them, except perhaps the principle: one example per country. Which proves once again — where there's a will, there's a way.
ITALY
€200,000 – villa in the city of Termini Imerese, between Palermo and Cefalù. Two-level villa with an area of 190 sq. m (six rooms, bathrooms, two terraces). The terraces offer a panoramic view of the sea. The adjoining land plot is 2,600 sq. m, planted with fruit trees and vineyards. It has fencing, electric gates, and a parking area.
The right of foreigners to acquire real estate, whether land or buildings, is unrestricted in Italy. The only difficulty one may encounter here is a mortgage, as Italian banks are reluctant to lend to our compatriots. Otherwise, everything is formalized and civilized.
To complete the transaction, you need an ID and a taxpayer code (codice fiscale). A foreigner can obtain this plastic card without any problem at the Ministry of Finance based on a certificate from the consular service. The bureaucratic procedure consists of three stages: drawing up a Proposta Irrevocabile d’Acquisto – an irrevocable written offer to the seller, Compromesso – a preliminary contract, and Final Contract – the final contract.
MALTA
€128,000 – apartment in the city of Sliema. Three-bedroom apartment on the fourth floor of a new building consisting of eight such apartments. The apartment includes a hall, a living-dining room, a kitchen with a breakfast area, three bedrooms, two bathrooms, and an inner courtyard. No private pool.
According to the law regulating the acquisition of property in Malta by non-residents, the notary office handling the property transfer submits an application on behalf of the buyer to the Ministry of Finance to obtain the necessary permit. It is usually issued within three months. The price of the acquired property must exceed €55,500 for an apartment and €91,500 for a house. The property must be used only as a personal residence; it cannot be rented out or used as an office.
A non-resident (with permission from the Central Bank of Malta) is entitled to apply for a loan to purchase real estate, which can be issued at approximately 9% per annum for a maximum period of 10 years.
FRANCE
€200 thousand – apartment in Nice. Real estate in France is represented by an apartment on the fifth floor of a building built in the typical Nice style (nicois). The windows offer a view of the Opera. The apartment consists of two bedrooms and one bathroom. There is a balcony and a mezzanine room.
At the initial stage of legal formalization of real estate purchase in France, an official agreement is signed between the seller and the buyer: Sous-Seing Privé (if concluded through a French real estate agent) or Compromis de Vente (if drawn up through a notary). When signing the document, the buyer pays a deposit – at least 10% of the purchase price (it will be placed in a special bank account and held until the remaining amount is paid or the purchase is cancelled).
After signing the contract, the property is reserved for the buyer. The deposit can be refunded if the buyer withdraws from the purchase within 7 days. Then follows a period of 30-90 days, during which a study of the property is conducted to check the legal purity of the transaction and any defects, and to resolve them. At the same time, the buyer must arrange full financing for the transaction.
The next stage is the signing of the final contract (Acte de Vente) by the seller and buyer in the presence of a notary. After the Acte de Vente is signed by both parties, the notary certifies the deed of sale, and the property transfers to the new owner. The new owner must insure the property. In addition, they will incur additional costs for the transaction. They must pay state duties and registration taxes, which amount to approximately 7-8% of the purchase price.
MONTENEGRO
€160 thousand – house on the shore of the Bay of Kotor, town of Krašići. A four-story house located just 50 m from the sea, 15 km from the airport. Total area – 414 sq. m, of which 265 sq. m is living space and 150 sq. m is terrace. The yard area is 317 sq. m. Utilities available – water, electricity, telephone. Additionally, there is a garage.
Montenegrin legislation allows foreigners to freely buy and sell both commercial and residential real estate on its territory. The procedure for registering a real estate sale in Montenegro is straightforward and takes a few days.
After the seller and buyer agree on the terms, a written purchase and sale contract is signed, which is registered in court and establishes the transfer of ownership. The tax inspectorate determines the market value of the acquired property and issues a decision on the payment of the property transfer tax (its amount is 2% of the market value of the property). After full payment and registration of the new owner's rights in the Cadastre, the new owner receives a certificate 'List of Immovables'. If a buyer wants to purchase land in Montenegro for subsequent construction, the transaction is formalized through a company registered in Montenegro.
BULGARIA
£135,000 – apartments on Sunny Beach. Three-bedroom apartments with an area of 80.36 sq m in the Riviera Fort complex, located right on the seafront, in the village of Ravda. There are children's and adults' pools, a playground and a water slide, a tennis court, a football field, a poolside garden restaurant, a supermarket, a guarded parking lot.
The details of the purchase and sale transaction are simple. A foreign individual only needs to present a foreign passport. If the purchase is made by a legal entity, the company's founding documents must be on hand. Then the buyer or their authorized representative presents a statement (certificate) from the relevant register on the legal and financial cleanliness of the property put up for sale. The document reflects the presence or absence of a mortgage loan on the acquired property, the rights of third parties to use it, a ban on sale, pending court cases, the right of ownership of the building to a specific person, that is, the seller. Another document is the state valuation of the cost, determined by the territorial tax service.
The selling price indicated in the notarial deed cannot be lower than this value. Based on it, the amount of the transaction fee and notarial taxes are calculated. In total, they do not exceed 4%. The deed of transfer of real estate and the certificate of title are executed in the district where the property is located. After the document is signed by the seller and the buyer and their signatures are notarized, the lawyer sends the notarial deed to the local court, whose officials enter the change of circumstances for this property into the State Register of Real Estate. A note about this is also made in the notarial deed. The property owner is obliged to pay annual property tax and a fixed fee (determined by local authorities) for household waste.
CYPRUS
£208,000 – apartments in the city of Paphos, village of Peyia. Two-bedroom apartments (total area – 83 sq m, terrace area – 15.3 sq m) are part of the Ektoras complex, a 5-minute drive from the best beach in Paphos – Coral Bay. The location of the project allows combining the silence and tranquility of almost village life with a European level of service.
By law, a foreigner can obtain permission to purchase real estate for the purpose of residence or business. For personal use, it is allowed to buy one apartment, one plot of land for construction, or one house on a plot whose area does not exceed 2, rarely 3 donums (4,012 sq m). The acquisition of real estate in Cyprus by foreigners is possible with the permission of the Council of Ministers. Such permission can be obtained by any solvent buyer.
After choosing a property, the first step is to sign a purchase and sale agreement with a clear identification of the property and the terms of sale. To complete the transaction, it is necessary to obtain preliminary permission from the Committee of Ministers, confirmation of the preliminary permission from the Department of Land Registration, open a bank account and pay stamp duty, register the contract with the Land Commission, and finally submit an application to the regional Land Chamber to obtain the so-called title and final transfer of ownership.
It is worth noting that Cyprus is one of those countries where a foreign citizen can expect to obtain a mortgage loan.
SPAIN
£210,000 – bungalows in the city of Benidorm. Two-bedroom bungalows with an area of 86.26 sq m in the Atalayas de Polop complex, located a 10-minute drive from the city of Benidorm, are surrounded by greenery and have a wonderful view of the bay. Each bungalow has its own garden of 43 sq m. The kitchen is equipped with furniture, a stove and oven; there is a connection for air conditioning, an alarm, an armored door, parking. On the territory of the complex – gardens, recreation areas, swimming pools, and tennis courts.
After selecting a property and making a decision to buy, a private purchase and sale contract is drawn up, which, among other things, specifies the terms and method of payment. When signing the contract, the buyer pays 10% of the property value, reserving the property. Moreover, it is necessary to obtain in advance from the local police the so-called N.I.E. (foreigner identification number) in order to then open a bank account from which the purchase will be paid by transfers.
Then within a month the main official document of sale is drawn up - Escritura Publica or simply 'Escritura'. The remaining amount is paid upon signing the 'Escritura', after which the buyer becomes the full owner. There are various payment conditions – for example, you can get a mortgage loan (as a rule, for non-residents it is 50%, maximum 80% of the property value). All this is stipulated in the contract before signing. The 'Escritura' is signed by the buyer and seller at a notary office in the presence of a Spanish notary.
After that, it remains to register the property in the Property Register; this process usually takes about three months. The buyer takes possession of the property from the moment of signing the notarial deed of sale, payment of all contractual amounts. He is issued a notarial simple copy of the deed of sale. The original deed of sale is presented to the appropriate Property Register for registration of the owner and for the final check of the correctness of the deed. After 1.5 - 2 months, the buyer receives the registered original deed of sale.
GREECE
£163,000 – apartments in Lykoporia – Xylokastro. Two-bedroom apartments (area 79 sq m) located on the first floor of a new building built in 2006. To the airport – 120 km (1 hour drive), to the sea – 30 m. There is a kitchen, bathroom, WC, living room, storage room, parking space, small plot.
Additional information: All foreigners – both EU citizens and non-EU citizens – have the right to purchase real estate in Greece. The procedure itself does not differ from that in other countries, except for one condition: real estate in areas considered border zones can be acquired only after obtaining official permission, which is usually handled by a lawyer. Citizens of CIS countries must obtain permission not from the prefecture, as EU citizens do, but from the relevant Greek ministry. The application must include documents such as a topographic plan of the property and surrounding area, an apostilled birth certificate, and others.
The procedure for obtaining official permission is formal in nature and is not difficult for a lawyer, who will help gather and prepare the necessary documents, submit them to the relevant authority, and obtain the permit. The buyer can already be waiting in the chosen apartment or house, for which a preliminary contract is signed with the seller, which is valid until the official permission is obtained and the main purchase agreement is concluded.
CROATIA
?135 thousand – apartment in the city of Medulin, Istria peninsula, Pula region. Two-bedroom new apartment of 59 sq. m with a balcony (or terrace) on the second floor, part of a small condominium located 150 m from the beach. The condominium has a closed swimming pool, well-kept garden, parking spaces. A few hundred meters away are sports facilities, cafes and restaurants, a promenade with shops.
Acquisition of real estate in Croatia by foreign legal entities and individuals is subject to a permit procedure in accordance with an international Treaty of Reciprocity. The problem is that currently, ahead of accession to the European Union (which may occur in 2009), the Ministry of Justice of Croatia is developing new laws, principles and procedures for obtaining permission for ownership rights for EU residents and non-residents. This means that citizens and legal entities from former Soviet countries cannot directly purchase real estate in Croatia in their own name, even after consent from the Ministry of Justice of Croatia. However, they can establish a Croatian legal entity and buy the property through it.
TURKEY
?95 thousand – apartment in the city of Mahmutlar, suburb of Alanya. Two-bedroom apartment of 110 sq. m in a new upscale 11-story building, part of the Cihan Pamfilia Residence complex. It has a living room, two bathrooms, two balconies/terraces. The complex includes a fitness center, tennis courts, volleyball and basketball courts, a pool (including indoor), restaurant, bars, shopping center, health center, underground garage, parking, 24-hour security.
The opportunity to buy real estate in Turkey appeared relatively recently. It is worth noting that houses and apartments can be purchased without restrictions, but land plots are not sold to foreign citizens – they can only be leased.
After the property is selected and all details are agreed upon, it is necessary to sign a contract with the seller, transfer the funds to the account specified in the contract in the agreed manner, obtain a residence permit for six months, submit documents to the Land Registry Office (guaranteed review period is 3-4 months), and then personally come to Turkey to obtain a Tapu – the document certifying ownership. It is possible to purchase real estate through a legal entity.
DOMINICAN REPUBLIC
$243 thousand – apartment in Puerto Plata province, between the resorts of Sosúa and Cabarete. Two-bedroom apartment of 152.91 sq. m on the first floor of a building that is part of the Sosua Ocean Village residential complex, located on the fourth line from the sea. The apartment has two bathrooms. The building is designed in Victorian architectural style. The living room has access to a terrace, and the master bedroom has access to a balcony.
The transaction is characterized by the ease of bureaucratic procedures – foreigners in the Dominican Republic have the same rights as Dominicans themselves. To start the process, you need to present a passport or other identification document. Then sign a preliminary purchase agreement, and finally a purchase agreement for the property.
The real estate tax rate is 1% per year of the appraised value. The tax rate on the acquisition of real estate is 3% of its value. A discount system applies when purchasing real estate in the early stages of construction.