Buying real estate with cryptocurrency: which countries allow you to buy housing and what needs to be taken into account 2022
Buying real estate with cryptocurrency: which countries allow you to buy housing and what needs to be taken into account 2022

Buying real estate with cryptocurrency: which countries allow you to buy housing and what needs to be taken into account

In the context of the pandemic, which has been ongoing for 2 years, foreign investors have adapted to potential customer viewing real estate in the online format and to concluding transactions remotely. Nowadays Russians have run into new obstacles — several Russian banks have been disconnected from the swift system, Visa and Mastercard services have stopped working in Russia, and a ban on money transfers in foreign currency to their foreign bank accounts has been introduced for citizens of the Russian Federation.

In such difficult conditions, many have begun to consider the option of purchasing real estate with cryptocurrency. Let’s consider in detail which countries that are popular among investors allow such transactions.

Thailand

In this country, cryptocurrency is a legal unit of account. Buyers can purchase real estate from a seller or developer by paying with all types of digital currency. When making transactions, the cost of the property is indicated in Thai baht. The amount of payment in cryptocurrency is set only at the time of the transaction. The whole procedure takes place in 2 stages: first, the buyer transfers the digital currency to the seller’s wallet; then, the seller converts the received funds into the national currency and fixes the payment in Thai baht.

At the moment, you can buy real estate in Thailand for cryptocurrency only as rental housing. This is due to the fact that, in order to obtain the right to the unconditional possession of a property, foreigners need to transfer funds with the exact purpose of payment and fill in a special form. Such operations can be carried out only in a bank.

UAE

In Dubai, pays in cryptocurrency began to be accepted back in 2017. Currently, most large developers accept digital currency. Buyers can pay for the selected property in bitcoins, but, in the contract, its value will be reflected in dirhams.

Germany

In Germany, cryptocurrency transactions are completely legal. You can pay for the purchase of the selected property in digital currency by transferring it from your crypto wallet to the seller’s wallet. After confirming the crediting of funds, the notary registers that the property has been transferred to its new owner.

Turkey

In this country, you will not be able to pay the seller cryptocurrency. However, you can still pay for the purchase of housing with bitcoins if you contact a Turkish real estate agency that provides such a service. They will take on the function of a cryptocurrency exchanger: they will accept the crypto, convert it into the desired currency and transfer it to the seller’s account.

Georgia

According to Georgian law, cryptocurrency is valued as an asset, not as ordinary money. Therefore, all transactions in the country take place as barter — by exchanging digital currency for real estate. At the same time, its price in the contract is allowed to be indicated in the usual currency.

USA

To purchase real estate using cryptocurrency, the buyer needs the seller’s permission. If it is not received, the buyer needs to find an intermediary to withdraw their digital funds to fiat.

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