The details of real estate purchase in Austria
Real estate in Vienna can only be purchased by EU citizens. There are 4 exceptions to this rule:
- Real estate can be purchased on a student visa, which is a residence permit for students.
- The property acquisition is available to holders of an Austrian residence permit or residence permit of any of the EU countries.
- It is possible to justify the need for a regular stay in Vienna in the land commission and ask for permission to purchase property. The chances that they will meet towards are extremely small, but it is possible, if the arguments are convincing. The Austrian government makes a lot of efforts in social support of the population and struggles with speculation in the residential real estate market. Thanks to these measures, sharp price hikes are successfully prevented.
- If one sets up a business in Austria, then real estate can be issued for the company.
Citizens of Austria or the EU, as well as legal entities from Austria and some others have the right to freely purchase real estate in Vienna. In this case, it is also necessary to request permission from the land commission. Doing business or creating a representative office is a common reason for real estate acquisition, so the fourth option is one of the most popular. There is a detail that can complicate the process: a legal entity is recognized as «Austrian» if the founder is an Austrian citizen, a legal entity from Austria or the EU. It is important to understand that running a business in Europe costs money. This scheme will be disadvantageous if the business is organized for the purchase of budget housing in Vienna.
The practice of Crown Consulting shows that the possible difficulties in buying property in Vienna are not insurmountable. Our specialists are ready to solve problems and offer you their experience and services in acquiring housing. The schemes by which we work are legal, and our cooperation occurs only with trusted lawyers.
List of additional services:
- Registration of real estate transactions, including payment of tax, which gives the right to transfer property with subsequent receipt of a certificate (registration of transactions in local courts). Commission — 3,5% of the transaction value.
- Land registration. Commission — 1,1% of the value of the property.
- Payment for a lawyer or notary. Commission — 1,5-3% of the price of the object.
- Payment to a real estate agent. Commission — 3,6% (3% + VAT). Agent commission is determined by law and is standard.
Additional costs for the acquisition of real estate are estimated according to generally accepted standards at 10% of the full official value of the property.