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Initially, it might seem that buying property in Vienna or Frankfurt is complicated for foreigners, but unfortunately, that’s not the case. Purchasing property in Austria or Germany is not particularly difficult for foreigners. Our clients typically come from: Ukraine, Russia, Kazakhstan, Moldova, Armenia, Belarus, and other CIS countries, but sometimes we also work with local residents, representatives from the USA, Canada, and EU countries.
Usually, to purchase property, the buyer and/or their representative visit the property, visually assess it, and request financial reports for the past three years if the property is a business or commercial real estate. However, there are rare cases where the entire process occurs without visiting the property. In such cases, buyers are only interested in the financial indicators of the property, its growth, location, management possibilities, etc. If the buyer is satisfied, the transaction procedure follows.
If the goal is to invest money in a reliable business or commercial real estate, you should definitely consider types of businesses and properties in Austria and Germany such as:
If you are interested in low-risk investments with good returns, you might consider biogas plants, which have significantly higher returns compared to commercial real estate and minimal risks, as the guarantees usually come from the government and a large corporation that handles the project turnkey and manages it. Annual return rates are fixed for 10-20 years.
If you are interested in property for personal residence, it’s worth paying attention to the presence of nearby amenities such as: kindergartens, shopping centers, parks, squares, playgrounds, schools, and public transportation.
Everything listed here is available for sale with us; the rest we can find for our client without problems or delays.
When processing a deal, it is advisable to use the services of qualified lawyers and attorneys who specialize in such transactions, in conjunction with a good agent. Often, these professionals within real estate agencies:
Your presence can be minimized, and if desired, you can avoid the routine paperwork by using a power of attorney.
However, note that if it comes to opening a bank account for your company and/or obtaining financing, the bank may require the presence of the final client – the property owner.
After visiting the bank, the response on financing is usually provided within two to three weeks.
In Germany, this is simpler, but in Austria, there are specific aspects to consider, namely:
For example, there was a case where a client wanted to invest in a restaurant chain in Vienna, but was denied on the grounds that there were already enough restaurants in Vienna and there was no need to develop this type of business further.
All these issues can be expedited and, as they say, “smooth the edges” by registering a company in Austria, Germany, or another EU country and purchasing property through this company. If you do not have such a company, we can register it for you.
It’s important to note that even without any activity in these enterprises, minimal accounting and tax obligations must be maintained.
Thus, taxation in the absence of activity:
If a client is ready to outsource company registration in Austria or Germany to a lawyer or legal professional, they sign the relevant contract and wait approximately 7-12 working days – this is the required time for company registration in Germany or Austria.
It is also possible to do this, but there are some important points to consider. For example, in resort areas of Austria, such real estate is called Zweitwohnsitz and is considered a second residence. This means that the buyer already has a property for permanent residence (Hauptwohnsitz), where they are registered. The Zweitwohnsitz is used for occasional stays, not exceeding a certain period. This type of property can be registered in the name of an individual, with the details recorded in the land registry, which is the primary legal document in Austria. Note that such offers are rare in the Austrian real estate market, but they do exist.
A foreigner can buy a house or apartment in Vienna or other residential property and register it in their name as an individual, but for this, they will need one of the following:
If they buy one such property, they will not be able to buy another, as it is considered that they can live in just one. Any additional properties can be rented out, which is considered entrepreneurial activity. Commercial properties, office centers, and investment apartment packages in Austria also cannot be bought by an individual for the reasons already mentioned.
Remember, regardless of how the property is purchased, the decision on whether it can be done is issued by the specially created administrative body – Grundverkehrskomission.
This agreement is prepared by a notary or lawyer and is called Kaufvertrag in Austria. The lawyer and notary are also responsible for:
After the successful completion of the real estate transaction, the buyer must pay, according to the signed contract and within 14-20 days, unless otherwise specified in the contract:
The payment is transferred to the lawyer’s trust account. In Austria, lawyers bear significant responsibility for the buyer’s funds as well as for the purity of the transaction they handle. This is completely safe. All real estate transactions in Austria are conducted through such accounts.
By using our company’s services, you get access to a full range of specialists who have been working in the real estate markets of Austria and Germany for a long time. We are happy to provide our clients with the best: lawyers, notaries, appraisers, if needed, and we ourselves act as brokers.
INVESTMAKLER
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