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Slovenia: Tips For Discerning Real Estate Investors

Real estate SloveniaReal estate Slovenia

Real estate investments have been on a southward spiral for several years in many countries. This has led discerning investors on a quest to find property investment opportunities in other countries. Slovenia has earned the distinction of being a popular destination for investors due to its outstanding natural scenery. The influx of tourists and legislation favoring foreign property buyers means Slovenia real estate is ripe for profit taking. The following tips will help you navigate through the requirements for foreign investors.

Prices

The prices of properties in Slovenia are comparable to what you would pay in any other European country. Most sellers will quote prices per square meter. Values will range from €1,200 to €4,000 per square meter depending on the location. Legal restrictions for EU citizens have been done away with making it easy to buy your own property. After all the negotiations have been finalized, the buyer is expected to deposit 10 percent of the purchase price.

Taxes

Property taxes for Slovenia depends on several factors. If you are buying the property for private use, be prepared to pay 8.5 percent as VAT tax on the buying price. Commercial properties attract a VAT tax of 20 percent. It is important to remember that you may also be liable to tourist taxes as well as local community taxes. In addition, the house agent you will be using earns a buyers commission which is taxable. In the event you decide to sell your property, payable taxes depend on the ownership period and if it is has been your primary property.

The Buying Process

Buying real property in Slovenia is quite easy provided the legal requirements have been met. Your agent should have a new copy of the land registry entry and community confirmation. This is important as it shows that there is no community right over the property. An official evaluation is also carried out to determine the property sales tax which is pegged at 2 percent. Usually, both parties involved in the transaction work with a public notary though you could have your own lawyer. A legally binding translation of the contract is then signed. It is advisable to avoid the mistake of being involved in a two stage exchange process. This is where you change cash into euros then change the euros into the Slovenian currency.

Using An Agent

Buying or selling Slovenia real property should be done through a licensed agent. This will protect you from paying inflated prices or simply breaking the law. You will also be legally protected should any issues arise over the property you are buying.

It is impossible to purchase a property in Slovenia without a tax number and EMSO number. This is similar to a social security number and takes about a week to process.

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