Austria consists of nine federal states. Each land has its own law on real estate purchase, which has specific requirements for the future real estate owner. Therefore, there are many differentiations depending on the state where the customer acquires the real estate.
There are two possibilities to purchase the facility:
The purchaser carries out a transaction on its own behalf, but at the same time he/she is required to prove the purpose of purchasing the real estate and get a permit from the Commission for the Land Turnover Supervision for foreigners. For the purchasers not being EU citizens, real estate purchase is preferable as for an entrepreneur who is a co-owner of the company (Note: a participatory interest of the foreign member shall not increase 49%).
Transaction process:
1. The Purchaser opens an account in vienniese bank.
2. Before opening the account, the credit institution (bank) verifies the customer, as well as a source of the funds.
3. After positive verification, the purchaser is permitted to open an account and further remit money from the purchaser's country.
4. In case of the purchase, the money can be remitted to the account of a notary or a lawyer's office, which will carry out the transaction; payment may also be made directly to the seller.
5. In case of applying for the services of a trustee (lawyer or notary), the seller will directly receive money only after the purchaser has been registered in the cadastral registry as an owner.
6. The need to pay tax on land acquisition, fees for the transaction, the notary's fee, legal support, translator/interpreter, broker etc. is to be taken into account.
There are numerous opportunities to get a permit to stay in Austria. All depends on a particular case which is to be considered by our experts.
As a part of acquisition of real estate in Austria, the trusted experts of the Center may render the following services:
1. acquire real estate
2. rent or acquire private property
3. rent or acquire business/commercial real estate
4. select an appropriate way of funding
5. formalize all required documents
6. open a company (if required)
7. formalize a residence permit (if required)