Buying real estate abroad can be a profitable investment, but it requires careful preparation. Find out how to avoid risks and protect your interests with the help of advice and legal support from our experts

Legal advice on the purchase and registration of real estate in Ukraine and abroad

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Buying real estate abroad is becoming an increasingly popular investment for Ukrainians, but this process has its own peculiarities that need to be taken into account. Compliance with legal aspects, consideration of tax obligations and work with local experts are key steps on the way to a successful transaction. Below are the main recommendations to help you avoid risks and protect your interests.

Check the legal status of the property

Before entering into a purchase agreement, it is important to make sure that the property is legally owned. This includes checking for legal encumbrances, confirming that the property really belongs to the seller, and analyzing the legality of the transaction. To do this, you should contact a lawyer who has experience working with foreign clients.

Legal restrictions for foreigners

Many countries have special rules for non-residents regarding the purchase of real estate. For example, in Turkey, foreigners cannot purchase agricultural land. Other countries may also have restrictions on the types of real estate or its location. Therefore, it is important to carefully study the local legislation before buying.

Taxes and fees

Tax rates on real estate purchases can vary significantly from country to country. Typically, they range from 3% to 10% of the property's value. In addition, take into account annual property taxes, as well as possible tax benefits for foreign owners. Before entering into a transaction, it is recommended to consult a tax specialist or accountant to assess all financial obligations.

Terms of the sale and purchase contract

The purchase and sale contract should contain all the important terms of the transaction, such as the rights and obligations of the parties, deadlines, and penalties in case of breach of contract. Be especially careful when signing a contract in a foreign language - it should be translated into Ukrainian or another language you understand to avoid misunderstandings in the future.

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Financing the purchase

Many countries offer foreigners the opportunity to obtain a mortgage to buy real estate. But don't forget about currency risks and fees when making international transfers. When buying real estate, it is important to determine the best financing options in advance, taking into account market prices and possible costs.

Work with local professionals

A lawyer, a notary, and a realtor are the professionals who should be involved in the purchase process to avoid legal mistakes and financial losses. A reliable realtor will help you find the best deals on the market, a lawyer will protect your rights, and a notary will notarize the transaction.

Price comparison and market features

Don't forget to compare housing prices in different regions or countries. This will help you find the best options and understand where you can get the most benefit. It is also worth considering the economic and political stability of the chosen country, as this may affect your future investments.

Personal visit and professional assessment

Before you finally decide to buy real estate, visit the property in person. This way, you can assess the condition of the property, whether it meets your expectations, and check whether the chosen location is suitable for permanent residence or investment.

Additional costs

When buying real estate, consider all possible additional costs, such as commissions, taxes, notary fees, and legal support. In addition, in some countries, there are mandatory contributions to the maintenance of common property, which can be quite significant.

Buying real estate abroad is a complex process that requires careful preparation. To protect your interests and minimize risks, contact Visit Ukraine lawyers, who will help you go through all the stages of the transaction: from checking documents to signing a contract. Learn more about the service on our website and get professional advice or full legal support from a specialist.

We remind you! The demand for real estate purchases in different countries of the world is growing rapidly among Ukrainians. Read our previous article to find out in which countries our fellow citizens most often buy housing and how much apartments abroad cost on average.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

Ihor Usyk is the Head of Legal Department at Visit Ukraine

Are you planning to buy real estate abroad? Order legal advice from a team of experienced lawyers. The specialist will help to understand all the intricacies of foreign legislation and solve organizational issues.

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