Introduction
Due to the robust growth of the property market and attractive property prices, many foreigners are considering investment opportunities in Poland. Are you a foreigner planning to buy a property in Poland but don’t know where to begin? This article will walk you through the process of property purchase in Poland for foreigners.
The Eligibility for Foreigners
To start with, foreigners have no restrictions when buying an apartment or a commercial property. However, if you are considering purchasing a house or a plot of land, you need a permit from the Ministry of Interior. EU citizens do not require this permit unless the property is classified as agricultural land.
Finding a Property
When searching for a property, consider working with reputable real estate agents to guide you through the property market. They can assist in negotiations and recommend trusted notaries, who are vital in legal transactions related to the property purchase in Poland for foreigners.
Initial Agreement
Once you locate a property that suits your preferences, the next step is signing an initial agreement. This agreement includes the details of the property, price, and the date of signing the final contract. At this stage, you are typically expected to pay a deposit, usually 10-20% of the total property cost.
Obtaining a Notary Deed
In Poland, a notary is involved in almost every phase of the property purchase. They prepare the notary deed, which proves that the agreed terms between the buyer and the seller are legally binding. Be ready to pay for the notary fees, which range between 0.5% to 3% of the property value.
Transfer of Ownership
The final step of the property purchase in Poland for foreigners involves the transfer of ownership from the seller to the buyer. After signing the notary deed, the notary sends it to the Land and Mortgage Register. The property is officially yours once the change in the ownership is registered.
Mortgage
Need a loan to finance your purchase? Banks in Poland offer mortgage loans to foreigners. Make sure you meet the bank’s requirements, which might include a permanent residence permit or a well-paying job in Poland.
Conclusion
Buying property in Poland as a foreigner can seem daunting, but it doesn’t have to be. With a good understanding of the procedures, and maybe the help of a local expert, you can navigate through the process successfully. Remember, a mark of a smart investor is understanding the rules and trends of the market. Best of luck with your property purchase in Poland!