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Buying a property in Albania
is a simple process and
buying it through us is
safe.
Our company selects
carefully only properties
that are legally built and
owned with clean property
titles and approved by the
government.
Who shall own property in
Albania?
Personal ownership is
the most common case for a
foreigner purchasing a
property in Albania.
Are there restrictions to
foreign ownership?
The restrictions pertain
to agricultural lands only.
Is Co-Ownership allowed in
Albania?
YES. A co-ownership is
an arrangement whereby two
or more persons buy a
property together and wish
to provide for leaving their
share (when they die) to
someone other than the other
co-owners. In legal terms
this is called a ‘Tenancy in
Common’. If you are buying
with a member of your family
or a friend, you may wish to
put in place a co-ownership
agreement which provides
what will happen to your
share in the event of your
death, but also important
issues such as what each
party is contributing to the
purchase and how
expenses, income and capital
gains are to be shared. You
can also include agreement
as to a minimum period that
you will hold the property,
and what will happen if one
of the co-owners wants to
sell his share.
Do local bank offer mortgage
loans?
YES - non-resident
mortgage financing is
available. The main local
banks are controlled by
large European banks: Credit
Agricole, Societe Generale,
Banca San Paolo IMI,
Raiffeisen Bank, Piraeus
Group, National bank of
Greece, Alfa Bank, etc.
These banks have already
approved Albanian real
estate properties and are
interested to offer
competitive mortgage loans
with terms from 1 to 15
years. For foreigners
specific favourable terms
are applicable and some
banks do not request client
to visit Albania.
Does the Public Notary
verifying the clear title of
the property?
The public notary is
liable for the verification
of the original title of the
property which is a document
issued by ZRPP (State office
of registration of property)
called differently Mortgage
Bureau. By law, the public
notary before preparing the
sell contract which is the
final act between the seller
and the buyer need to check
the full history of the
property.
Is there an Albanian
official statuary Real
estate property registration
office?
YES. This office called
ZRPP (State office of
registration of property) is
properly run and manages a
clear and fully acknowledged
ownership history for each
lot. Furthermore
digitalization financed by
World Bank is underway.
The buying process in
Albania follows this format:
Reservation fee is 2000
€ per property and it is
fixed.
Off-plan properties – we
accept 40% in the
pre-contract, 30% during
construction process and 30%
in the final contract.
It also depends on the deals
made between our sale
partners and their
customers.
In most cases the properties
we offer are rough structure
completed and the typical
payment plan is:
- 50% on signing the
undertaking contract
- 30% when double-glassing
and internal walls are
installed
- 20% on final contract
We arrange everything that
has to do with the sale
process with regard to
viewing trips,
accommodation, transfers,
etc. and finally we make all
the paper work and the legal
contracts between the seller
and the buyer, using
approved solicitors and
notary.
Everything we make is 100%
legal and safe for the
clients and all legal
certificates, translated
into English and stamped by
Notary are available on
request.
After the final payment is
made and the contract is
signed , we help the new
owner of the property to
register the property in the
Property Registration Office
in Albania.
All properties we offer are
FREE HOLD.
Do I have to pay VAT on
land, apartment and/or any
property purchase?
NO. The sale of
buildings and land is not
subject to VAT! (20% in most
of the countries).
Do I have to pay taxes if I
don’t develop my property?
NO. This allows long
term Buy and Hold strategy
and support the making of a
land portfolio.
Do I have to pay a capital
gain tax on resale of my
property?
There is a capital gain
tax of 10% for individual
and companies (instead of
Bulgaria 17.8%, Spain 18%
and 20% in Turkey or
Poland)! Albania has signed
limited double taxation
treaty with several
countries including France,
Hungary, Russia, Switzerland
and others.
Do I have to pay a tax on
rent?
A tax of 10% is due on
the amount of the rent (25%
in Hungary and Spain!).
Do I have to pay wealth tax?
NO. There is no wealth
tax in Albania (France≤2%,
Germany≤0.5%, Greece≤0.8%;
Spain≤2.5% every year!).
Can capital and profits be
repatriated without
difficulty by a non
resident?
There is no withholding
tax in Albania (10% in the
US). Capital and profits can
be repatriated once you have
paid the legally due taxes.
What is the level of
inheritance/gift taxes in
Albania?
There is NO inheritance
tax and gift tax is 3%! In
case of personal ownership
it is desirable to make a
will in respect to your
Albanian property as soon as
you become the owner.
What is the cost of insuring
a property in Albania?
It cost 100 to 250€/year
for insuring a 2 bedroom
apartment depending of the
benefits.
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