As a member of the EU buying property in Austria
is highly regulated and very straight forward – although rules vary slightly from province to province.
Property in the province around Salzburg (Salzburgerland) tends to be the most interesting for foreign buyers – containing many large, well known ski resorts as well as having an established 2nd home market. Popular ski resorts in Salzburgerland include Zell am See, Bad Gastein, Obertauern, Saalbach, Maria Alm and many others.
Many new build developments in these ski resorts are now designated as ‘tourism residences’ meaning that you have an obligation to rent out your property when you are not there to ensure that resorts do not suffer from ‘cold’ beds. As an incentive, the VAT is often waived on property purchases in these residences – giving an approximate 10% discount in most cases. Exact rules do vary from project to project however, so please do discuss in detail with one of our team when you are considering purchasing.
Purchase costs in Austria are between 6 and 9% of the purchase price. Consequently, property tends to be held for a long period of time. This has helped maintain a stable property market and deter speculative investors that have caused so many problems elsewhere in the EU. As an added incentive for long term investment, capital gains tax is waived on all properties held for at least ten years.
Typical total purchase costs are broken down as follows:
Notary Fees — 2.5%
Stamp Duty — 3%
Land Registry — 1%
Agency Fees — 3% (waived in some projects)
Buying Offers / Kaufanbot
Once you have found a property you wish to buy you make a formal offer to the seller by signing a Kaufanbot agreement. This is a formal offer and, if counter signed by the seller, is legally binding on both sides. The price and completion date is fixed and both parties are now obliged to complete the transaction. It can be ‘subject to finance’ in some instances. In many off-plan developments the developer will need to pre-sell a certain percentage of the development before counter signing the Kaufanbot.
Contact us if you are looking to buy property in Austria. Or you can view our portfolio of Austrian alpine property including ski apartments and chalets.
Austrian Ski Property for sale. Property in Austria.
Buying property in Switzerland is relatively straight forward, but buyers need to be aware of several laws that are unique to the Swiss property market. Each canton has an annual quota of properties that they are allowed to sell to non-Swiss residents.
Once the client has chosen a chalet or apartment, the procedure is as follows: Complete a civil status questionnaire; Complete a declaration of honour; Complete a Power of Attorney which states the following: Name and address of the purchaser Location and name of the property Number of the parking space (if applicable) Detailed selling price Schedule of payments, as a percentage of the total sale price; Produce a copy of his/her passport, signed.
The signature on the Power of Attorney and on the copy of the passports must be legalized. (i.e. witnessed by a notary) The above documents are normally completed with our help and then forwarded to the official Swiss notary who begins the purchase procedure. Once the notary has received all the completed and signed documents, plus the deposit, he will then sign the deed of sale and apply for the authorization of the sale. This can often take 2-3 months depending on the property.
Once the authorization has been received, the notary will duly record the deed of sale in the Land Register
The following legal restrictions are in place:
It is now possible to resell an apartment after its acquisition to another non-resident, subject to the restrictions under the Lex Friedrich. All applications must be made through a notary’s office, once a buyer is found.
Under Swiss Law, an owner or his family may occupy their apartment for up to six months per year (Maximum stay is three months per visit).
The accommodation cannot be rented on an annual basis (maximum 11 months and 1 week).
No authorization is required for the purchase of a principal residence if the buyer has a residence permit B (i.e. work permit for non nationals), except if the land exceeds 2,000 square meters.
EU citizens with a residence permit B and all foreigners with a residence permit C (i.e. residence permit for a non-Swiss national) can buy as many properties as they want. They are considered as Swiss citizens
Contact us if you are looking to buy property in Switzerland. Or you can view our portfolio of Swiss alpine property including ski apartments and chalets.
Swiss Property for sale. Property for sale in Switzerland.