How foreigners can buy real estate in Slovakia: rights, obligations, and a step-by-step guide

Changes in property acquisition rights

Since Slovakia gained independence in 1993, only its citizens had the opportunity to purchase real estate on its territory. However, the situation changed after the country joined the European Union. Now, foreigners and foreign companies can easily become owners of various properties in Slovakia.

Categories of real estate available for purchase

Among the objects that can be purchased by foreigners, the following stand out:

• Residential buildings
• Apartments
• Office spaces
• Land plots

In most cases, purchasing real estate does not require obtaining prior permits. However, to acquire land plots, it is necessary to first obtain a construction permit. Exceptions include:

• Forest areas
• Only citizens of Slovakia can purchase land for agricultural use.

Rights and obligations of foreign owners

Foreign property owners have the same full rights as local residents, which allows them to:

• To live in one's own property
• Renting, selling, or gifting property
• To pass it on as an inheritance

It's important to remember tax obligations: owners must pay property tax and taxes related to rental and sales.

Obtaining a residence permit

Many potential buyers are wondering about the possibility of obtaining a residence permit (RP) in Slovakia based on property ownership. However, simply owning property is not a sufficient basis for obtaining it. Nevertheless, such property can serve as proof of your financial stability, which can positively influence the decision to issue a residence permit for other reasons, such as:

• Study
• Work
• Business management
• Presence of close relatives in the country

All applicants for residence permits, regardless of the basis, must have a place of residence in Slovakia — this can be a rental or owned property. Owning real estate significantly simplifies this requirement.

Schengen visa and real estate

Having real estate can also help in obtaining a multiple-entry Schengen visa, which allows you to stay in the country for up to 90 days within a six-month period. This is especially relevant for those who frequently visit or plan to do business in Slovakia.

Real estate search in Slovakia

If you are interested in the possibility of purchasing real estate, we recommend exploring our catalog, where you can find a variety of properties for sale. We also invite you to submit a request for property selection according to your requirements. Additionally, we advise you to check out the section dedicated to current news and articles about the real estate market in Slovakia. This will help you better understand the current trends and specifics of buying real estate.

Investments and immigration in Slovakia

Investments, migration, and real estate issues are the main topics actively discussed on the Telegram channel, where specialists such as realtors and lawyers share their experiences. In Slovakia, there is no mandatory requirement to purchase property through agencies or lawyers; however, being outside the country, you may encounter serious difficulties in finding a suitable option and verifying the legal purity of real estate properties.

Certification of specialists

It is important to consider that the legislation requires certification for both lawyers and real estate agents. Local agents are required to havelicensewhich can only be obtained with special education and practical experience. When choosing a real estateagency, it is crucial to request confirmation of the organization's registration in the commercial register, which will help ensure its legality and professional qualities.

Professional Association of Realtors

There is a professional association of realtors in Slovakia that monitors compliance with standards and regulations in this field. On the official website of the association, you can find an up-to-date list of its members. Additionally, the resource provides information about Slovak and foreign companies operating in the real estate sector and having experience in servicing foreign clients.

Trends in construction

Modern trends in construction in cities like Bratislava indicate a rapid development of the real estate market. If you have decided to purchase a property, pay attention to the important steps that will help you successfully complete the transaction. The process includes seven key steps.

Key steps when buying a home

• Studying the property rights document:The first step is to analyze the document certifying ownership (list vlastníctva or LV) that is registered in the seller's name. This document is the primary source of information about property ownership in Slovakia. When selling, it must be clear, meaning there should be no records of liens, mortgages, or third-party rights, including those of banks. This document can be checked on the national cadastral portal.
• Conclusion of the reservation agreement:At the second stage, a reservation agreement is concluded. This agreement provides the buyer with time to arrange the necessary finances and transfer them to Slovakia, as well as to address other important matters. The reservation agreement guarantees that during the established period, the seller will not offer the property to other buyers, and the buyer will not consider alternative offers. At this point, the buyer typically makes an initial non-refundable deposit, usually amounting to 3-5% of the asking price, which protects both parties. If the deal does not go through due to the buyer's fault, the seller has the right to keep this deposit, while if the seller is at fault, the advance is fully refunded.
• Drafting a contract for the transfer of ownership rights:The third stage involves drafting a contract for the transfer of ownership (zmluva o prevode vlastníctva). This final document is prepared in four copies: one for each party, and two are kept at the cadastral office for registration. The process is completed with the notarization of the parties' signatures, which gives the transaction legal status and validity.

Conclusion

This information will be useful for those planning to invest in real estate in Slovakia and who want to take into account all the important legal nuances. By following the suggested sequence of actions and consulting with qualified specialists, you can avoid many common mistakes and successfully complete the transaction. A systematic approach to each stage creates a reliable legal foundation and ensures the protection of your investments at the legislative level.

Buying real estate in Slovakia

If you are aiming to become a property owner in Slovakia, you should pay attention to a number of nuances related to the process, particularly regarding the encumbrance. In this case, it will be necessary to prepare a fifth copy of the agreement. This important agreement should include the full passport details of both the seller and the buyer, a detailed description of the property, as well as the established price for the object.

In some cases, it may be necessary to specify the exact location of the apartment or house, its technical characteristics, as well as the rights and obligations of the parties involved in the transaction. It is also important to consider, if applicable,features of joint ownership.

Balneological resorts of Slovakia

Slovakia is famous for its magnificent spa resorts, which attract many vacationers. One of the most well-known is the Trenčianske Teplice resort, which is quite popular.

Features of legislation

Special attention in the legislation is given to the procedure of vinculation, which aims to block funds to prevent fraudulent actions. This is carried out either by a bank or a notary until the buyer receives a certificate of ownership for the property. It should be noted that this service is paid, and the costs depend on the value of the real estate.

• For example, when valuing property at €300,000, the storage fee can range from €200 to €600 for a period of no more than three months.

It should be noted that opening an account through a notary is a more convenient solution, as the risk of fraud is significantly reduced.

The process of transferring property rights

A statement for the transfer of property rights from one owner to another (proposal for the registration of ownership rights in the real estate cadastre) is prepared in two copies: one is submitted to the cadastral service, while the second, certified with a seal, remains with the buyer.

At the same time, it is necessary to sign a real estate purchase agreement. It is also required to obtain a certificate from the management company confirming the absence of any outstanding utility payments. If the property involved in the transaction is a house, similar certificates must be collected from utility providers, including electricity, gas, water supply, and others.

Popular resorts in Slovakia

Among the most popular resorts in Slovakia, it is worth highlighting Piešťany, known for its healing thermal springs.

Obtaining a decision from the cadastral service

During the completion of the transaction, it is important to closely monitor the stage of receiving a decision from the cadastral service, which usually takes between 15 to 30 days. The conclusion of this process will be the announcement of the transfer of ownership rights.

Notifications about the progress of the case can be received through the personal account on the official cadastral website. After the successful transfer of rights, it is necessary to obtain a property sheet that confirms the transfer of rights to the new owner. This document is needed by the notary to make the payment of the remaining blocked amount to the seller. At this stage, the buyer becomes the full owner of the property.

Remote real estate purchase

In today's reality, it is possible to purchase real estate in Slovakia remotely. To do this, it is necessary to grant power of attorney to a representative located in the country, such as a lawyer or a realtor, who will represent the buyer's interests.

Interesting examples of successful online deals can be found in articles that highlight cases where Russian entrepreneurs invest in Slovak real estate without leaving their home country.

Additional expenses in the transaction

When making a transaction, it is important to consider some additional costs:

• Notary services can range from200to350Euros.
• Real estateagency services often consist of3-4%from the total amount of the deal.
• The cost of signature certification starts from20to30Euros.
• The state fee for the registration of property rights is -66euros for standard registration (30 days) and266euros for expedited processing (15 days).
• When submitting an application in electronic form, the fees are reduced to33and130euros accordingly.
• The preparation and obtaining of the property deed will cost8Euros.

Taxes and their payment

After the transaction is completed, the new owner must contact the tax office for registration and to...January 31to file a tax return next year.

UntilMarch 31He will have to pay property tax, which is determined by local authorities (the city hall or village council), and a notification of the tax amount will be sent to him by mail. Usually, property taxes are minor and range within30-100The annual fee depends on the type and area of the property. In the following years, the owner will receive notifications about the need to pay the tax on a printed form.

Mortgage for foreign citizens

There are also options for foreign citizens to obtain mortgage loans if they intend to purchase real estate in Slovakia. Such buyers can expect lending conditions from local banks, which makes the process of acquiring Slovak real estate more accessible for foreigners.

Mortgage lending in Slovakia

Important aspects of mortgage lending in Slovakia: the contract term can range from five to twenty years, and interest rates are between 3% and 6% per annum. To obtain a mortgage, a down payment of at least is required.30%from the cost of the property. Additionally, to obtain a loan, it is necessary to confirm a minimum income, which after taxes should amount to at least700 to 1000 eurosthat may vary depending on the lender's requirements and the amount of the requested loan.

The mortgage application process

The mortgage application process usually takes two to three weeks. The property itself is used as collateral for the loan, which needs to be insured. To successfully complete the transaction, there is a specific set of documents that must be gathered. This package includes:

• ID;
• If available - a temporary or permanent residence card;
• Original bank statements for the last three to six months, confirming the presence of regular income.

Requirements for legal entities

For legal entities, the requirements are stricter. It is necessary to provide:

• Proof of stable income for two years;
• Information on the fulfillment of obligations regarding tax payments and salary disbursements;
• An appraisal of the property's value from a court expert;
• Draft of the sales contract. The final version will only be required by the bank in case of a positive decision on the loan application.

Commercial real estate in Slovakia

Right now in Slovakia, you can find interesting commercial properties for sale. One of them is a factory, the price of which is2.4 million eurosIts area reaches9202 m²And it was previously used for the production of various steel structures and robotic components, which opens up a variety of business opportunities.

Another attractive investment is a profitable residential building located inin the center of Bratislavaand put up for sale for3.5 million eurosThe area of this building is942 m²It was built inin 2014and a major renovation took place inin 2019The entire complex is currently fully leased, with lease terms ranging from one to ten years, providing a stable income level.3.5% net profit.

Purchase of real estate by foreigners

It should be noted that foreigners can purchase real estate in Slovakia, although with some restrictions. In particular, they are not allowed to buy agricultural land or forest areas, but they can engage in transactions involving other types of real estate. A preliminary permit may be required for construction on the acquired land. Although buying real estate does not automatically grant the right to residency, it can serve as a basis for applying for a multiple-entry Schengen visa, allowing them to stay in the country for up to...90 days over the course of six months.

The process of purchasing real estate

The process of buying real estate in Slovakia is relatively straightforward, but it requires attention to detail and the presence of certain documents and confirmations. For potential owners, it is important to consider all the nuances to ensure that the entire process goes smoothly and without unnecessary complications.

Conclusion

In conclusion, exploring the rights and obligations of foreign citizens when acquiring real estate in Slovakia makes it clear that this process has become significantly simpler and more accessible since the country joined the European Union. Since the beginning of 1993, when Slovakia gained independence, only citizens of the country could own real estate, but over time the rules changed, opening the doors for foreigners. Now, any foreign buyer has the opportunity to purchase a wide range of properties, from residential apartments to land plots, without the need for special permits. However, there are exceptions regarding land with special designations, which should be taken into account when planning a purchase.

It is important to note that for foreign citizens who own real estate, additional opportunities arise: having property can assist in obtaining visas and potentially a residence permit. However, it is essential to remember that purchasing real estate is not a direct path to obtaining a residence permit, which underscores the need for additional procedures. In this context, the assistance of qualified real estate agents and legal consultants becomes invaluable.

Advantages of working with professionals

• Protection of consumer rights:Qualified specialists help avoid unnecessary risks.
• Access to up-to-date information:Professionals have knowledge of the current market and legislation.
• Experience in conducting transactions:This significantly simplifies the purchasing process.

The real estate market in Slovakia is developing dynamically, and trust in professionals in this field is becoming the key to a successful transaction.

By following a clear step-by-step purchasing procedure, from document verification to contract signing, the process can be significantly simplified. Each action, from drafting a preliminary agreement to finalizing the contract, requires attention and a mindful approach.

I hope this article has helped you understand the basics of purchasing real estate in Slovakia and may serve as the first step towards successful investments and a new lifestyle in this beautiful country. If you are interested in buying, don't hesitate to reach out to professionals and utilize available resources for up-to-date information and support in this exciting process.