Property in Poland its getting better for the investor
International Property investors are now looking towards
Poland as a place to invest . Poland is attracting
attention for a whole host of reasons Poland or Polska has
a population of just under 40 million and can be viewed as
an emerging economy with great potential. With European
Union accession granted in May 2004 Poland is well position
between Eastern and Western Europe to capitalize on the
expanding EU trade.
 
In summary overseas buyers are attracted to the following
• Large market of almost 40 million consumers
• Low unemployment in capital cities
• Its location between emerging eastern countries and the
capitalized west
• Properties sold after 5 years or monies re-invested into
property have no capital gains tax
• VAT is not applied to properties over 5 years old
• Strong GP and FDI growth
 
So how does an overseas buyer buy property in Poland? The
buying process  in Poland is a little different than in
most other countries, so it is important to understand it
before jumping in. EU and European Economic Area citizens
may buy property in Poland fairly easily, but residents of
other countries must first obtain permission from the
Polish Ministry of Interior and Administration. There are
some situations in which EEA citizens must obtain
permission, such as for certain second homes – not their
primary residence – and some agricultural lands. Check with
an agent or lawyer to make sure if you need to acquire
permission before proceeding to buy.
 
A buyer may use the services of an estate agent when buying
existing property in Poland, and this person can do much of
the legwork involved. Because the agent works for the
buyer, the buyer pays any commission to the agent. It is
not customary to use a lawyer, but as a foreigner it is
always a good idea to have one review the paperwork, and
apply for a permit if necessary, to make sure everything is
okay.
 
Once you have found a property you wish to purchase, price
negotiation is usually done face to face with the seller.
After agreeing upon a price, a notary will draw up the
initial contract. This sets out the terms and any
conditions, and a 20% deposit is paid. The notary typically
serves as the legal authority, carrying out any property
checks and searches.
 
Once everything is okay according to the notary – and with
your lawyer, if you have one – then the final contract is
written up and signed in front of the notary. The buyer
makes the final payment and the seller must present a
letter or document stating that there are no outstanding
loans or debts on the property. This is very important, and
it should be dated the day of sale. There is a civil
transaction tax that must be paid, typically 2% of the sale
price, at the time of sale. Once everything is complete,
you may register the property with the Land Registry.
 
 
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Nicholas Marr is a lifetime overseas property investor and
CEO of Marr International Ltd a UK based property marketing
company that is responsible for international real estate
 
.