Frequently asked Questions for each country
Italy
- What is the climate like?
- What are the buying costs ?
Italian weather is pleasant with long hot summers and mild winters. Mountainous areas around the Northern Alps have long cold winters providing perfect skiing conditions.
Registration and stamp duty should be 10% of the declared price for urban property and up to 17% for country property. Notary fees are generally 4% of the declared price and legal fees are 2%.
Prague
- Do I need a residency permit?
- Can I buy property as a company?
- Is it easy to buy a property?
- Do you have anyone who can help me with tax issues once I have bought?
- What are the costs when buying ?
- Can you get a mortgage?
- What is the currency?
Yes you do need a permanent or temporary residency permit the cost is around 470.00 pounds for an EU citizen.
Yes it can be held in the Czech equivalent of the British ltd company called an SRO. The cost of setting this up is around 1,000 pounds and your solicitor in Prague will be able to complete the application for you.
Yes our agents will point you in the right direction and help you in every way with the help of a law society.
Yes Anthony Seddon & co will be able to help you with your tax issues.
Reservation fee is 2500. A 15% deposit due on the day of exchange of contract this is normal 8 to 10 weeks later.
Normal you will be able to get a 85% mortgage available upon completion.
Czech Koruna (crown)
Bulgaria
- Do you sell free hold?
- What is the V.A.T. in Bulgaria ?
- When you buy are there many local taxes?
- When you sell who pays the tax?
- When do I find out about getting a mortgage or building and contents insurance.?
- Do you think Bulgaria is a good place to buy?
- What is the climate like?
- What language do they speak?
All of the properties that we sell are free hold.
All the new builds in Bulgaria is subject to 20% V.A.T. Our prices always include this subject to local tax evaluation and notary act.
On completion there are a number of transfer and local taxes. These taxes total up to 4% to 5% of the purchase price you will have to pay these at notary when you will pay final instalment for your property.
When you re-sell your property convention in Bulgaria is that the new buyer pays the full transfer taxes.
We can provide you will all the information that you need.
Yes, with the country joining the EU this year it means the property will rise.
In the winter months it is between 1 and 6 C and in the summer months it can be anything between 30 and 40 C.
Slavic but the young speak English.
Northern Cyprus
- Who will do all the paper work and checks?
- Will I need to make a new will?
- How long am i allowed to stay on the island legally for?
- Can I own more than one property?
- Is there Capital Gains Tax?
- Is there any Inheritance Tax
- What language dot they speak?
- What is the currency?
We at Iberian Homes Worldwide insist that you get a independent lawyer.
When buying a new property it should always be added to your will but a will should also be written in the country that you have purchased your property in as the lawyers are different. your lawyer will be able to advise you on this
You are issued a 3 month tourist visa when you arrive, after you must apply for a residents permit.
At present you are only allowed to own one property at a time.
Capital Gains Tax is at 20% on the profits arising from the sale.
No Inheritance Tax in Cyprus.
Turkish is the official language but you will find that especially in shops and restaurants they will speak English.
Turkish Lira.
Southern Cyprus
- Who will do all the paper work and checks.
- Will I need to make a new will?
- How long am i allowed to stay on the island legally for?
- Can I own more than one property?
- Is there Capital Gains Tax?
- Is there any inheritance Tax
- What language do they speak in Southern Cyprus?
- What is the currency?
We at Iberian Homes Worldwide insist that you get a independent lawyer.
When buying a new property it should always be added to your will but a will should also be written in the country that you have purchased your property in as the lawyers are different. your lawyer will be able to advise you on this
You are issued a 3 month tourist visa when you arrive, after you must apply for a residents permit.
If you have a temporary residence permit, you may only register one property in your name. However, you can purchase further properties in other people’s names such as a spouse or child. If you have a permanent residence you can buy as many properties as you wish.
Capital Gains tax is at 25% on the profits arising from the sale.
No Inheritance Tax in Cyprus.
The main language is Greek but they do have a good understanding of English as well as some knowledge of French, Russian and German.
At present it is the Cypriot Pound but as of 2007, the Euro is to be introduced.
Turkey
- What are the normal buying costs?
- What is the time difference in Turkey?
- What is the entry requirements?
- Do I need vaccinations before travelling to turkey?
- Can I take my dog or cat with me ?
- What is the climate like?
- What language do they speak?
- What is the currency?
- Is it safe.
Fees and taxes usually amount to 10% of the purchase price. This includes 4% purchase tax and around 750.00 pounds in legal fees.
2 Hours ahead of London
7 Hours ahead of New York
10 Hours ahead of Los Angeles
2 Hours behind Johannesburg
9 Hours behind Sydney
Citizens of Australia, Canada and New Zealand need only a valid passport to enter Turkey for a stay of 90 days or less. Citizens of US, Ireland and the UK require a valid passport and a visa obtainable from the Turkish Consulate abroad or at the point of entry to Turkey. Upon entry the fee is 10.00 pounds for British subjects and 10 Euros for Irish subjects and 45 dollars for US citizens
No vaccinations are needed as travelling poses very few risks to health.
Yes, but you must get a pet passport. Speak to your vet at least 7 months before taking your animal on his or her holiday.
Winter can be around 8 C and the summer anything from 29 upwards.
Turkish but English is widely spoken.
Turkish Lira
Turkey is relatively safe and even in Istanbul crime is rarely more serious than pick- pocketing or purse snatching.
Cape Verde
- What makes the real estate market so lucrative?
- Are there many people that know about these islands?
- Do you think that it will lose its beauty with increasing development?
- How does the government see there country growing?
Many property speculators are putting their money on the emerging Cape Verde investment market. With the expected returns on their real estate to increase by 70% in the next two years.
The Cape Verde islands are at the beginning of an enormous tourist and property boom and already being called the new Canaries.
The government has this very well controlled with a rule of only one storey developments on the front line in most areas.
The Cape Verde government is working hard to boost the country’s economy and is offering very attractive incentives for foreign investors. Most interesting is a 5 year total income tax exemption, which follows by 50% reduction on corporate tax (currently 30% for the next 10 years.
Caribbean
- Is it a good investment to buy in the Caribbean?
- What is the currency?
- Do we need a lawyer?
Yes we sell property and developments that we think have a good rental yielding or simple make a good capital growth.
Most of the Caribbean islands have their own currency but however the us dollar is widely accepted everywhere.
Yes, we always recommend that you hire an independent lawyer.
Dubai
- What is the currency?
- Do you know any medical insurance companies?
- I am taking my pet dog with me will this be a problem?
- Do you know of any schools
- I am looking for a book to buy with good information to take with mewhen I move to Dubai but there seems to be so many in the shops. What do you recommend?
Dirham and fils
Alliance Insurance 04 605 1111
BUPA International 04 331 8688
Dubai National Insurance Co. 04 269 1300
No but all pets must have a ID tag on their collar. In Dubai they keep control on the population by setting traps and if your dog or cat is caught without its ID then it will be put down.
International Community School - www.ics.co.ae
American School of Dubai - www.asdubai.org
Dubai America Academy - www.dubaicademy.org
British School Al Khubairat - www.britshschool.sch.ae
A really good book to buy is called Family Explorer, this will tell you everything you need to know.