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