Features of acquiring your own housing in Albania

Albania is a country of southeastern Europe, and it is located on the Balkan Peninsula. Today, investing in real estate in Albania, you can buy the same first -class housing as in Italy, only 5 times cheaper. The growing flows of tourists in Albania guarantee constant income from rental housing, besides, you can have a great rest there.

Some features of the acquisition of real estate in Albania:

1. Lack of restrictions on the purchase of real estate by an individual;

2. There are restrictions on the ownership of agricultural land. In this case, you will have to create a company and pay money fees up to a thousand euros and, accordingly, taxes, and licensing payments;

3. Accessibility of lending through a mortgage. Banks of Albania, which are under the control of European financial giants, are issued with a mortgage loan from 1 year by non -residents;

4. There are no rules clearly written by Albanian legislation on the execution of contracts of sale. The contract must be drawn up by a lawyer or notary. If the compiler of the contract is not a lawyer, the notary is all responsible for the terms of the contract. The notary also checks the history of the acquired real estate before drawing up the contract. Notary services are paid depending on the size of real estate and the price of the transaction;

5. Income tax on the sale of property is paid by the seller in the amount of three percent of the value;

6. It is not required to pay real estate tax, since it is not provided for individuals;

7. It is not required to pay VAT on the acquisition of land and other property, also in Albania there are no taxes on luxury, export of capital, inheritance;

8. For non-use of land is also not required to pay any taxes;

9. No income tax for physical. persons, that is, when selling real estate, this tax does not need to be paid;

10. When renting real estate for rent, it is required to pay a tax of ten percent of the rental payment;

eleven. Gift tax – 3%.