Investment Romania (Ask a question)

[Mr. Pla]

Originally Posted by spuki

Well, I was keep reading the forum ,and I see that nobody’s and avoiding to answer the question "How is possible for a foreigner to buy and own land in Romania without the hassle of formation a company"???

If someone, who knows the regulations, please answer that question for all the people reading this Forum and wondering how to........?

Keep the Forum LIVE. IT’S REALLY HELPING PEOPLE.


Regards

Hi,

As a spanish real estate firm specialized in the romanian market, we can tell you that according to romanian law, any foreigner can buy land in that country IF he creates a company (srl) there. The cost and process for doing so is not complicated nor expensive (about 2000- 2200 euros).

Please contact us at: yankopla@grupoi.es if you need more information.

[David howe]

Originally Posted by Mr. Pla

Hi,

As a spanish real estate firm specialized in the romanian market, we can tell you that according to romanian law, any foreigner can buy land in that country IF he creates a company (srl) there. The cost and process for doing so is not complicated nor expensive (about 2000- 2200 euros).

Please contact us at: yankopla@grupoi.es if you need more information.

With all due respect Mr Pla, you are wrong in fact and law.

1. A foreigner can buy land in his own name.

2. Price for setting up a company should be no more than a 1000 euro maximum.


David Howe LLB. LLM

INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania

[Mr. Pla]

[QUOTE=David howe;84075]With all due respect Mr Pla, you are wrong in fact and law.

1. A foreigner can buy land in his own name.

2. Price for setting up a company should be no more than a 1000 euro maximum.


David Howe LLB. LLM


Hi,

1- The article 4 of Real Estate Law translates: “The citizen of a member state without legal residency in Romania, the stateless non-resident having residency in an European Union country and the non-resident foreign legal entity (company) incorporated per the stipulations of the EU legislations, are able to gain ownership on land for secondary residences, respectively secondary headquarters, in a term of 5 years after Romania has joined the European Union”. it means that a foreigner cant buy land in romania until 2012.

2- the cost of setting an srl depends on the amount of document that need to be translated..it could be 1000 euros..or 3000 euros depending on that...usually could be something between 1500 and 2200 euros.

[steve01]

I've bought an apartment in Adelaide Bucharest that is due for completion in march. I have just been informed by cfp that there are currently no mortgages available in Romania.
Is this true?
If so do you have any advice on financing the property as I don't own a property in the UK that I could remoirtgage?

[David howe]

I do not believe mortgages were ever available for those, but that is a personal opinion and subject to contraduction.

Steve I think you have a very big problem and should contact us direct.

David Howe LLB. LLM

INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania

[Mr. Pla]

Originally Posted by steve01

I've bought an apartment in Adelaide Bucharest that is due for completion in march. I have just been informed by cfp that there are currently no mortgages available in Romania.
Is this true?
If so do you have any advice on financing the property as I don't own a property in the UK that I could remoirtgage?

Hi,

it is true that actually is getting very complicated to get a mortgage in Romania due to the financial crisis that is affecting the whole world.

Maybe you could try to get a mortgage in EUROS..try this bank RAIFFEISEN INTERNATIONAL..they are helping people there.

[FlamingoKid]

I have also bought in Greenfields through an agent. The agents services were nonexcistent once my 30% was paid, however, my appartment is now being rented and has been since January 2008 with a return of 10% through another agent not including their fees. I didnt need a mortgage so cant advise on that but I can direct anybody to a fantastic agent with full knowledge of purchasing, financial and law issues.

I am happy with my investment and new services now I have broken all contact with my original agent who I wont mention on here.

[steve01]

Originally Posted by FlamingoKid

I have also bought in Greenfields through an agent. The agents services were nonexcistent once my 30% was paid, however, my appartment is now being rented and has been since January 2008 with a return of 10% through another agent not including their fees. I didnt need a mortgage so cant advise on that but I can direct anybody to a fantastic agent with full knowledge of purchasing, financial and law issues.

I am happy with my investment and new services now I have broken all contact with my original agent who I wont mention on here.

Hi thanks for your reply.

Could you give me the contact details for the agent your using. It would be much appreciated.

Thanks steve01

[FlamingoKid]

Hi Steve01. although it may sound strange but if its ok with you I would like to ask the permission of my agent before putting their details on here...I am sure they will have no problem but best to ask first. When they let me know I will let you know..hope this is ok?

[David howe]

Dear Flamingo

You are the first person I have heard from that is happy with their purchase there. I have been on the site several times and am inundated with unhappy purchasors seeking redress. I cannot help thinking that you are either mis-informed or your new agent is leading you down the garden path again.

Look closely at what you have. I hope you were able to secure a better purchase price than the numerous unfortunates now contacting us for redress.

David Howe LLB. LLM

INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania