Introduction - Purchase & Living cost - Buying guide
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Introduction

Almost anyone can purchase a property in Slovakia and the process is generally very straightforward. Why not let Aquavista guide you through every step. In the following pages is general information and answers to the most frequently asked questions. Please take time to read through this information and if you have any questions do not hesitate to give us a call

Purchase & Living cost

Typical Payment Terms - New Build Property

30% Deposit when reserving your property/signing of contract
30% Upon completion of the building shell
40% Upon completion
Or
20-30% Deposit when reserving your property/signing of contract
80-70% Upon completion

Typical Payment Terms - Resale Property

Typically a 10% deposit with balance upon completion of sale, although it may be possible to arrange different payment terms if desired. Alternatively, the entire amount can be transferred to a public notary who will pay the vendor upon receipt of the letter of ownership for the property in the name of the purchaser.

Purchase Tax

There is no purchase tax in Slovakia.

Other Purchase Costs

3% Estate Agency commission
Solicitor charges vary in location and work requirement. Costs are typically L500 - L1000
Translator at the notary costs L100 approximately
Registration of the new property owner at the land registry, this varies in costs depending on how quickly you require registration. For registration within 14 days a fee of 8,000 SKK (approximately L155 Sterling) is payable. For standard registration (no guarantee of time scale) a fee of 2,000 SKK (approximately L40 Sterling) is payable. Please note the expense of the Notary verifying the signatures is also payable.
Extra charges could be payable for solicitors services such as official translation of legal documents from a different language into Slovak and if documents must be signed and verified by a foreign notary.
Charges to connect water, electricity and gas meters.
Good quality furnishing can be budgeted at approximately 5-8% purchase cost.

Other Expenses

Annual property tax (depending on size and location)
Annual council tax (depending on size and location)
Property insurance (depending on size and location)

Buying Guide

Who can buy?

Citizens of countries who have a reciprocity agreement with Slovakia can purchase a property, which includes all countries within the EU

 

Tenure Of Property

Almost all property in Slovakia is “Freehold”

 

Mortgage / Financial Advice

Mortgages are available from Slovakian banks for both residents and non-residents with variable interest rates and payment terms (20 years being the maximum for non-residents). Our associates work with leading Slovakian banks and will guide you through the entire process. The maximum percentage on mortgage deals currently stands at 70%.

 

Legal Documents

We would always advise that you use a lawyer to complete your purchase and we can provide the names of several Slovakian/English lawyers in Slovakia/U.K. on request, although each of our Associates has access to lawyers.

Our Associates will prepare a contract that will detail your property, type, etc together with the price agreed, payment method and any extras or alterations you may require. This Contract Agreement is binding in Slovakian Law and will be in both English and Slovakian.

When purchasing a property off plan or at the beginning of the building process it is normal to sign a “Contract For Work” and a contract detailing the future transfer of property ownership.

If the property is due to be completed soon or if it is already completed then it may be possible to sign the purchases agreement immediately. Purchasers will also be asked to sign an agreement detailing the maintenance of communal areas.

Maintenance Services

For your peace of mind, if you are a non-resident, all our Developers and Real Estate companies offer a full maintenance service to ensure your property is kept in A1 condition during your absence.

Details of services and costs are available on request in relation to a particular property.

Letting Property

Bratislava, the capital of Slovakia, is rich in history and has managed to retain its beautiful Baroque core. Situated in the far western corner of the Slovak Republic, it is only a short 45-minute drive from Vienna, the capital of Austria.

Slovakia has one of the fastest growing economies in the EU, with many industries and businesses choosing to relocate to the East of Europe; Slovakia has been one of the main beneficiaries. The aggressive fiscal policy, designed to encourage even more inward investments and a 19% flat rate tax are proving Slovakia to be a very attractive country for many International companies to relocate to. These factors contribute to a hugely promising letting market within Slovakia.

The letting potential in all the areas sold by Aquavista is very good. Many of our associate Companies of Aquavista can offer you a full letting service, which includes marketing, reception services for arrivals and departures, cleaning and linen services. Please contact us for further information.

Other Information

Residence

A Residence Visa is only required for stays of longer than three months at a time.

Work Permits

It is possible to obtain a work permit and work in Slovakia but this is normally arranged prior to arrival in Slovakia.

If you have been offered work in Slovakia you should make enquiries at the Slovakian Consulate to obtain the required permit.

Working in Slovakia without this permit is forbidden.

Tax Regulations

Any earnings from property lettings in Slovakia is subject to tax in Slovakia. For international tax issues and double taxation relief and for information on your UK tax liabilities visit www.inlandrevenue.gov.uk

Capital Gains Tax (CGT)

The standard rate of capital gains tax in Slovakia is 19% although there are a number of exemptions for property such as the sale of a residential apartment and other private real estate that has been held for a minimum of 5 years.

VAT - 19%

VAT is applied to all newly constructed properties in Slovakia at the standard rate of 19%, however, as in the UK, this is nearly always included in the advertised price and where it is not it will be clearly indicated.

Stamp Duty - 0%

Stamp duty was abolished in Slovakia on January 1st 2005.

Income Tax - 19% Flat Rate

Slovakia has a flat income tax rate of 19% and there is a personal allowance (0%) of approximately L2,000. You will also be able to reduce your tax bill by deducting property related expenses from your income. Deductibles available include depreciation, loan interest, real estate taxes and repairs and maintenance.

 

To view previously asked questions on purchasing property in Slovakia, or to ask your own question click here

 

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