Buy Real Estate or Flat in Poland: Many of you like to rent. It is more flexible and allows you to test the waters before deciding to stay good in Poland. If you make up your mind, you want to own some kind of real estate. How does this work for foreigners in Poland?
You can come from a country like Germany or Denmark, where property ownership is quite low, and buying a property instead of buying it is a common lifestyle option.
If you intend to stay in Poland for a long time and you can buy the property, then there is a list of some reasons in its favor:
Prices. Poland is valued at 9.77, with a ranking of 347 globally. This means that if you earn well locally, the places here are usually quite affordable. For example, it is a better ratio than France, Russia, or Hungary.
Investment. Instead of keeping your savings in the bank – invest in real estate. In Poland, your property can be rented or leased; You can also complete it, wait for a good opportunity and sell it with a profit.
Stability. This is quite obvious, but it should not be underestimated. Your location means that it is entirely up to you how you restore or decorate it. On the other hand, it can also be a burden – it requires some attention and care!
Flat or house?
For ex-pats, it is easier to buy an apartment in Poland rather than a house. You do not also need to live in Poland forever! If you do, it is acceptable to present only a visa or any form of residence. The regulation is also applicable for purchasing garages.
In Poland, it is more difficult for foreigners to buy a home. You should apply to the Polish Ministry of the Interior for a special permit that gives you the right to obtain real estate. However, there are exceptions to these rules. Most common people say that you do not need permission to stay in Poland for five years on permanent residence or long-term EU residence.
How to apply for real estate buy flat in Poland?
An application for the issuance of a permit to obtain real estate in Poland must be filed with the Ministry of the Interior and should include:
1) the designation of the applicant and its legal status;
2) the designation of acquired immovable property;
3) the designation of the seller;
4) Determination of the legal form of acquisition of immovable property;
5) Information about the purpose and possibility of acquisition of real estate.
You should also attach all the documents examining the above documents, your relationship with Poland, marriage certificate, ID copies, bank statements, etc.
Property Purchase Process in Poland
Foreigners can independently purchase condominium units in Poland. The land can be purchased freely by citizens of the European Economic Area for commercial purposes.
But, EEA citizens require the permission of the Ministry of Internal Affairs and Administration (MIA) to buy land for housing and recreation, which is not a foreign place of permanent residence, and from land obtained for permanent residence Can not be more.
Non-EEA citizens require an MIA permit to purchase any type of land, residential or commercial. The MIA permit will be issued only when the foreigner can prove that he has relations with Poland – temporary or permanent residence in Poland, among other things.
Foreigners, both legal entities and individuals, can freely lease land or immovable property without restriction. Any lease must be executed in writing for a period of more than one year.
Property in Poland is negotiated openly. The price can be negotiated directly through the owners (a common practice) or the estate agent. Once the parties reach an agreement, the contract for the purchase of real estate should be performed as a notary deed executed by the Polish diary. A contract in any other form is void and invalid. It is advised that an English-speaking notary be appointed, or at the very least all sales documents will be written in Polish to engage the translator’s services.
The notary will prepare a contractual contract, which outlines the details and any conditions that must be satisfied before the sale is completed. At this time, a full date is set and a 20% deposit is paid by the buyer. The notary then performs the necessary investigation or search. When all is in order, the balance of the purchase price must be paid and the seller must present a document stating that there is no loan secured at home at the last contract meeting.
Real estate market in Poland
The real estate market in Poland offers both existing homes, and apartments, as well as both newly constructed properties.
Along with economic development, the creation of the Polish Special Economic Zone by the government, and the increasing number of foreigners willing to open businesses here, Poland’s property market is also slowly improving. It is anticipated that the real estate market will grow significantly within the next two years due to increasing demand.
Documents governing the rules and means of acquisition of property (apartments, houses, land) in Poland are Acts on the Occupation of Land by Foreigners on 24 March 1920 and the Ordinance of 24 April 2004.
Permission to purchase Polish property
A permit is an administrative decision issued in response to a foreigner’s application. This application should contain data about the identity of the applicant, his legal status, the property to be purchased, the seller, the form of the purchased real estate, and the purpose of purchasing the data.
Poland became a member of the European Union starting in 2004, citizens of member countries (plus Iceland, Lichtenstein, Norway) can purchase property independently in Poland. A permit is still needed for the purchase of agricultural or forest real estate.
Citizens who are not members of the European Economic Area (EEA) or Switzerland will have to seek permission from the Minister of Interior and Administration to purchase any type of property in Poland. One of the conditions for the issuance of permits is that the foreigner proves his relations with Poland.
Our specialized Polish law firm can assist in the application process for purchasing a property. The application must be examined within 2 months and will be valid for 2 years from the date of issue of the permit. The procurement process is carried out under the guidance of a notary who outlines the contract fulfilling the details and conditions.