| 1. Are there any
restrictions on an overseas company or business buying
commercial property? |
There are no restrictions for companies
or businesses having their registered seat in EU or
EC countries. All other companies or businesses are
subject to various regulations depending on their Austrian
location. Most require the approval of the Land Authority. |
| 2. Is land/property
generally ‘registered’ so that the title/ownership
is guaranteed? |
Yes, the land Register shows, for
example, the number, size, use and address of area units,
ownership, title, connected rights and encumbrances |
| 3. What are the basic
requirements/procedures? |
Written agreement with certified
signatures, notification to the Land Authority and certificate
of compliance or transfer permission, payment of 3.5
% transfer tax and clearance certificate of the Tax
Authority, plus written application for registration
with submission of the above documents. |
| 4. On average, how
long does the process take? |
On average, two weeks. |
| 5. What searches
are advisable? |
Search the Land Register and Municipal
Development Plan as well as at the Local Authority /
Building Authority for building and business regulations.
Searches for structural building damage and soil contamination
are also advisable. |
| 6. What are estimated
disbursement costs? |
On average about 3% of the purchase
price without tax and without commission for agents.
Agents may charge a maximum of 3% of the purchase price
from each party. |
| 7. What are the local
and/or national tax considerations in the country of
purchase? |
National transfer tax is 3.5% of
the purchase price; annual local land tax is on average
1 % of the taxable value. VAT may be incurred on the
price. Certain companies can obtain a tax reduction/refund. |
| 8. What other annual
local charges are obligatory? |
No other annual local charges on
land property are obligatory |
| 9. Are there any
other issues to consider? |
Environment care and avoidance of
nuisance issues |
