1. Are
there any restrictions on an overseas company or business
buying commercial property?
No restrictions
2. Is
land/property generally ‘registered’ so
that the title/ownership is guaranteed?
Title to land in Israel
is generally registered. In certain cases, complementary
precautionary measures should be taken, pending final
registration
3. What
are the basic requirements/procedures?
Execution of a written
agreement; registration of a "notice" with
respect to the transaction; filing reports to various
tax and municipal authorities; completion of registration
after receipt of all relevant documentation with respect
to tax payment/exemptions.
4. On
average, how long does the process take?
On average registration
can be completed within 2-4 months.
5. What
searches are advisable?
Depending on the nature
of the land involved, searches should be made with the
Land Registration Agency and/or the various other authorities
that deal with registration of real property rights,
as well as at the municipal authorities.
6. What
are estimated disbursement costs?
The estimated disbursement
costs, excluding legal fees and taxes are approximately
100 €.
7. What
are the local and/or national tax considerations in
the country of purchase?
National taxation: generally
the purchaser is liable to pay purchase tax at the rate
of approximately 3.5%. The seller is subject to capital
gains tax. Local taxation: generally there are no local
taxes on real estate transactions.
8. What
other annual local charges are obligatory?
Municipal taxes payable
on the basis of the real estate size and nature.
9. Are
there any other issues to consider?
Very few
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