Lawyer Bucharest

I am a lawyer in Bucharest and I cannot believe that so many foreigners are still setting up companies to buy property. It is no longer the law that foreigners must set up a company to buy land. It is also very bad to set up a comany as a lot of your profit goes in tax that you must pay.

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Andrei Taru

tarusiasociatii.ro
office@tarusiasociatii.ro
A google search for Taru & associates will find us at .

 

do you realy know the law here?

if you say a foreign citizen can buy land in his name, please tell me how?
there are some condition in order to do that?
you know them?

 

Setting up a company

I to have a property ready for completion and have been asked to pay 1375 euros for setup and company broken down like below

160 Euros taxes for the trade registry.

- 60 Euros for the social capital

- 5 Euros as bank comission for seting up the bank account of social capital for the company.

- 600 Euros our Fees.

-100 Euros for the translation of documents.

-450 Euros as rental for the headquarter (6 months

Is this all necessary, also if i can setup a different way or use my ltd company in the UK how can i do this?

Korby Sangha

 

Setting a company

I presume you’re buying in Sydney and as well as other investors you didn’t use an independent law firm but I used the one which is working with the developer?
I can tell you from the start that the cost estimated sent it to you by the lawyers are to high for setting up a company. More if you already have a ltd in UK you can just open a branch here and the cost for doing this will be even less.

 

land

...........Original OVIDIU Message............
{if you say a foreign citizen can buy land in his name, please tell me how?
there are some condition in order to do that?
you know them?}




Well, not only to advertizing your servises.
Forums are for people discusions,excange ideas,conserns,problems,helping each other and e.t.c.
Can you tell us with simple words the procedure how a foreigner can buy and own a land in Romania with out to set up a company????

Regards

 

Does this mean all EU citizens can now safely and securely own land in Romania without a corporation? What if I own land in a corporate name and wish to ''transfer'' it to my personal name. Is this possible/costly?

I am looking at buying land under a theme park but was told I should form a Company. If you can help me avoid this step that would be great!

 

Setting up a company

For the record, setting up a company can cost as low as 300e, but more often, expect to pay 450-500e, tops, unless handled by a law firm, & of course their rates can be as high as 250e/hr. Just reading an email from you can take 10 mins, ie, 42e!

As a guide, translation of documents in high street translators, which is not of course legal, 100% perfect, error free, but good enough for most purposes, is between 1 & 5 euros per full page.

Regards
Damian Galvin

Whitemountainproperty.co.uk

Hopefully, you will not find it necessary, but if you do, base your assumptions on 450e, assuming people here have power of attourney to act for you

 

Hi,

I have also bought land in Romania and a property. Because I wanted an independent advice I asked around and somebody recomended me a Rumanian lawyer. Her name was Raluca Nedelea. I got residency in Rumania,did not need to set up a company and also she helped me sign the title deeds. The fees were very reasonable..so if any of you want her advice call her 0040729955847.

 

Buying property in Romania

Thank you for your useful information.
Can you tell me please what you mean by "I got residency in Romania..." Does it mean that you live there? I ask this, because I want to buy property in Romania, but have to continue to live where I am currently living.

 

Hi,

When your get residency is a temporal one for 2 years and it does not oblige you to anything, not to living here, or not even to stay here a certain period. So, it saves a lot of trouble and taxes in starting a company to buy the land that comes with the property and also you get more benefits of being resident when it comes to the banks or the authorities.

 

Hi,

We have also been in contact with her but she is working for the partner of ### and the phone number you have given goes to there. She might be good but independent? I don´t know? Anybody else know something?

 

Hi

I do not know for who she works or who are their clients, all I know she saved me from a problem when other lawyers could not give me a solution and were charging taxes to sett up a company that was not necesary or having an ac****ant for that company.

 

To clarify, you do NOT need a company to buy property in Romania. This is clearly stated in the Romanian Real Estate legislation. If you are an EU citizen resident in Romania (and it's very quick, cheap, and simple to obtain a certificate of residence for Romania if you are an EU citizen) then you have the same rights as a Romanian citizen, ie, you can buy land. You only need to set up a company to buy land if you are non-EU or would prefer to pay a shed-load of taxes on a yearly bases and a whopping great fee to some crooked estate agent. After 2012 any EU citizen, regardless of place of residence, will be able to buy land.

 

I Mircea, just to clarify please, you say that you can buy land without a company (if an eu citizen), but also that after 2012 you can also buy land, if an eu citizen. I'm not clear on what you are saying (for 2010 & 2011.

thanks in advance

 

Greatings. Can you tell me how you got on please? were you successful?

Kind regards

 

Hi Damian,

The law states that 'an EU citizen who is not legally resident in Romania may buy land only after 2012.' Therefore, an EU citizen who IS "legally resident" in Romania CAN buy land now. The law then goes on to define a "legal resident" as a 'foreigner who has the right to live on Romanian territory' (in the case of an EU citizen, one who holds a 'certificat de inregistrare').

After 2012 you can buy land in Romania as an EU citizen whether you live in Romania or not.

If you are not an EU citizen, then it's bad luck - you'll have to set up a company.

Initially the law (312/2005) didn't define a legal resident and there was a lot of discussion amongst the legal community as to what defined 'legally resident' in this country. It seems to me that the law was modified within the last year or so to make in more specific and less of an implication. Sadly, many estate agents are unaware of this law (although, in their defence, the foreigners they are generally selling to are not in fact living in Romania, so it's not applicable to them) as well as many notary publics, who often prefer the purchaser to go down the company set up route as they feel more comfortable with it (especially in the more provincial regions).

As our government has now decided to implement a series of tax changes, meaning that even if a company doesn't earn anything it is obliged to pay a minimum amount of tax, setting up a company is getting less and less attractive, and is now completely unnecessary.

 

Thanks Mircea, that's a lot clearer & its how I understood it before reading your post. I though you had a clever way of registering land in any EU citizens name who was non-resident here, but the key is to be in possession of a residency certificate.

In fact, there is an opportunity to obtain this cert, without moving or working here. It can be gained by being a part of a functioning, tax paying company. I am unaware of any other methods, besides living here, but the above is one I used personally, before moving here anyway.

Kind regards

Damian

 

Hi Damian,

The certificat de inregistrare is pretty easy to obtain. I suppose if someone wanted to obtain one without actually moving here they would be able to easily enough, assuming they could find someone will to make a rental contract for them for a month while you get the cert. Once you have the Cert de Inreg, buying the property is straight forward if you have a knowledgeable lawyer and a notar who knows the laws.

You could also have a notorised statement to the effect that you intend to use the property you are purchasing as your primary residence after purchasing it. One notary public I spoke to said this was acceptable, although I don't know anyone who has purchased a property like this so it's just theory.

Once you own the property there is nothing stopping you from suddenly deciding you don't want to live in Romania any more, and the property will still remain legally yours.

A little complex, but still a lot less hassle than setting up a company, paying all the taxes, accountancy costs, set up costs and so on.

 

Greetings all. I've recently helped a few EU citizens actually obtain 'residency' & subsequently transfer the land under their property into their name. Quite straight forward really. <snip>in short, you need a free EU health insurance card (looks like a credit card & often available online in your own country) & a personal visit to a police station here in Romanian for various form filling sessions. Armed with the resulting Certificate of Residence, you can simply ask a lawyer to transfer it over from a company to your own name. Inexpensive & simple.