BUYING REAL ESTATE LAND AND BUILDINGS IN ROMANIA
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Real estate can be acquired in two ways:
• Directly, e.g. by acquiring the real estate (asset deal)
• Indirectly, e.g. by acquiring a corporation owning real estate (share deal).
In either case, there is no stamp duty or tax. The only fees are these related to the notary and registration (Land Book/Commercial Registry) requirements.
Land tax are varies depending on local council decisions.
THE BUSINESS ORGANIZATION INTERESTED IN BUYING REAL ESTATE IN ROMANIA. WHAT KIND OF LAND ARE WE ABLE TO ACQUIRE?
There is a law for ownership right over Real Estate for Romanian Legal Persons. As opposed to some restrictions, a business organization (which is a Romanian legal entity) may acquire the ownership right over Romanian real estate (lands and buildings). This regulation entitles companies which are also legal entities to the ownership right over any type of land, including agricultural land, forests and forestry land. Consequently, the shareholders or the partners of a company, no matter what their nationality, indirectly have the right to acquire lands and buildings.
The real estate market in Romania has developed a lot during the past few years and there are more and more foreign citizens that are interested in buying properties here. Although the interest for the Romanian real estate market has grown rapidly, there are still questions about the legislation regarding this process. Can foreign EU citizens buy properties in Romania directly or there is other EU legislation that they must take into account.
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