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Buying Overseas. Slovakia

There are two ways of purchasing a property in Slovakia namely as an individual private purchaser or as a company. Below are the costs associated with both.

Private Individual Purchase:

Since May 1st 2004, foreign nationals are no longer required to establish a company in order to purchase property in Slovakia. Owners of property should anticipate monthly costs of between €33-75 per month for utilities.

Purchase Costs:

There are costs payable on a once off basis connected with the purchase of the property itself. These can be broken down as follows:

  • Legal fees of 1.5% (resale properties) to 1.8% (for new properites) of the purchase price.
  • Administration, Land Registry and Notary fees approx 25,000SKK (approx €661.00)
  • Translation costs 600SKK per page (approx €16). This will have an English and Slovakian version of the docuements on the same page. This is only where applicable. All documents prepared by your solicitor will automatically be done bilingually. This is only should further translations be required.
  • Agency Fees of 3% (this may vary)

Costs Associated with Establishing a Company:

  • €1500 to establish a limited liability company. This includes the €250 official fee, registration fee and legal fees.
  • €250 for English translation of company founding documents
  • A base capital of €5,000 is required in the new company. This does not necessarily have to be in the bank but must be accounted for in the books within 14 days and remain there until the company is registered at the Tax Authority which takes 45 days.
  • Monthly costs associated with a company are €10-25 per month. This is dependant on the amount of paperwork produced for accounting.

In essence, potential private purchasers should add approx 6% of the purchase price to cover all costs. This does not included VAT at 19% nor does it include the fees as outlined above for the establishment of a company. Some prices may be inclusive of VAT so it is important to check this as it will reduce the cost of your purchase dramatically.