GUIDELINES FOR INVESTMENTS IN REAL ESTATE · 2020-04-22 · LEGALINK I GUIDELINES FOR INVESTMENTS...

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1 GUIDELINES FOR INVESTMENTS IN REAL ESTATE 2019

Transcript of GUIDELINES FOR INVESTMENTS IN REAL ESTATE · 2020-04-22 · LEGALINK I GUIDELINES FOR INVESTMENTS...

Page 1: GUIDELINES FOR INVESTMENTS IN REAL ESTATE · 2020-04-22 · LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019 2 INTRODUCTION The world has changed a lot since we launched

1

GUIDELINESFOR INVESTMENTSIN REAL ESTATE2019

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2

INTRODUCTION

The world has changed a lot since we launched the 2nd edition of this book in 2012 with an overview regarding Investments

in Real Estate all over the world.

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when investing in residential or commercial real estate in many countries of the world in which they might be interested. Of

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assist you in your case.

%HUOLQ��2FWREHU�����

Markus Jakoby

Jakoby Rechtsanwälte

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

INDEX$5*(17,1$� .................................................................................................. 041LFKROVRQ�<�&DQR�$ERJDGRV

$8675$/,$��0HOERXUQH�� .............................................................. 18Behan Legal

AUSTRALIA ....................................................................................................��3LSHU�$OGHUPDQ

AUSTRIA ............................................................................................................. 463RODN��3DUWQHU�5HFKWVDQZ¦OWH�*PEK

%8/*$5,$ .......................................................................................................��9DUDGLQRY��&R��$WWRUQH\V�$W�/DZ

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&=(&+�5(38%/,& .................................................................................��)HOL[�$�6SRO�DWWRUQH\V�$W�/DZ

)5$1&( .............................................................................................................. 84Bersay & Associés

*(50$1< .......................................................................................................��Jakoby Rechtsanwälte

+81*$5<� .......................................................................................................���6]HFVND\�$WWRUQH\V�$W�/DZ

,1',$� ..................................................................................................................... 118Dua Associates

,6/(�2)�0$1� ...............................................................................................���Laurence Keenan Advocates & Solicitors

ITALY .......................................................................................................................���&RFX]]D�(�$VVRFLDWL�6WXGLR�/HJDOH

-$3$1� ................................................................................................................... 141Uryu & itoga

.(1<$� ..................................................................................................................���KTK

LATVIA .................................................................................................................���Vilgerts

/,(&+7(167(,1� ......................................................................................���*DVVHU�3DUWQHU�$WWRUQH\V�$W�/DZ

/8;(0%285*� .......................................................................................... 166Brucher Thieltgen & Partners

MALAYSIA .......................................................................................................���$]PDQ�'DYLGVRQ��&R�

0(;,&2� ..............................................................................................................���5DPRV��5LSROO��6FKXVWHU

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1(:�=($/$1'� ....................................................................................... 201Lowndes Law

3$1$0$� ........................................................................................................... 208Rosas y Rosas

32/$1'� ............................................................................................................���).$�)XUWHN�.RPRVD�$OHNVDQGURZLF]

32578*$/� .................................................................................................... 226Sérvulo & Associados

RUSSIA .................................................................................................................���Intellect

SLOVAKIA ........................................................................................................ 2423DXO�4

6287+�$)5,&$� ........................................................................................ 246Fluxmans Inc.

6287+�.25($� .........................................................................................���Barun Law

63$,1� ..................................................................................................................... 2609HQWXUD�*DUF«V��/µSH]�,ERU

6:('(1� ............................................................................................................���+HOOVWU¸P

TURKEY ..............................................................................................................���*¾Q���3DUWQHUV

8.5$,1(� ..........................................................................................................���Asters

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81,7('�67$7(6�2)�$0(5,&$� .............................................���%HOO�1XQQDOO\

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858*8$<� ........................................................................................................���+XJKHV��+XJKHV

9,(71$0� ..........................................................................................................���Indochina Legal

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

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ARGENTINANICHOLSON Y CANO ABOGADOS

I. Procedure of a real estate transaction

1. Could you give a short outline with regard to the formal procedure of a real estate transaction in

your country, starting from the signing of the purchase agreement (including the closing) until formal

ownership vests in the purchaser?

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Preliminary dealings with or without the issuance of a letter of intent or a memorandum of understanding

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2. Does your legal system permit different sorts of ownership, like ownership of the whole land

and construction or ownership, for example, only of one unit or lots of units (condominium) of the

improvements?

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3. Does the legal system of your country permit joint ownership of real property? Which kind of

entities can be owner of real property in your country?

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4. In some countries the ownership of a building is implied in the ownership of the land. Is it this way

in your country as well, and/or is it possible to have different owners of the land and the building

erected on it?

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

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5. Is the land and/or the building registered in a formal register, and is a good-faith purchaser

protected with regard to the entries in this formal register?

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II. Financing tools of the transaction

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contracts? Are mortgages the typical way of coverage for banks?

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country?

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III. Costs for transaction

8. What tax aspects are directly involved in a purchase of real property – for example, real property

transfer tax – and what is the percentage of it?

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National/Federal Taxes

(A) Income Tax/Real Property Transfer Tax (‘Impuesto a la Transferencia de Inmuebles’, ITI):

Corporate transferor or assignor:�,QFRPH�WD[�DSSOLHV�

a. Resident corporate transferor or assignor taxpayer:�$�����WD[�UDWH��XS�WR�WKH�WD[�SHULRG�HQGLQJ�

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��VW� 'HFHPEHU� ������ VKDOO� EH� DSSOLHG� WR� WKH� JURVV� SURĆWV� REWDLQHG� IURP� WKH� WUDQVIHU� RI� WKH�

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b. Non-resident corporate transferor or assignor taxpayer: If there is no Double Taxation Agreement

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Individual transferor or assignor, or undivided estate: 6LQFH�WKH�WD[�UHIRUP�PDGH�E\�/DZ���������WZR�WD[�

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a. Real property acquired before 1st January 2018:� 7KH� VDOH� RI� SURSHUW\� DFTXLUHG� EHIRUH� �VW�

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Resident individual transferor or assignor, or undivided estate:�7KH�,7,�LV�DSSOLHG�DW�D�WD[�UDWH�RI�

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Non-resident individual transferor or assignor, or undivided estate:�7KH�WD[SD\HU�VKDOO�DSSO\�IRU�

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b. Real property acquired since 1st January 2018:�7KH�QHZ�VFKHGXODU�WD[�LV�DSSOLHG�DW�D�WD[�UDWH�RI�

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Resident individual transferor or assignor, or undivided estate:�7KH�WD[�LV�DSSOLHG�WR�WKH�GLIIHUHQFH�

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Non-resident individual transferor or assignor, or undivided estate: The tax is also calculated

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(B) Tax on Bank Debits and Credits (‘Impuesto a los Débitos y Créditos’):�7KLV�WD[�LV�DSSOLHG�WR�GHELWV�

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are residents in Argentina.

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EHORQJLQJ�WR�WD[SD\HUV�UHVLGLQJ�LQ�$UJHQWLQD��

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RULJLQDWLQJ� LQ�DQ�RQHURXV�WUDQVIHU�RI� WLWOH�WR�UHDO�HVWDWH��QDPHO\�WKH�H[HFXWLRQ�RI�D�SUHOLPLQDU\�VDOHV�

DJUHHPHQW�RU�DQ\�VLPLODU�GRFXPHQW�WUDQVIHUULQJ�SRVVHVVLRQ�RI��RU�WLWOH�WR��WKH�SURSHUW\��SURYLGHG�WKH�

RZQHU�LV�D�WD[SD\HU�UHVLGLQJ�LQ�$UJHQWLQD�DQG�WKH�SURSHUW\�LV�ORFDWHG�LQ�$UJHQWLQD�

Local Taxes:

Stamp Tax:�6WDPS�WD[� LV�D�SURYLQFLDO� WD[� OHYLHG�RQ�QRWDULDO� LQVWUXPHQWV�RU�RWKHU� LQVWUXPHQWV�RI�DQ\�

QDWXUH�RU�VRXUFH��DPRQJ�RWKHU�GRFXPHQWV��IRU�WKH�WUDQVIHU�RI�WLWOH�WR��RU�SRVVHVVLRQ�RI��UHDO�SURSHUW\�

8VXDOO\��WKH�WD[�EDVH�LV�WKH�WRWDO�YDOXH�RI�WKH�WUDQVDFWLRQ��ZKLOVW�WKH�WD[�UDWH�YDULHV�GHSHQGLQJ�RQ�WKH�

SURYLQFH�LQYROYHG��)RU�LQVWDQFH��WKH�WD[�UDWH�LQ�WKH�&LW\�RI�%XHQRV�$LUHV�IRU�WD[�SHULRG������LV������

���'R�\RX�KDYH�WR�KROG�WKH�SURSHUW\�IRU�D�VSHFLĆF�WLPH�ZLWK�UHVSHFW�WR�WD[�UHDVRQV��RU� LV� LW� LQ�WKLV�

context no problem to buy and sell property on a short-term basis – for example, within a year?

7LPH�LV�DQ�HVVHQWLDO�HOHPHQW�WR�GHWHUPLQH��LQ�FHUWDLQ�VSHFLDO�FDVHV��ZKHWKHU�DQ�LQGLYLGXDO�RU�DQ�XQGLYLGHG�

HVWDWH�WUDQVIHUULQJ�RU�DVVLJQLQJ�UHDO�SURSHUW\�DFTXLUHG�EHIRUH��VW�-DQXDU\������KDV�WR�SD\�,7,�RU�,QFRPH�

7D[��7KH�IROORZLQJ�DUH�WKH�FDVHV�DV�UHJDUGV�ZKLFK�WKH�WLPH�GHWHUPLQHV�WKH�DSSOLFDEOH�WD[�

Lot subdivision in stages: ,I��ZLWKLQ�D�WHUP�RI�WZR�\HDUV�IURP�WKH�HIIHFWLYH�GDWH�RI�WKH�VDOH��PRUH�WKDQ�

���ORWV�LQ�WKH�VDPH�IUDFWLRQ�RU�XQLW�RI�ODQG�DUH�GLVSRVHG�RI��LQ�ZKROH�RU�LQ�SDUW���HYHQ�WKRXJK�WKH\�DUH�

VXEGLYLVLRQV�PDGH�DW�GLIIHUHQW�WLPHV��LQFRPH�WD[�VKDOO�EH�SDLG�LQVWHDG�RI�,7,�

Transactions with real property assigned to a sole proprietorship:�)RU�WKH�SXUSRVHV�RI�WKH�WD[��D�VROH�

SURSULHWRUVKLS�RU�VLQJOH�PHPEHU�FRPSDQ\�RU�FRUSRUDWLRQ�WKDW�FHDVHV�GRLQJ�EXVLQHVV�VKDOO�EH�GHHPHG�WR�

FRQWLQXH�LQ�H[LVWHQFH�XQWLO�DOO�RI�WKHLU�DVVHWV�DUH�UHDOLVHG�RU�XQWLO�WKH�DVVHWV�FDQ�EH�GHHPHG�WR�EH�GHĆQLWLYHO\�

LQFRUSRUDWHG� LQWR� WKH�PHPEHUVè�RU� VROH�SURSULHWRUèV� LQGLYLGXDO�DVVHWV��ZKLFK�VKDOO�EH�GHHPHG�WR�RFFXU�

ZKHQ�PRUH�WKDQ�WZR�\HDUV�HODSVH�IURP�WKH�GDWH�RQ�ZKLFK�WKH�SURSULHWRUVKLS��FRPSDQ\��RU�FRUSRUDWLRQ�

SHUIRUPHG�WKH�ODVW�WUDQVDFWLRQ�XQGHU�WKHLU�VSHFLĆF�EXVLQHVV�DFWLYLW\��,I��ZKHQ�WKLV�KDSSHQV��WKH�PHPEHUV�

RU�WKH�VROH�SURSULHWRU�GLVSRVH�RI�WKHLU�DVVHWV��WKH�GLVSRVLWLRQ�VKDOO�QRW�EH�VXEMHFW�WR�LQFRPH�WD[��EXW�WR�,7,�

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- Replacement Option:�8QGHU�WKLV�RSWLRQ��DQ�LQGLYLGXDO�WD[SD\HU�RU�XQGLYLGHG�HVWDWH�PD\�RSW�QRW�WR�

SD\�,7,�XSRQ�WKH�VDOH�RI�WKHLU�RQO\�KRXVLQJ�DQG�RU�ODQGV�LQ�RUGHU�WR�DFTXLUH�RU�EXLOG�DQRWKHU�RQH�LQWHQGHG�

WR�EH�WKHLU�RZQ�KRXVLQJ��7KH�ODZ�SURYLGHV�WKDW�WKLV�RSWLRQ�PD\�DOVR�EH�H[HUFLVHG�ZKHQ�D�WD[SD\HUèV�RQO\�

KRXVLQJ�DQG�RU�ODQGV�DUH�DVVLJQHG�LQ�RUGHU�WR�HUHFW�D�EXLOGLQJ�LQ�D�+RUL]RQWDO�3URSHUW\�UHJLPH�DQG�XS�WR�

RQH�LQGLYLGXDO�XQLW�LV�UHFHLYHG�DV�FRQVLGHUDWLRQ�WKDW�ZLOO�EH�XVHG�DV�WKH�WD[SD\HUèV�RZQ�GZHOOLQJ�KRXVH��7KH�

UHSODFHPHQW�RSWLRQ�ZLOO�EH�DGPLVVLEOH�SURYLGHG�WKDW�WKH�GLVSRVLWLRQ�DQG�WKH�DFTXLVLWLRQ�RI�WKH�UHSODFHPHQW�

SURSHUW\�RFFXU�ZLWKLQ�RQH�\HDU�

- Tax-Free Reorganisation:�,QFRPH�IURP�D�UHRUJDQLVDWLRQ�LQ�FRPSOLDQFH�ZLWK�WKH�UHTXLUHPHQWV�RI�WKH�

/,*��DV�UHJXODWHG��ZLOO�QRW�EH�OLDEOH�WR�WD[��,I��DV�D�UHVXOW�RI�WKH�VDOH�RI�UHDO�SURSHUW\�ZLWKLQ�D�WHUP�RI�WZR�

\HDUV� IURP�WKH� UHRUJDQLVDWLRQ�GDWH��DQ\�RI� WKH�DERYH�UHTXLUHPHQWV�DUH�QRW�PHW�� WKH� WUDQVIHU�RI� WKH�

SURSHUW\�ZLOO�EH�OLDEOH�WR�WD[�

- Asset Sale and Replacement Option:� ,Q�WKH�FDVH�RI�WKH�VDOH�RI�UHDO�SURSHUW\�XVHG�LQ�D�EXVLQHVV�DV�

SURSHUW\��SODQW�DQG�HTXLSPHQW��WKH�/,*�JLYHV�DOO�WD[SD\HUV�WKH�RSWLRQ�QRW�WR�LQFOXGH�WKH�JDLQ�REWDLQHG�

IURP�WKH�VDOH�RI�WKH�SURSHUW\�LQ�TXHVWLRQ�LQ�WKH�EDODQFH�VKHHW�IRU�WD[�SXUSRVHV�DQG�LQVWHDG�VXEWUDFW�

LW�IURP�WKH�DFTXLVLWLRQ�FRVW�RI�WKH�UHSODFHPHQW�DVVHW��7KLV�UHVXOWV�LQ�D�OHVVHU�GHSUHFLDEOH�DPRXQW�RU�D�

ORZHU�FRPSXWDEOH�FRVW�RI�WKH�QHZ�DVVHW�

)RU�WKLV�RSWLRQ�WR�EH�H[HUFLVHG��D�QXPEHU�RI�UHTXLUHPHQWV�PXVW�EH�PHW��VXFK�DV�WKH�IDFW�WKDW�WKH�UHDO�

SURSHUW\�XVHG�LQ�WKH�EXVLQHVV�DV�SURSHUW\��SODQW�DQG�HTXLSPHQW��RU�DVVLJQHG�DV�D�OHDVH�RU�VXEMHFW�WR�DQ�

DVVLJQPHQW�IRU�SURĆW�RI�XVXIUXFW��XVH��KDELWDWLRQ��DQWLFKUHVLV��VXUIDFH�RU�RWKHU�UHDO�ULJKWV�PXVW�EH�DW�OHDVW�

���WZR��\HDUV�LQ�H[LVWHQFH�DW�WKH�WLPH�RI�LWV�GLVSRVLWLRQ��,Q�DGGLWLRQ��WKH�RSWLRQ�ZLOO�RQO\�EH�DGPLVVLEOH�ZKHQ�

ERWK�WUDQVDFWLRQV�å�VDOH�DQG�UHSODFHPHQW�å�DUH�FDUULHG�RXW�ZLWKLQ�WKH�WHUP�RI����RQH��\HDU�

10. Can the seller get his money out of your country after the transaction (repatriation of funds)?

$W�SUHVHQW��WKHUH�DUH�QR�UHJXODWRU\�UHVWULFWLRQV�SURKLELWLQJ�DFFHVV�WR�WKH�IRUHLJQ�H[FKDQJH�PDUNHW�LQ�

RUGHU�WR�UHSDWULDWH�DQ�LQYHVWPHQW�PDGH�LQ�$UJHQWLQD�

11. If you buy real estate that is leased to one or more persons, are you allowed to terminate the lease

contract(s), or which restrictions have to be taken into account?

,I� D� SHUVRQ� DFTXLUHV� D� SURSHUW\� WKDW� KDV� EHHQ� OHDVHG� RU� JLYHQ� IRU� XVH� WR� RQH� RU�PRUH� WKLUG� SDUWLHV�

XQGHU�DQ\�RWKHU�OHJDO�FRQFHSW�æSURYLGHG�RU�QRW�SURYLGHG�IRU�LQ�WKH�ODZæ��IRU�LQVWDQFH��D�ORDQ�IRU�XVH��

D�ULJKW�RI�XVH��D�ULJKW�RI�XVXIUXFW��HWF����WKH�SXUFKDVHU�VKDOO�SUHVHUYH�WKH�H[LVWLQJ�UHODWLRQVKLS�DQG�WKH�

DJUHHG� WHUP�� DQG�ZLOO� EH� VLPXOWDQHRXVO\� DVVLJQHG� DOO� WKH� ULJKWV� DQG� REOLJDWLRQV� XQGHU� WKH� UHOHYDQW�

FRQWUDFWXDO� UHODWLRQVKLS� �DVVLJQPHQW�RI� D� FRQWUDFWXDO� SRVLWLRQ��� VR� WKDW�� LQ� DGGLWLRQ� WR� DFTXLULQJ� WLWOH�

WR�WKH�UHDO�SURSHUW\��WKH�SXUFKDVHU�ZLOO�EH�LQ�WKH�VDPH�SRVLWLRQ�DQG�SODFH�WKDW�WKH�VHOOHU�RU�WUDQVIHURU�

RI�WKH�SURSHUW\�KDG�DQG�ZDV�HQWLWOHG�WR�DV�UHJDUGV�WKH�FXUUHQW�OHDVH��RU�RWKHU��UHODWLRQVKLS��7KLV�VKDOO�

DOVR�DSSO\�WR�DQ\�FRQVWUXFWLRQ�RU�VHUYLFH�DJUHHPHQW��RU�DQ\�RWKHU�W\SH�RI�DJUHHPHQW�DIIHFWLQJ�DQG�

RU�UHODWLQJ�WR�WKH�SURSHUW\��WKDW�LV�LQ�IRUFH�RQ�WKH�GDWH�RI�WKH�DFTXLVLWLRQ��)RU�WKLV�UHDVRQ��DQG�DV�VWDWHG�

DERYH��LW�LV�LPSRUWDQW�IRU�WKH�SURVSHFWLYH�EX\HU�WR�FRQGXFW�D�GXH�GLOLJHQFH�

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����$UH�\RX�DOORZHG�WR�FKDQJH�WKH�XVH�RI�D�EXLOGLQJ�IURP�UHVLGHQWLDO�XVH�WR�RIĆFH�VSDFH�RU�YLFH�YHUVD"�

'R�\RX�QHHG�RIĆFLDO�DSSURYDO�IRU�GRLQJ�VR��RU�LV�LW�QRW�DOORZHG�DW�DOO"

6LQFH�WKH�5HSXEOLF�RI�$UJHQWLQD�LV�D�FRXQWU\�VWUXFWXUHG�DV�D�çIHGHUDOè�SROLWLFDO�RUJDQLVDWLRQ��DQ\�PDWWHUV�

UHODWHG�ZLWK�WKH�UHJXODWLRQ�RI�WKH�XVH�RI�WKH�ODQG�DQG�]RQLQJ�� LQFOXGLQJ�WKH�LVVXH�RI�XUEDQ�LQGLFDWRUV��

EXLOGDEOH�FDSDFLWLHV��KHLJKWV�� LQWHQGHG�XVHV��GHQVLWLHV��PLQLPXP�DGPLWWHG�PHDVXUHV��HWF���KDYH�EHHQ�

UHVHUYHG�WR�WKH�ORFDO�MXULVGLFWLRQV��7KXV��IRU�LQVWDQFH��DQ\�SRVVLEOH�FKDQJH�RI�LQWHQGHG�XVH��DV�ZHOO�DV�

DQ\�UHTXLUHPHQWV�DQG�RU�SURFHGXUHV�IRU�WKHLU�DSSOLFDWLRQ�DQG�RU�WR�REWDLQ�WKH�UHOHYDQW�SHUPLWV��ZLOO�

EH�UHTXLUHG�WR�FRPSO\�ZLWK�WKH�SURYLVLRQV�RI�WKH�ORFDO�UHJXODWLRQV�LVVXHG�E\�WKH�MXULVGLFWLRQ�ZKHUH�WKH�

UHDO� SURSHUW\� LV� ORFDWHG�� ,Q� JHQHUDO�� WKHUH� DUH� IHZ� LQFRQYHQLHQFHV� RU� OLPLWDWLRQV� IRU� D� GZHOOLQJèV� �RU�

UHVLGHQWLDO��LQWHQGHG�XVH��1HYHUWKHOHVV��VXFK�UHTXLUHPHQWV�VKDOO�EH�FKHFNHG�LQ�HDFK�FDVH�DIWHU�DQDO\VLQJ�

WKH�PDWWHU��EDVHG�RQ�WKH�UHJXODWLRQV�RI�WKH�UHOHYDQW�ORFDWLRQ�

)XUWKHU�� IRU� FHUWDLQ� VSHFLDO� W\SHV� RI� RZQHUVKLS�� VXFK� DV� WKH� KRUL]RQWDO� SURSHUW\� UHJLPH� DQG�RU� WKH�

UHDO� HVWDWH� FRPSOH[��ZKHUH� H[FOXVLYH�RZQHUVKLS�RI� WKH� UHVSHFWLYH�XQLW� FRPHV�XQGHU� D� ODUJHU�ZKROH�

�IRU�LQVWDQFH��D�EXLOGLQJ��D�FRXQWU\�FOXE��DQ�LQGXVWULDO�SDUN�HWF����LW�ZLOO�EH�QHFHVVDU\�WR�DOVR�FRPSO\�ZLWK�

WKH�UHVSHFWLYH�2UJDQLVDWLRQ�DQG�2SHUDWLRQ�5HJXODWLRQV��ç5HJODPHQWR�GH�&RSURSLHGDGè��JRYHUQLQJ�WKH�

LQWHQGHG�XVH�RI�WKH�UHOHYDQW�GHYHORSPHQW�

13. To get a feeling as to the amount of costs involved, what costs should be taken into account if a

foreign investor bought an existing building (and land) for a purchase price of €5 million, particularly

notarial costs?

– notarial costs?

$V�LQGLFDWHG�DERYH��VLQFH�WKH�5HSXEOLF�RI�$UJHQWLQD�LV�RUJDQLVHG�DV�D�çIHGHUDOè�VWUXFWXUH��HDFK�SURYLQFH�

KDV�WKH�SRZHU�WR�UHJXODWH�SURIHVVLRQV��LQ�WKLV�FDVH��WKH�QRWDULDO�SURIHVVLRQ��DQG�WR�LPSRVH�ORFDO�UDWHV��

WD[HV�DQG�IHHV��7KXV��WKH�QRWDULDO��UHJLVWUDWLRQ�DQG�WD[�FRVWV�FRXOG�YDU\�IURP�MXULVGLFWLRQ�WR�MXULVGLFWLRQ��

+DYLQJ�VDLG�WKDW��DQG�EDVHG�RQ�LQIRUPDWLRQ�SURYLGHG�E\�D�QRWDU\�SXEOLF�RI�UHQRZQ�ZLWK�IXOO�H[SHUWLVH�LQ�

WKH�UHDO�HVWDWH�EXVLQHVV��EHORZ�DUH�WKH�FRVWV�FXUUHQWO\�FKDUJHG�LQ�WZR�RI�WKH�PRVW�UHOHYDQW�MXULVGLFWLRQV��

D��LQ�WKH�FLW\�RI�%XHQRV�$LUHV��QRWDULDO�FRVWV�KRYHU�DURXQG������DQG������RI�WKH�YDOXH�RI�WKH�WUDQVDFWLRQ��

DQG�E��LQ�WKH�SURYLQFH�RI�%XHQRV�$LUHV��QRWDULDO�FRVWV�KRYHU�DURXQG������DQG������RI�WKH�YDOXH�RI�WKH�

transaction.

- land register?

7KH�VDPH�FRPPHQWV�PDGH�IRU�QRWDULDO�FRVWV�DSSO\�LQ�WKLV�FDVH��8VLQJ�WKH�VDPH�H[DPSOHV��DOVR�EDVHG�

RQ� WKH� LQIRUPDWLRQ�SURYLGHG�E\� WKH� VDPH�QRWDU\�SXEOLF��� D�� LQ� WKH� FLW\�RI�%XHQRV�$LUHV�� WKH� FXUUHQW�

UHJLVWUDWLRQ�FRVWV�KRYHU�DURXQG������DQG������RI�WKH�YDOXH�RI�WKH�WUDQVDFWLRQ��DQG�E��LQ�WKH�SURYLQFH�RI�

%XHQRV�$LUHV��WKH�FXUUHQW�UHJLVWUDWLRQ�FRVWV�KRYHU�DURXQG������RI�WKH�YDOXH�RI�WKH�WUDQVDFWLRQ�

- real property transfer tax?

$V�LQGLFDWHG�DERYH��WKH�UHDO�SURSHUW\�WUDQVIHU�WD[�YDULHV�GHSHQGLQJ�RQ�ZKHWKHU�WKH�VHOOHU�LV�D�FRUSRUDWH�

WD[SD\HU�RU�DQ�LQGLYLGXDO��RU�DQ�XQGLYLGHG�HVWDWH��,Q�WXUQ��LQ�WKH�FDVH�RI�DQ�LQGLYLGXDO�RU�DQ�XQGLYLGHG�

HVWDWH�� WKH� WD[� DOVR� YDULHV� GHSHQGLQJ� RQ� ZKHQ� WKH� VHOOHU� DFTXLUHG� WKDW� SURSHUW\�� /DVWO\�� WKHUH� DUH�

GLIIHUHQFHV� LQ�DOO�FDWHJRULHV�EDVHG�RQ�ZKHWKHU�WKH�WD[SD\HU� LV�D�UHVLGHQW�WD[SD\HU�RU�D�QRQ�UHVLGHQW�

EHQHĆFLDU\��+DYLQJ�VDLG�WKDW��EHORZ�ZH�GLVFXVV�WKH�GLIIHUHQW�FDVHV�WKDW�PD\�DULVH�

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

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Seller that is a resident corporate taxpayer: ,QFRPH�WD[�DSSOLHV�

- Tax base:�VDOHV�SULFH�OHVV�FRPSXWDEOH�FRVW�

- Tax rate:������FXUUHQWO\�DSSOLFDEOH�IRU�WD[�SHULRGV�HQGLQJ���st�'HFHPEHU�������

Seller that is a non-resident corporate taxpayer:

- Tax base:�QHW� LQFRPH�GHWHUPLQHG�RQ�WKH�EDVLV�RI�WKH�SUHVXPSWLRQV�XQGHU�6HFWLRQ����RI�WKH�/,*��

QDPHO\�

D�������RI�WKH�VXPV�SDLG�IRU�WKH�RQHURXV�WUDQVIHU�RI�SURSHUW\�ORFDWHG��SODFHG�RU�XVHG�IRU�D�SURĆW�LQ�

$UJHQWLQD��EHORQJLQJ�WR�FRPSDQLHV�RU�HQWHUSULVHV�RUJDQLVHG��HVWDEOLVKHG�RU�ORFDWHG�DEURDG�

E���WKH�DPRXQW�UHVXOWLQJ�DIWHU�GHGXFWLQJ�WKH�JURVV�EHQHĆW�SDLG�RU�FUHGLWHG��DQ\�H[SHQVHV�LQFXUUHG�LQ�

$UJHQWLQD�DQG�QHFHVVDU\�WR�REWDLQ��PDLQWDLQ�DQG�SUHVHUYH�WKH�SURSHUW\��DV�ZHOO�DV�DOO�SHUPLWWHG�

deductions.

- Tax rate:������LI�WKHUH�LV�QR�GRXEOH�WD[DWLRQ�DJUHHPHQW�HVWDEOLVKLQJ�D�VSHFLDO�WD[�UDWH���,Q�WKH�FDVHV�

XQGHU�FODXVH�D��DERYH��WKH�HIIHFWLYH�WD[�UDWH�LV��������ZKLOH�LQ�WKH�FDVHV�XQGHU�FODXVH�E���WKH�HIIHFWLYH�

WD[�UDWH�LV�����

Seller that is a resident individual taxpayer or undivided estate – Real property acquired before 1st

January 2018��,7,�DSSOLHV�

- Tax base:�SXUFKDVH�SULFH�

- Tax rate:������

Seller that is a non-resident individual or undivided estate – Real property acquired before

1st January 2018�� 7KH� WD[SD\HU� VKDOO� DSSO\� IRU� D� ç7D[�:LWKKROGLQJ�&HUWLĆFDWHè� WR� WKH�$),3��ZKLFK�

FHUWLĆFDWH�ZLOO�LQGLFDWH�WKH�DPRXQW�SD\DEOH�DV�WD[�

Seller that is a resident individual or undivided estate – Real property acquired since 1st January

2018: The new schedular tax applies.

- Tax base:�DFTXLVLWLRQ�FRVW�OHVV�WKH�VDOHV�SULFH��SOXV�WKH�GHGXFWLRQV�SHUPLWWHG�E\�WKH�ODZ�

- Tax rate:�����

Seller that is a non-resident individual or assignor, or undivided estate – Real property acquired

since 1st January 2018:�7KH�QHZ�6FKHGXODU�7D[�DSSOLHV��

- Tax base:�DFTXLVLWLRQ�FRVW�OHVV�WKH�VDOHV�SULFH��SOXV�DQ\�H[SHQVHV�LQFXUUHG�LQ�$UJHQWLQD�

- Tax rate:�����

- advising lawyer (due diligence)?

$OWKRXJK�WKH�SURYLVLRQ�RI�VHUYLFHV�LQ�JHQHUDO� LV�QRW�UHJXODWHG�XQGHU�IHGHUDO� ODZ��$UJHQWLQH�&LYLO�DQG�

&RPPHUFLDO�&RGH��6HFWLRQ��������HDFK�MXULVGLFWLRQ�HVWDEOLVKHG��DW�WKH�WLPH�RI�UHJXODWLQJ�WKH�SUDFWLFH�RI�

ODZ��WKH�UHVSHFWLYH�VFKHGXOHV�RI�SURIHVVLRQDO�IHHV��,Q�JHQHUDO��WKH�IHHV�DUH�SHUFHQWDJH�YDOXHV�EDVHG�RQ�

WKH�YDOXH�RI�WKH�DVVHW�RU�WKH�WUDQVDFWLRQ�LQYROYHG��DQG�DOVR�VXSSOHPHQWDO�FULWHULD�IRU�FHUWDLQ�DFWLYLWLHV�

ZLWK�QR�FDOFXODWLRQ�EDVLV��7KXV��WKH�FRVWV�RI�OHJDO�DGYLFH�ZLOO�YDU\�DFFRUGLQJ�WR�HDFK�VSHFLĆF�FDVH��EDVHG�

on the aforesaid factors.

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- estate agent?

%DVHG�RQ�LQIRUPDWLRQ�SURYLGHG�E\�VRPH�EURNHUV�RI�UHQRZQ��WKH�IHHV�RI�D�UHDO�HVWDWH�DJHQW�RU�EURNHU�

ZRXOG� FXUUHQWO\� EH� EHWZHHQ� ��� DQG� ��� RI� WKH� DPRXQW� RI� WKH� WUDQVDFWLRQ�� IRU� EXVLQHVV� RI� WKH�

FKDUDFWHULVWLFV�GHVFULEHG�DERYH��1RWZLWKVWDQGLQJ�WKDW��WKH�SHUFHQWDJH�FRXOG�EH�ORZHU�LQ�WKH�FDVH�RI�

D�UHJXODU�FXVWRPHU�RI�WKH�EURNHU��RU�D�FXVWRPHU�ZLWK�D�EXVLQHVV�SRWHQWLDO��RU�EDVHG�RQ�WKH�YDOXH�RI�WKH�

WUDQVDFWLRQ��7KHUH�FRXOG�DOVR�EH�YDULDWLRQV�LI�PRUH�WKDQ�RQH�EURNHU�LV�LQYROYHG��IRU�LQVWDQFH��D�EURNHU�IRU�

WKH�EX\HU�DQG�DQRWKHU�EURNHU�IRU�WKH�VHOOHU���RU�LI�WKH�WUDQVDFWLRQ�LV�FRPPLVVLRQHG�WR�VHYHUDO�EURNHUV��

/LNH�LQ�WKH�SUHYLRXV�FDVHV��LQ�HDFK�FDVH�LW�ZLOO�EH�QHFHVVDU\�WR�DQDO\VH�ORFDO�UHJXODWLRQV�JRYHUQLQJ�IHHV�

- others?

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IV. Costs for holding real estate

14. What tax aspects are directly involved when holding a property – for example, yearly land tax

after the transfer of ownership – and what is the percentage of it?

National taxes:

1) Tax on personal assets:�5HVLGHQW� LQGLYLGXDOV�DQG�XQGLYLGHG�HVWDWHV�EDVHG�LQ�$UJHQWLQD��DV�ZHOO�DV�

non-resident individuals and estates based abroad are taxed on their assets located in Argentina and

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estates.

Resident individuals and undivided estates based in Argentina: Resident individuals and undivided

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Non-resident individuals and undivided estates based abroad:�$�SUR�UDWD�WD[�UDWH�RI�������LV�DSSOLHG��

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Local taxes:

1) Real Property Tax:�7KLV�LV�D�SURYLQFLDO��ORFDO��WD[�OHYLHG�RQ�UHDO�SURSHUW\��7KXV��WKH�WD[�YDULHV�IURP�

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WKH�WD[�UDWHV�UDQJH�IURP�������WR�������

2) Municipal rates: 7KH�PXQLFLSDOLWLHV�FKDUJH�UDWHV�IRU�WKH�VHUYLFHV�SURYLGHG�E\�WKHP��VXFK�DV�WKH�UDWH�

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15. What are the costs you have to calculate as a foreign investor, if you engaged a professional

property management for the purchased property? How does the property management normally

charge for their work?

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V. Foreign investors

16. Would you advise foreign investors at the moment to invest in your country

- directly in real estate?

- through real property funds, open or closed ones?

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- In commercial real estate or in residential property?

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

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17. Is any individual person and legal entity allowed to buy property in your country, or are there

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restrictions, are there ways to organise a domestic entity for the purchase on a valid legal structure

notwithstanding?

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18. If a foreign investor buys a plot of land in your country to run a business there, what kind of

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

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- Finding interesting real estate and related valid investment products in real property in your

country where required through personally known estate agents and other advisers?

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LEGALINK I GUIDELINES FOR INVESTMENTS IN REAL ESTATE I 2019

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- Developing construction projects?

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always within the framework of legal advice.

- All legal aspects involved in these contexts?

Ditto as above.

CONTACT

Marcelo Lamesa��&RUSRUDWH�

[email protected]

Agustín A. Pérez Cambiasso��5HDO�(VWDWH�

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Cecilia M. Martin��7D[DWLRQ�

[email protected]

Emiliano Roque Silvia��)LQDQFLDO�DQG�)RUHLJQ�([FKDQJH�0DWWHUV�

[email protected]

www.nicholsonycano.com.ar