Overseas property investors looking for the next emerging market should investigate Slovakia. The world bank in 2005 stated that Slovakia had the fastest transforming business economy and the trend is set to continue. About Slovakia Slovakia landlocked republic in Central Europe bounded by the Czech Republic, Poland, Ukraine, Hungary, and by Austria. Slovakia is modern European country with a deep rural tradition. Geographically, it is primarily a mountainous country with numerous winter activities. Bratislava is its capital and largest city. Buying property in Slovakia an overseas property opportunity. Overseas property investors looking for the next emerging market should investigate Slovakia. The world bank in 2005 stated that Slovakia had the fastest transforming business economy and the trend is set to continue. Overseas buyers welcome in Slovakia Slovakia lifted all restrictions on property acquisition on 1 May 2004. All foreign nationals can acquire real estate or land in Slovakia directly, without having to set up a company and have a local legal signatory. The minimum amount of equity required is generally 30% of the purchase price. Alternatively, you can use the equity in your existing property or simply arrange a loan at home. Where to buy in Slovakia Bratislava, Slovakia's capital and largest city, is one of the rare places offering you exceptional capital growth potential AND increase in rental income at the same time. Quaint and jovial with a surprisingly rich cultural life, Bratislava is a capital city without the usual congestion. The High Tatras are a magnificent range of European mountains (only second to the Alps in elevation) dotted with villages with deep peasant traditions. How to buy property in Slovakia. Once you found your Slovakian property be prepared to part with a deposit of 10%. This is required by the buyer to start the buying process. A pre purchase agreement is signed by both parties. A surveyor will complete a report and provide this to the sellers solicitor who will then prepare a contract of sale. It is important to have any agreement signed translated. The title deeds are then transferred to you after a period of about 4 weeks. Agents fees are between 1.5 and 3 percent. Slovakian Climate Slovakia has a continental climate, with four distinct seasons. Winters are typically cold and dry, while summers tend to be hot and humid. The average daily temperature range in Bratislava is -3 to 2 C (27 to 36 F) in January and 16 to 26 C (61 to 79 F) in July; temperatures tend to be cooler in the mountains. Bratislava receives an average of about 650 mm (about 26 in) of precipitation annually. In areas of high altitude, snow is often present for as many as 130 days each year. Travelling to Slovakia Depending on the country you come from and the reason you come to Slovakia for, you may need an ID card, a passport or even a visa in order to enter Slovakia. Citizens of the European Union should be able to travel with their ID card only. Contact embassy of the Slovak Republic in your country for more information. More information on visa and passport needs for citizens of non-EU countries can be found in the English section of the official website of the Ministry of Foreign Affairs of the Slovak Republic: http://www.foreign.gov.sk |
