BUYING PROPERTY IN SLOVAKIA
Buying process
Currently citizen of EU states acting in capacity of a private individual are excluded from purchases of agricultural land and forestry land. This exclusion does not normally include land attached to a property which is in most cases classified differently. Classification of building plots is somewhat different to the UK. Typically with a purchase of a 3 acre plot for example – 1 acre could be classified as “built on land” even though the house uses only 10% of this space. This of course means that if buildings are to be extended (subject to building permissions), this is an easy process as the land is already assigned for such use
The Buying Process is broadly similar to that in the UK. Once you have decided on your property a deposit is required by the Seller which is usually held with an Agent (or a Solicitor if required). The amount of deposit may vary by property/agent but usually is about 10-15% of the purchase price. When deposit is made, the pre-purchase agreement should be signed, which legally binds both Seller and Buyer to a future Sale Contract. Once valuation and report by State Appointed Surveyor are completed Draft Contracts are distributed to both parties. Upon execution of the Purchase agreement (signing of the Contract), the remainder of the purchase price must be settled by the Buyer. Land Registry records will be updated usually within 8-12 weeks of Contract signature , FastTrack application for an extra fee can reduce processing period to around 14 days
It is possible to purchase agricultural land or forestry land as a part of a business venture. If you'd intend to do so, we can provide you with an Agency contact to help you to register the Company on your behalf. The process costs between £500-£800 depending on the complexities of each individual case. When making a purchase via a Company you need to be aware that any capital gains are going to be taxable and future sale may attract VAT, whilst as a private individual holding a second property longer than 5 years, capital gains are currently waived. We recommend you to discuss the transaction with your tax advisor in first instance, before entering into any purchase negotiations. On a positive note you may be entitled to EU business start up grants, which again, can be arranged for you through an Agent
*Every investment carries a risk. We do not intend to provide you with any financial / investment advice which can be sought from your financial advisor if required | 
