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Croatia - FAQ's Here is a list of the recent questions we have received from prospective buyers which may not be covered in our Web site. We regularly update this page as we receive requests for information from our clients.
1. Can foreign citizens purchase property in Croatia? A. Yes, under the condition of reciprocity, select foreign nationals are permitted to purchase property in Croatia once prior consent had been received from the Ministry of Foreign Affairs, in Croatia. Most Western European countries (including the UK and Ireland) are eligible. In extraordinary cases, other nationalities may also be considered. Please contact us if you require further specific information. 2. I have some investment capital and want to buy a home overseas. Why should I choose Croatia? A. Strong demand from overseas investors is creating a buoyant market – the market has seen growth in property prices of 20-30% + per annum. (We have seen some prices double over the last 18 months in particular hotspots). The market, although increasing rapidly, is still considered to have significant scope for ongoing growth, especially when compared to current holiday destinations within the current EU member states. Please refer to the section titled ‘Why Croatia' on our web site for more good reasons to choose Croatia. 3. Is the region stable – What about the recent rumor I've heard that Croatia will soon have a new right wing government and Prime Minister? A. After proclaiming independence in 1991, Croatia faced the characteristic difficulties of a country in transition but also experienced the debilitating problems associated with regional war. The regional conflict ended in 1995 and from then Croatia began to recreate an enviable economy in the region and is an increasingly promising market for investment from European countries.
Croatia is now well on the way towards EU integration. In May 2000 NATO accepted Croatia into the Partnership for Peace program. On 1st December 2000, Croatia became a full member of the World Trade Organisation.
In 2001 Croatia signed a Stabilisation and Association Agreement clearing the way to become a potential candidate for EU membership.
Croatia applied to join the EU on 21 February 2003 with the aim to accede in 2007. 4. Why use Harris Penny and Dream Croatia over your competitors? A. Our clients to date tell us that we quickly gain their confidence and trust and we aim to handle your investment as if it were our own.
Dream Croatia is a family business with strong values based on trust, honesty and delivering exceptional customer service and value.
Our in house legal team based in Croatia are experts in property completions – finding the best solution for each individual buyer. With our directors based in the UK and Ireland, we are never more than a phone call away.
We vet the property we offer to ensure that it is fairly priced, has ‘clean title' and has strong appreciation potential.
Finally, we are very proud of Croatia as a team and will be delighted to share it with you during your trip to the region. 5. You offer beautiful old houses on your Web site– many in need of repair and TLC. How would I manage renovation from UK / Ireland ? A. We offer a total property management solution which includes managing renovations. From your specifications, we will select quality builders and provide pricing for works to be done. We supervise the building project offering constant feedback to our clients in the form of regular reporting and digital images. We are experienced in delivering building projects to the desired quality, pre-agreed price and in the designated timeframe. 6. Who can I get to manage my property when I am not in Croatia ? A. Our Property management
office in Dubrovnik are experienced in all facets including letting and
management. For further information on charges please contact us. 7. What term should I have in mind when buying a property in Croatia – How long should I hold onto the property? A. Where our clients purchase property through the ‘Private Buyer Route', capital gains realised, when property is sold within the first three years, is taxed at the prevailing capital gains tax rate (currently 35%). Property sold after this period is not subject to this tax.
Clients purchasing through the ‘The Corporate Buyer Route' are not subject to capital gains tax.
We anticipate ongoing growth in market prices for the foreseeable future and the market is expected to be further buoyed by strong ongoing demand and probable EU accession.
We would be delighted to advise you during the term of your ongoing investment on property forecasts and probabilities.
8. I've just had a fantastic holiday in Croatia , and fell in love with the place. I now want to buy my dream property. I have a free long weekend in February. Would this be enough time to find and initiate proceedings to purchase a property? Can I sign all the papers from Ireland ? A. Yes. As some our recent clients have done. Once you select your dream property and provide our legal team with power of attorney, the rest can be left up to us. We will send the contracts (translated into English) to your home country for execution.You will also need to establish an Internet banking account in Croatia which we will be happy to arrange. 9. What can I expect from Harris Penny when I decide to return to Croatia to buy? A. Firstly, we are happy to advise you on the most cost effective travel and accommodation to suit you budget. On arrival, our English speaking team will be pleased to meet you and transport you to your hotel.
At your leisure, we will be happy to meet you to answer any initial questions you may have and outline itinerary to view property of interest to you and the process should you decide to proceed.
We will assist you in setting up a local bank account as well as prepare the documentation required to allow you to complete the purchase on your return home.
Of course, there will also be time to enjoy the local hospitality during your trip and we find this is an ideal opportunity to foster relationships with our clients. 10. How come Harris Penny only concentrate on The Dubrovnik region? What about the rest of Croatia ? A. Our area of expertise is the Dubrovnik region, which is the most popular region by far for foreign investment in Croatia. We aim to be expert in one region rather that knowledgeable, to some degree, in all. 11. When I went to Croatia on a buying tour with Harris Penny in December, the cheapest flight available was £275 from London to Dubrovnik (via Zagreb ). Will all my off-peak trips be so expensive in future? A. The good news is that British Airways have advised that their new service to Dubrovnik from March 2004 is a year round service with prices starting at £99.
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