Easier Investment in Croatia
Croatia, one of the EU’s three candidate countries, recently took a further step to full EU membership. As from 1st February this year, EU nationals buying property in Croatia no longer have to apply for a permit from the Croatian authorities. The move, which means EU citizens have the same rights as Croatian nationals when it comes to property purchase, is expected to boost investment in the country’s property market.
Until this February, all foreigners investing in Croatian property required a permit issued by the Foreign and Justice Ministries, a process that sometimes took two years. The vast majority of applications were approved – according to the Zagreb Institute of Economics, around 1,500 applications were made each year – but the timescale and paperwork involved in the process meant that some investors chose alternative destinations for property investment.
The new Bill of Property regulations for EU citizens together with the updating of the Land Registry by Croatian government are expected to make buying property in Croatia considerably easier and quicker. The Land Registry is now available online meaning it is now relatively straight forward to establish clear title to land, an essential aspect of due diligence.
The recently-passed Bill is part of the Stabilisation and Association Agreement signed by Croatia and the EU, and is an essential step towards EU membership, expected in 2010. EU citizens still require official permission to buy agricultural land and areas protected for cultural or national reasons, and non-EU citizens must still apply for a permit for any property purchase.
“The removal of barriers to property investment in Croatia for EU nationals is an extremely welcome move,” says James Gonzalez, Market Analyst at Obelisk Investment Property, “and one that should open up the market and inspire increased investor confidence.”
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Obelisk also produces its Absolute Guide Series which contains the most recent investment information on 30 of the world’s top emerging markets. They can be downloaded free of charge at http://www.absoluteguideseries.com/
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinvestmentproperty.com/
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com
Until this February, all foreigners investing in Croatian property required a permit issued by the Foreign and Justice Ministries, a process that sometimes took two years. The vast majority of applications were approved – according to the Zagreb Institute of Economics, around 1,500 applications were made each year – but the timescale and paperwork involved in the process meant that some investors chose alternative destinations for property investment.
The new Bill of Property regulations for EU citizens together with the updating of the Land Registry by Croatian government are expected to make buying property in Croatia considerably easier and quicker. The Land Registry is now available online meaning it is now relatively straight forward to establish clear title to land, an essential aspect of due diligence.
The recently-passed Bill is part of the Stabilisation and Association Agreement signed by Croatia and the EU, and is an essential step towards EU membership, expected in 2010. EU citizens still require official permission to buy agricultural land and areas protected for cultural or national reasons, and non-EU citizens must still apply for a permit for any property purchase.
“The removal of barriers to property investment in Croatia for EU nationals is an extremely welcome move,” says James Gonzalez, Market Analyst at Obelisk Investment Property, “and one that should open up the market and inspire increased investor confidence.”
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Obelisk also produces its Absolute Guide Series which contains the most recent investment information on 30 of the world’s top emerging markets. They can be downloaded free of charge at http://www.absoluteguideseries.com/
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinvestmentproperty.com/
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com
Labels: Croatia, investment, law, property
posted by Alison Kane at 6:31 pm
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