Crown Consulting shines at the 18th Hofburg Real Estate Ball
The Ball, known for bringing together key players and professionals in the real estate industry, provided an exceptional platform for networking and forging new partnerships. The event's splendor and sophistication were fully in line with Crown Consulting's values, reflecting its commitment to providing the highest quality service and maintaining a strong presence in the industry. The 18th Real Estate Ball was an evening of glamor, business and collaboration, setting the stage for a successful and prosperous year for Crown Consulting.
What districts of Vienna do you offer? Which districts are popular with clients for purchase and why?
We offer generally all districts of Vienna, but our firm recommends the affluent districts such as 1,2,3, 4, 5, 6, 7, 8, 9, 13, 18, 19. In addition, our company focuses on the higher price segment. These districts are favored by our clients not only because they are historically noble areas with picturesque streets and parks, but there are fewer commuters.
Do you offer secondary real estate as well as new buildings? Do developers offer installments or credit options in this case?
We offer both primary and secondary real estate. As for installments, everything is purely individual and depends on the developer. Usually, Austrian developers do not offer such a service as installments. As far as lending is concerned, this practice is quite common. Our firm also provides services in such matters.
What is the average cost of properties by district in Vienna?
The cost of properties varies greatly depending on the district and the size of the apartment - as a rule, the larger the apartment, the higher its price per square meter. In 2023 in the 1. district apartments were sold from 15.000 euros per m2, from 2. to 9. districts - at a price of 6.800 to 15.000 euros per square meter. In 11. districts you can buy an apartment up to 5.000 euros per square meter. (Source: Der Standard)
What additional costs does the buyer pay when buying real estate in Austria?
3.5% of the value - tax on the purchase of real estate 1.1% of the value - tax for entry in the land register 1 to 2% + 20% VAT - for drawing up the purchase contract, approx. 10% of the value - additional costs See table Additional costs *link
What status does a client have to have in order to be eligible to buy real estate in Austria?
To purchase real estate in Austria as an individual, you need to have the status of a citizen of Austria or another EU country, or a residence permit in Austria or another EU country. Almost any real estate in Austria can be purchased by a legal entity, but provided that more than 51% of it is owned by EU legal entities. (Legal entities registered in the EU or European Economic Area do not qualify as foreign companies and are free to buy real estate in Austria)
Are there any exceptions for foreigners to purchase real estate in Austria?
Yes, there are federal states where the purchase for foreigners is not restricted. For information please contact our company.
Can an Austrian legal entity, the majority of shares of which are owned by non-EU citizens, purchase real estate in Austria?
In general, Austrian legal entities can acquire real estate in Austria. However, if the majority (more than 50%) of the shares of a legal entity is owned by non-EU citizens, the legal entity qualifies as a foreign company and must apply for a special permit to be able to acquire real estate in Austria. Exceptions are the so-called "two-tier structures". In some states (Bundesländer) of Austria (e.g. Vienna), an Austrian legal entity (LE1) that is wholly owned by another Austrian legal entity (LE2) does not qualify as a foreign company, even if the LE2 is 100% owned by non-EU citizens. In this case, the LE1 does not need to obtain special authorization to acquire real estate in Austria.
What other rights of use besides ownership are possible in relation to real estate?
In addition to ownership of real estate, other agreements such as simple leases and property leases, legal concepts for the division of property into landed property and built property (Superädifikat) as well as the lease of buildings (Baurecht) are common. In addition, easements (Dienstbarkeit) can be created over real estate. There are differences between land easements and personal easements, including, inter alia, rights of use and rights of occupancy (Nießrecht).
Does a non-resident have the right to rent out real estate? If yes, what income tax does he pay?
When renting out a home, a foreign investor must pay income tax, file an annual tax return and use a double taxation avoidance agreement (DTAA). Taxes on rental income remain low, taxing only the net profit. For example, on a €1 million investment with an expected ROI of 3%, the taxable profit would be less than 5% of the income, taking into account deductions for depreciation and mortgage interest.
Is it possible to organize the management of clients' properties?
Yes, we can hire a maintenance company for you. Fees are negotiated separately.
Does your agency also offer commercial real estate or ready-made businesses in the segment of hotels, restaurants, cafes?
Yes, we offer a large selection of commercial real estate, as well as projects for investment. We will be glad to send you presentations of such objects.
What is important to consider when deciding to obtain a residence permit in Austria?
When deciding to obtain a residence permit in Austria, it is important to consider the following: - Usually all residence permits require permanent residence in Austria for more than 6 months per year. - Holders of residence permits become tax residents of the Republic of Austria. - After five years of residence with a residence permit and a B1 level of German, you are entitled to a permanent residence permit, and after ten (six) years you are entitled to Austrian citizenship. - Rapid citizenship is possible if special services corresponding to the Austrian interests under the Austrian citizenship law are provided. - A residence permit is usually issued for one year and can be renewed the following year. After two years, an extension for a further three years is possible, and after five years, a permanent residence permit for five years. - A basic knowledge of German at the A1/A2/B1 level is mandatory for the granting and renewal of residence permits, except in certain cases.
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