The housing industry in Serbia is flourishing. There have been many building project initiatives in the latest days. Serbia has seen an increase in Indian migration during the last ten years. Some Indians purchase homes there due to the scenery and other advantages. Others think that investing in Serbian real estate is a wise decision.
Here is a guide for Indian nationals looking to buy a property in Serbia.
Step 1. Check if you are eligible
Now that you have decided to invest in real estate in Serbia, you should start by determining if and under what circumstances Indians are permitted to acquire land in Serbia.
A bilateral agreement has been reached between India and Serbia. It suggests that you are qualified to buy a home in the country. You should now carry out all required earlier actions. This includes locating the ideal property, looking it over, negotiating the purchase price, and beginning the buying procedure.
Step 2. Determine your motive
It is essential to decide why you want to purchase a house. You can use real estate for either personal or financial gain. Few people invest in real estate to gain the right to reside in the nation. The process is known as “Residency by Investment.”
RBI program
A fantastic approach to moving to the country is to purchase real estate to obtain residency. The processing of the application can take up to six weeks. The apartment’s starting price is only €10,000, which yet offers a promising rental yield.
Step 3. Carry out due diligence
After you have decided on a property, it is essential to perform formal thorough research on the property and look for liens, encumbrances, mortgages, annotations, and other issues. The real estate market has faced several challenges, including houses for sale that have not been listed in the cadaster, buildings constructed without the regulator’s approval, disputed properties, and more. Because of this, exercise caution while selecting a house or a land and carrying out your due diligence.
Step 4. Drafting the agreement
You need a manager who practices estate legislation for the next phase, which is to design a home acquisition contract. The attorney will put the seller’s and buyer’s requests in writing after the parties have reached an agreement, the mode of payment, and the time for taking ownership.
Step 5. Schedule the notarization-solemnization
The signatories are informed by the state office of their responsibilities and rights under the contract. It is required to arrange the notarization-solemnization of the purchase pact before the Notary Public when the contractual sides have committed to all provisions.
Step 6. Pay the price
The seller gives the purchaser custody of the land on the real estate after the purchaser has paid the agreed-upon total cost. The monies from the buyer’s checking account must be transferred to the seller’s local bank to settle the sales price. When the seller allows the buyer into the property and hands over the keys, the ownership exchange has occurred.
Step 7. Register the owner
After the Residential Selling and Buying Contract has been notarized and solemnized, the buyer must register their rights in the centralized, public, and complete registration of property possession in the Republic of Serbia.
Step 8. Deliver tax return
Complete property transferring tax must be paid when purchasing real estate in the country. The tax return is completed during the notarization-solemnization of the land contract of selling and purchase. The Notary Public is required to transmit the completed tax return to the appropriate tax department within 24 hours of notarizing the agreement.
