Why Invest?
At the heart of Central Europe lies the beautiful country, Slovakia. It is a country blessed with mesmerizing scenic views where the glacial lakes with crystal-clear waters flow in the midst of the quiet valleys and towering mountain that stand majestically watching the stunning scene. Apart from the natural beauty in Slovakia there are the intriguing castles, restored palaces and ruins that add a distinctive charm to it.
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Market Report
Slovakia has been named the safest place for property investments. With a strong and stable economy and fastest GDP growth rate in Central Europe, the market of Slovakia real estate merits attention from potential investors. Being an EU member country it ensures security and guarantees EU legal rights to all investors.
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Economic Overview
Slovakia is a tiger economy that has emerged to be one of the most progressive new economies of Central Europe drawing in foreign investment. The tax system and welfare policies have contributed a great deal in the transforming economy of Slovakia that is going from strength to strength. The strongest industry of Slovakia is the automotive sector that has to its credit some of world’s biggest car makers including Volkswagen and KIA.
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Visa/Residency Issues
EU and EEA nationals require a passport or an ID card to enter Slovakia. For a longer stay of more than three months a residency must be applied for.
For permanent residency in Slovakia you can get in touch with the local Police Station. For registration you would require a passport, two photographs and a duty stamp. For EEA nationals a permanent residency certificate is like an ID card that is valid for 5 years and can be extended to a period of 10 years. As for non-EU countries the embassy must be contacted for detailed information.
Slovakia being member of the Schengen Area started offering Schengen visa from December 20, 2007. Schengen visa allows the citizens of Schengen countries to about freely in the Schengen area for a period of 90 days. For a longer period of stay a visa is required.
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Getting to Slovakia
Bratislava is regarded as Slovakia’s transportation hub, well-connected
to the world with all kinds of traveling facilities. The infrastructure
of Slovakia has improved its accessibility and it can be reached via
air, train, bus or boat.
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Fees & Taxes
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There is no inheritance Tax in Slovakia.
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Real estate agent's commission can vary from 2% to 5%.
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Rental income is taxed at 19%, after deductions.
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The standard rate of capital gains tax in Slovakia is 19% with a number of exemptions.
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Slovakia |
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Basic Information
| Population |
5,463,046 (July 2009 est.)
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| Languages |
Slovak (official), Hungarian |
| Area |
48,845 sq km
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| Currency |
Euro |
| Dialing Code |
+421
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| Emergency Services |
155 (medical emergency), 158 (police), 112 (emergency number in Slovakia), 150 fire and rescue service
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Slovakia Overview
At the heart of Central Europe, Slovakia is a country that has a history of invasions. Slovakia separated from the Czech Republic finally in 1993 and has since then evolved to be one of the most progressive states of the region. Today Slovakia is a country blessed with a thriving economy that has everything going for it. Blessed with a diverse and beautiful landscape dotted with ancient castles and historic sites, the magnificent High Tatra Mountains and the glacial lakes all make it a place worth visiting.
Average Property Prices
Slovakia's most expensive residential properties are in the region of Bratislava, with an average price of SKK59,970 per sq. m (€1,978). Slovakia’s cheapest properties are in Nitra, at SKK23,966 (€791) per sq. m.
- Prices of flats are SKK48,216 (€1,590) per sq. m.
- Prices of villas are SKK59,464 (€1,961) per sq. m.
- Prices of single-detached house were SKK37,089 (€1,223) per sq. m., up 8% from a year earlier.
Buying Process
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After selecting a property in Slovakia negotiations of the sales price are made until an agreement is reached.
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A pre-purchase agreement is made in which the buyer has to pay a deposit of 10% to secure the property so that the legal proceedings can take their course. The pre-purchase agreement is signed by both the parties.
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If the buyer or seller in Slovakia later changes his/her mind about property purchase, the one doing so is required to pay for the expenses incurred by the agent.
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A property report is prepared by the surveyor. The copy of the report after completion is given to the solicitor so that he can proceed with the final purchase contract.
- The surveyor’s property report and final contract must be translated so that the people signing it are aware of all the details. The final contract is signed by both parties and the payments are made at this stage.
- Within 4 weeks the title deeds are transferred to the buyer’s name.
- The buyer should always request for Kataster paper before complete payment is given in order to avoid any legal complications.
- The Cadastral Register (“kataster nehnutelnosti”) is a document that discloses the property owner, the legal state of the property or details of any mortgages etc or such related legalities.
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