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About us
I am a qualified Civil Engineer who was born and educated in Romania and have lived in England for 7 years with my daughter and my husband, who is British. In the last 3 years I have invested successfully in Romania.
Our business involves selling land and property on the Black Sea coast where we act through our collaborators.
We offer a consultancy service for buying land and property in Romania working with a local English speaking property specialist, and can arrange flights / hotels for land and property investment trips to Romania.
The Black Sea coast is Romania’s Riviera and has the potential for substantial development along 225km of coastline. This area of Romania is a popular area for tourism and offers good opportunities for property investment or for buying a retirement property.
The Buying Process
We search and locate a suitable property or land for you. Freehold ownership of land by foreign nationals is not currently permitted under Romanian law - this will change when Romania joins the European Union in 2007. Non-Romanian nationals currently have to form a limited company in order to purchase land. This costs around 500 Euro. If just buying property there is no need to set up a company.
When a property has been located the buyer pays a 10% deposit. At this point it is necessary to sign a preliminary contract to agree to purchase the property and to pay a holding deposit via a solicitor. A title search (for charges, licences etc) is undertaken and, on completion of searches, a Notary Public completes the conveyance and the buyer obtains the freehold. The transfer is then registered with the Romanian Land Registry (Agency Cadastre).
All properties carry a 1 to 2% purchase tax, payable upon conveyance, and a municipality tax of 1% per year. A 16% capital gains tax is payable on property sold within 3 years of purchase. Buyers should think of a minimum investment period of 3 years. Companies are taxed at a rate of 16%, and dividend profits at 10%.
The UK has a double taxation agreement with Romania, which allows tax paid in Romania to be is credited against tax due in the UK.
Romania is a beautiful country of contrasts offering an emerging market in Eastern Europe. It intends to join the European Union in 2007 and in time will adopt the Euro as its official currency. There are very good prospects for economic growth and the Government is committed to successfully managing the country’s EU accession in 2007.
Romania has many natural resources and lots to offer through tourism and the promotion of the country as a second home location. It is a romantic place with fairytales and stories of vampires and werewolves, breathtaking mountains, medieval castles, old villages, the well preserved Danube Delta, an abundance of history and culture, forests where bears and wolves still roam wild, and an unspoilt coastline.
Romania was ranked as the leading country in Europe, offering the highest long term return on investments in property, as featured in “a place in the Sun”, shown on Channel 4 television in January 2006. http://www.channel4.com/4homes/ontv/place_in_the_sun/20_make_money-4.html
Land and property are cheap by UK standards and can be purchased in Euro. UK investors also benefit from the strength of Sterling against the Euro.
The Black Sea coast has potential for development along 225km of coastline. This is a popular area for tourism and offers good opportunities for property investment.
What The Area Offers:
An excellent location on the Black Sea Riviera in a holiday area, and close to health spa resorts;
Good transport connections by train coach and plane. Mihail Kogalniceanu airport serves the area and has connections with Bucharest and other cities in Romania;
The area is close to the beautiful Danube Delta, home of a huge biosphere reserve protected by law in Romania. Activities such as fishing, hunting, rowing on the channels and bird watching are attractive to tourists;
The River Danube, which flows 2,860 km passing through10 countries, surrounds the area and is expected to develop leading to an increase in commercial and tourist cruises.
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