Can I, as a foreigner, buy a property in Germany?
July 23, 2023 | 40,00 EUR | answered by Friedhelm Wagner
Dear Sir or Madam,
I am Martina Seiler, a foreigner who has been living and working in Germany for several years. I have felt very comfortable in Germany and am now considering buying a property. However, I am unsure if I, as a foreigner, am even entitled to do so.
My current situation is as follows: I have a permanent residence permit and have a regular income from my work. I have already visited several properties and am very interested in purchasing my own apartment or house. However, I have concerns about whether it is legally possible for a foreigner to buy property in Germany.
My concerns mainly revolve around potential restrictions or legal barriers that could prevent me from acquiring a property. I want to ensure that my investment is legally secure and that I do not encounter any problems with the authorities.
My question to you is: Can I, as a foreigner, buy property in Germany? Are there any specific requirements or restrictions that I need to consider? What steps do I need to take to ensure that buying property as a foreigner is legal? Are there any possible solutions or recommendations that you can provide to make this process as smooth as possible?
Thank you in advance for your support and advice.
Sincerely,
Martina Seiler
Dear Mrs. Seiler,
thank you for your inquiry regarding the purchase of a property as a foreigner in Germany. I am pleased to hear that you feel comfortable here and are interested in a long-term investment. I would be happy to assist you further and clarify any concerns you may have regarding potential legal hurdles or restrictions.
As a foreigner with a permanent residence permit in Germany, it is indeed possible to purchase property. There are generally no legal restrictions prohibiting foreigners from acquiring real estate. However, you should keep in mind some important points to ensure that the purchase goes smoothly and is legally secure.
First and foremost, it is important that you have sufficient financial resources to acquire the property. This includes not only the purchase price, but also any additional costs such as real estate transfer tax, notary fees, and agent commissions. It is advisable to be clear about the total costs in advance and consider financing options if necessary.
Furthermore, you should familiarize yourself with the specific legal framework governing property acquisition. This includes, for example, checking the land register to identify any encumbrances or restrictions. You should also inform yourself about the tax aspects associated with buying property, such as property tax or income tax in case of rental.
To ensure a smooth purchase process, I recommend consulting an experienced real estate attorney. An attorney can assist you with contract drafting and review, identify potential risks, and provide legal advice. Additionally, an attorney can support you through all stages of the purchase process and ensure compliance with all legal requirements.
In summary, as a foreigner with a permanent residence permit, it is generally possible to purchase property in Germany. By familiarizing yourself with the legal framework, being financially prepared, and seeking the assistance of a real estate attorney, you can ensure a smooth and legally secure purchase.
I hope that my response was helpful to you and I am available for any further questions. I wish you success in your property purchase and am here to assist you if needed.
Best regards,
Friedhelm Wagner, Attorney specializing in foreigner law.
