What do I need to consider as a foreigner if I want to purchase a property in Germany?
July 2, 2023 | 50,00 EUR | answered by Adele Gerdes
Dear lawyer,
My name is Andreas Germer and I am a foreigner living in Germany. I am planning to purchase a property here, but I am unsure about the legal aspects I need to consider.
The situation is as follows: I have decided to stay in Germany long-term and therefore would like to acquire a property as an investment and as a residence. The current situation is that I have no experience in buying property in Germany and therefore I am unsure about the exact steps I need to take.
My concerns mainly revolve around potential pitfalls in foreigner law or property law that I, as a foreigner, may not be aware of. I am also worried about the tax aspects and any special considerations for foreigners when purchasing property.
Therefore, I would like to ask you what exactly I need to consider as a foreigner when purchasing a property in Germany. What legal requirements do I need to meet? Are there any special considerations that apply specifically to foreigners? How can I ensure that I do not encounter any legal problems when buying a property?
I would greatly appreciate it if you could provide me with detailed information and possible solutions so that I can carry out my property purchase safely and legally.
Thank you in advance for your support.
Sincerely,
Andreas Germer
Dear Mr. Germer,
Thank you for your inquiry regarding acquiring real estate in Germany as a foreigner. It is understandable that you have concerns about possible legal pitfalls and peculiarities, as purchasing property in a foreign country can always come with uncertainties.
As a foreigner looking to purchase property in Germany, there are certain legal requirements that you must consider. First and foremost, it is important to know that foreigners are generally allowed to acquire real estate in Germany. However, there are some specifics and restrictions that need to be taken into account.
An important prerequisite is that you must possess a valid residence permit in Germany in order to be able to acquire property. Without this permit, you are not allowed to purchase real estate. Additionally, as a foreigner, you may need to obtain approval from the relevant authorities to be able to buy property. This is particularly necessary for properties in certain areas or of certain types.
Furthermore, it is important to consider the tax aspects of acquiring real estate. As a foreigner, you are subject to taxation in Germany and may need to pay taxes on the acquisition of property. It is advisable to seek advice from a tax advisor to avoid potential tax pitfalls.
To ensure that you do not encounter any legal issues when purchasing real estate, it is recommended to seek guidance from an experienced lawyer. A lawyer can help you meet all legal requirements, obtain any necessary approvals, and minimize potential risks.
Overall, it is important for foreigners to thoroughly inform themselves about the legal framework before acquiring real estate and to seek professional support in order to conduct a secure and legally compliant purchase.
I hope that this information has been helpful to you. If you have any further questions, please do not hesitate to contact me.
Kind regards,
Adele Gerdes
Attorney at Law
