The Process

• Select a Property
  • Work with a licensed real estate agent to find a property that suits your needs and budget.
• Make an Offer
  • Submit an offer to the seller. Once terms are agreed upon, both parties sign a Sale and Purchase Agreement, which is typically prepared by an attorney.
• Obtain an Alien Landholding License (If Required)
  • Foreigners must apply for this license, which costs 7% of the property’s value and takes about 3–4 months to process, or there is the option to obtain property through the Citizenship Investment Program (CIP).
• Conduct Due Diligence
  • Engage a local attorney to perform a title search and ensure the property is free of liens or encumbrances.

Associated Fees

• Property Price
  • Varies depending on location, size, and type of property.
• Alien Landholding License (For Foreigners)
  • 7% of the property value.
• Transfer Tax
  • 10% of the property value, typically shared between buyer and seller (buyer pays 2.5%; seller pays 7.5%).
• Legal Fees
  • Approximately 1–2% of the property value.
• Real Estate Agent Commission
  • Typically 5%, usually paid by the seller.
• Stamp Duty
  • Included in the transfer tax.
• Miscellaneous Costs
  • Fees for surveys, valuations, or inspections, if required.

Timeline

The process typically takes 3–6 months, largely dependent on the approval of the Alien Landholding License for foreign buyers.