Country information and property purchase in Austria
Country Information Austria:Switzerland, Liechtenstein, Germany, Czech, Slovakia, Hungary, Slovenia and Italy border on Austria. Almost half of this mountainous country is covered by forest. Highest mountain, 3798 m, is the Grossglockner. Capital of Austria is Vienna.
Federal states Austria: Burgenland, Carinthia, Lower Austria, Upper Austria, Salzburg, Styria, Tyrol, Vorarlberg and Vienna with their own state governments.
Landscape: from the west across the south to the Vienna Basin stretches the Alpine region, which occupies about 2/3 of the country's surface. The east of the country is associated with the flat and hill country. The highest mountain is the Grossglockner at 3,797 m and the Danube the longest river with about 350 km in length on Austrian territory.
Cost of buying property in Austria
- Property transfer tax: 3.5%
- Land registry entry; 1.1% with mortgage plus 1.2% value of the mortgage
- Notary: 3%
- real estate agent commission: 3%
- VAT in Austria: 20%, these are also due when buying property. For example, in the case of commercial purchase, e.g. Hotel, the buyer gets these back.
Property Real Estate Purchase in Austria: If you want to buy a holiday home, you may encounter problems. Despite being a member of the EU, the Alpine republic has built up several hurdles that vary from state to state. Often, a consent of the foreigners basic traffic authority of the respective state government is necessary. It is not always possible to get the approval. Second home: In Austria there is a special market for it. Foreigners can also buy here. However, prices are often relatively high.
Hotel purchase in Austria: A concession is required to take over a hotel or pension from 8 beds. This concession exam lasts about 3 months. The concession is tied to the person and can be moved to another region or business at any time. The exam is not necessary if you have been in the catering business for more than 5 years (different from state to state) independently or can provide proof of many years of professional experience.
Farm takeover - purchase: To acquire a farm at least agricultural knowledge is necessary. To prove knowledge, there are several possibilities:
- agricultural education (occupation)
- or willingness to complete such training, 3-week course
- or proof that you have grown up on a farm and therefore have knowledge
The relevant District Chamber of Agriculture may assist or notify what is recognized by the Fundamental Transport Authority.