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Foisorului Development Fantastic potential for a residential development Location On 616 sqm. of Land at 60 A Foisorului Street, this is an excellent opportunity to join a development team to develop offices and residential property in a sought-after area. Situated in Sector 3, very close to the center and just 300m from the "Bucharest Mall" Shopping Center. Payment Terms Your first step in the investment cycle is to acquire the land. This can be easily done through The Right Move Abroad Romania.
1. Identify the land plot you are interested in and complete a "Standard Offer Letter" and pay a non-refundable deposit of €2,000.
2. Upon receipt of the deposit, The Right Move Abroad Romania reserves the plot and starts legal formalities.
3. A limited company is formed to own the land.
4. The Right Move Abroad Romania handle the transfer of the chosen land plot to the newly formed limited company including all legal and administrative tasks.
5. The Right Move Abroad Romania prepares the required documents and preliminary procedures for transferring the shares in the newly formed company to the investor.
6. The investor travels to Bucharest (approx. 30 days later) to sign the share transfer documents for the acquisition of the new company which owns the plot previously chosen and pays the balance of the land price. During this one day trip (minimum), you will be taken to view the land, review the ownership documents and discuss exit strategy (if applicable).
info update: 14/12/07....
Change in Romanian fiscal law January 2008.
In December 2007 The Right Move Abroad received confirmation of the Romanian government’s intentions in relation to VAT when purchasing a property.
For anyone who has purchased property, or is about to purchase property in Romania, queries in relation to this information should be addressed to your Accountant & Solicitor for confirmation & clarification.
The Romanian government have altered the tax system in relation to Government Ordinance no. 10/6/2007 from the 1st of January 2008.
This law relates to the inverse taxation system concerning apartment and land purchases for Romanian companies, under the current legal system VAT is not payable on these purchases and this system will be revised as of January 2008.
What does this mean for buyers?
On any sales purchase agreement signed after the 1st of January 2008 19.5% VAT will be payable on top of the purchase price for all apartment or land purchases.
Buyers who have already signed sales purchase agreements and made payments to the developer will pay VAT on any remaining payments.
It is important to note that every buyer will be able to claim back any VAT paid from the Romanian Government at the end of the fiscal year so this change will not actually increase the prices of the apartments.
Please contact your lawyer or accountants for further details.
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