Azerbaijan is a shiny country located on the crossroads of the East and the West. Internationally famous events like “Formula 1” and other sports games championships have attracted many tourists to Azerbaijan from all over the world lately. The country’s beautiful nature and unique architecture of the building makes it appealing for foreigners to purchase real estate in Azerbaijan.
If you are a foreigner and you want to know how to buy a real estate in Azerbaijan and what requirements/procedures will apply, then you have clicked a right link.
Please note that foreigners enjoy the same rights with the Azerbaijani citizens when it comes to buying a real estate and owning a real estate. But there is an exception when it comes to buying a land plot. Although foreigners can own a real estate of any type (flats, apartments, condos, commercial real estate etc.), they cannot buy a land plot. However, the law does not prohibit the foreigners to lease land plots for a long-term period (e.g. up to 99 years). Besides that, Azerbaijani legal entities which are owned by foreign natural persons or legal entities, may also purchase or own land plots. This structure allows a foreign investor to effectively own and exercise ownership rights over land plots. Baku Attorneys & Consultants may assist from A to Z with company establishment procedures, which is a quite straightforward process and takes up to 2 days to finalize with minimum operational costs.
Please also note that the tax legislation of Azerbaijan makes purchase even more beneficial for foreign buyers. Under the current tax law, persons (including foreign persons) are not required to pay any purchase tax upon purchasing a real-estate in Azerbaijan. But there are a property tax imposed on owners which is paid annually as per square meter of the property and can be considered very low or intangible in comparison to other countries.
In order to become an owner of any property in Azerbaijan, foreigners shall conclude notary certified sale-purchase agreement with seller and register their ownership rights in the relevant state agency. As a result the foreigner as a new owner of the real-estate shall obtain his/her title document to the property (extract from the register of immovable property). This process may take up to 20 days with considerably low state fees. In some cases and specially with the newly built apartment houses, purchasing and registering your ownership rights can be very complicated and we do not recommend any person (including Azerbaijani nationals) doing it without consulting an attorney.
Further, please note that ownership of a real estate (excluding land plots) with a value of 100.000 AZN or more allows the owner and his immediate family members that are under 18, to obtain a temporary residence permit.
If you need any help to acquire a property in Azerbaijan, Baku Attorneys & Consultants as a law firm in Azerbaijan will guide you through all stages of property acquisition and legal documentation. We will assist in the best way in selecting, negotiating purchasing and registering the land plot or any other type of real estate to achieve consummation of the deal to your satisfaction.