Can foreigner buy property in Azerbaijan?
- Emil Khudiyev (Lawyer)
- No Comments
The question of whether a foreigner can purchase real estate in Azerbaijan now became even more actual, due to the rapid increase in the migration process and the interest of foreign investors in investing in Azerbaijan.
According to Azerbaijani Law, property is generally divided into 2 types: movable and immovable property.
Immovable property is divided into following real estate:
– lands;
– apartments;
– houses;
– commercial property, etc.
Foreigners has equal rights in purchasing private property in Azerbaijan. Foreign citizen can purchase any real estate (house, apartment, commercial property, etc.) in Azerbaijan, except lands.
This is important to consider if you are planning to purchase land in Azerbaijan. This provision is specified in Article 49 of the Land Code of Azerbaijan. Foreigners still has the right to rent lands in Azerbaijan. However, this does not negate the fact that the land can be registered by a foreigner indirectly as the property of a company or it can be registered on the name of an Azerbaijani citizen.
At the same time, don’t forget about possible tax and legal risks that need to be properly planned and weighed before making such a decision.
Advantages of buying property in Azerbaijan
The main advantages of buying property in Azerbaijan are:
– Way of obtaining of a TRP (Temporary Residence Permit) in Azerbaijan. You can read about it in my article “How to get a TRP in Azerbaijan?“;
– Convenient geographical location at the crossroads of Europe and Asia;
– No communication barriers. Local population speaks 3 languages at once: English, Russian and Azerbaijani. Therefore, the adaptation here is quite easy.
– Rapidly developing market of tourist services and investment attractiveness;
– The ability to find accomodations in any region, from the coast to seclusion in the mountains;
– Excellent ecological situation;
– Certain tax incentives;
– Rich historical heritage of different eras.
Process of buying property in Azerbaijan
Process of buying real estate in Azerbaijan has its own features. It is important to know that according to the legislation of Azerbaijan, a non-resident does not have the right to buy land, but he can only purchase other types of real estate. The general mechanism for acquiring residential and commercial real estate is as follows:
1. Property selection and price negotiation. You can choose real estate in the online catalog of such websites as bina.az, emlak.az, bakubina.az, yeniemlak.az, lalafo.az where you can set up sorting by key parameters, as well as agree with the owner to view the property you are interested in and agree on a price.
2. Conclusion of a sale and purchase agreement and submitting an application to the state register of real property. The Agreement is concluded in any notary office, as well as in ASAN Centers. Agreement can be concluded without personal presence of a foreign citizen. It is enough to issue a power of attorney to carry out this procedure by any other person.
To purchase real estate together with land by the company, it is necessary to provide the company documents also.
At the moment of the conclusion of sales and purchase agreement in notary office, an application for the issuance of new property documents (extract from the state register of real estate, technical passport) is also submitted to state register.
3. Re-registration of rights for real estate in the state register and obtaining official documents.
What documents are issued after registration of rights for real estate?
In general, an extract from the state register of real estate is issued to the new owner in electronic format within 10 working days. If additional measurements or inventory of property are required, the period can be extended by 5 more days.
At the legislative level, it is also possible to obtain these documents within 7 days or even 3 days, while the amount of the state duty will be slightly higher.
The owner of the property receives a preliminary SMS notification with a link to an electronic extract from the state register. In order to verify the authenticity of the extract, there is also a special website under the State Real Estate Service.
How EMZE can help you?
Are you going to buy property (apartment, house, villa, commercial property or something else), but still not sure about the details of the real estate registration process? It is definitely better to play it safe and ask for the help of a lawyer.
In order to help you with the purchase of real estate in Azerbaijan, just your appeal is almost enough for me to initially understand the nuances of the case.
You can find our other services in the field of Real Estate Law in the “My Services”.
Want to buy property in Azerbaijan? It’s simple. Just Call Emil!
#lawyer #business in Azerbaijan #property in Azerbaijan #buy property in Azerbaijan #foreign companies in Azerbaijan #taxes in Azerbaijan