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This Real Estate Investment Guide Offers an Overview of the Legal Real Estate Investment in the Slovak Republic THE LEGAL PERSPECTIVE REAL ESTATE INVESTMENT IN THE SLOVAK REPUBLIC Contents 1. OWNERSHIP OF REAL ESTATE 03 7.TAX 14 1.1 Full ownership 03 7.1 Transfer taxes 14 1.2 Other rights over real estate 03 7.2 Value added tax 14 1.3 Condominium 03 7.3 Other real estate taxes 14 1.4 Restrictions on ownership by foreigners 04 7.4 Taxation of rental income from real estate 15 2.ACQUISITIONOFOWNERSHIP 05 7.5 Taxation of dividends from a company owning real estate 15 2.1 Formal requirements 05 7.6 Taxation of capital gains on real estate 15 2.2 Registration 05 7.7 Taxation of capital gains from the disposal of 2.3 Asset deals 05 shares in a company owning real estate 15 2.4 Share deals 06 8.REALESTATEFINANCE 17 2.5 Public auctions 06 8.1 Assets held as security 17 3.OTHERRIGHTSTOPROPERTY 07 8.2 Further collateral agreements 17 3.1 Mortgages and charges 07 8.3 Fees on the creation of security 18 3.2 Easements 07 CONTACTS 19 3.3 Pre–emption rights 07 ABOUTDLAPIPER 19 3.4 Promise to sell/option agreements 07 4.ZONINGANDPLANNINGLAWPERMITS 09 5.ENVIRONMENTALLIABILITY 11 6.LEASES 12 6.1 Duration 12 6.2 Rent 12 6.3 Operating expenses 12 6.4 Maintenance, repair and renovation at lease termination 12 6.5 Assignment/transfers 12 6.6 Subleases 13 6.7 Termination 13 6.8 Sale of leased property 13 2 WWW.DLAPIPER.COM 1. Ownership of real estate 1.1 Full ownership 1.2 Other rights 1.3 Condominium Under Slovak law, the right of full over real estate In the Slovak Republic, ownership is the most complete real Possession (držba) is the right to condominium is regulated by Act right. It entitles the owner to full hold goods and to dispose of them No. 182/1993 Coll. on Ownership range of property rights, including as one’s own. Possession can be of Apartments and Non–Residential the right to use, dispose or relevant in terms of the institute Premises, as amended. The law encumber the property. The rights of usucaption as it constitutes one regulates the manner and of full ownership of all owners of the legal requirements for this conditions of acquiring ownership are equal. type of underived acquisition of of apartments and non–residential ownership right. After a certain premises in the house and the The protection afforded by period of time elapses rights and obligations of owners ownership may be restricted as (ten years in the case of real estate), of apartments and non–residential the owner of a property must the possessor becomes the owner premises. not interfere with the rights and of the property. legitimate interests of other For this purpose, the house means persons without legal grounds Right to lease/sub–lease (nájom/ a building in which more than half and must not be in conflict with podnájom) is the right to let or of the floor area is intended for good morals. It reflects several sublet real estate to a tenant in living and has more than three mandatory obligations of the owner return for payment. apartments, and in which the of a property; e.g. the owner of a apartments and non–residential property must not annoy neighbors Right of pledge (záložné právo) is the premises are in the ownership or in with direct or indirect emissions right of a pledgee to satisfy a claim the co–ownership of the individual such as noise, dust, ash, smoke, against a pledgor from the security owners and the common parts of gases, vapours, odours, light, provided their claim is not satisfied the house and the common facilities shading, vibrations, etc. adequately and in a reasonable of the house are co–owned by the time. owners of the apartments and The ownership of property non–residential premises. is registered in the Cadastre Easement (vecné bremeno) is a right (kataster nehnuteľností) which is to enjoy certain benefits (such as The administration of the house publicly accessible and provides a right of access, a right to build is carried out by the community information of the property, owner, etc.) relating to a third party’s real of owners of apartments and ownership title, size of estate. This right either belongs to non–residential premises in the co–ownership share of each a specific individual or to the owner house or by another legal entity co–owner and rights of third of a certain property. or natural person with whom the persons to the relevant parcel of owners of apartments and non– land, building or other structure. residential premises conclude a contract. Owners of apartments However, under Slovak law the and non–residential premises in building does not form a part of the house are obliged to ensure the parcel of land. It means that the administration of the house by buildings and underlying parcels of the community or the administrator. land may have different owners. 3 REAL ESTATE INVESTMENT IN THE SLOVAK REPUBLIC 1.4 Restrictions Slovak Republic or legal entities with cultural monument. on ownership by their registered seats in the Slovak This pre–emptive right of the state foreigners Republic to acquire ownership of ceases to exist if the state is unable Foreign individuals and foreign agricultural land. This does not to match the offer received by the legal entities are allowed to apply to inheritance. seller from a third party. acquire ownership of real estate in the Slovak Republic, including In general, pursuant to Article 4 The division of agricultural land agricultural land and forests. of the Slovak Constitution, mineral into plots of less than 2,000 m2, However, there are some exceptions resources, caves, underground and forest into plots of less relating to the ownership of waters, natural healing sources than 5,000 m2, is restricted. real estate where acquisition by and streams are the property of However, dividing land into plots foreigners is restricted by specific the Slovak Republic. With regard of less than 20,000 m2 but not legislation. For example, legislation to the acquisition of property from less than 2,000 m2, in the case of provides that the ownership of municipalities or state authorities, agricultural land, and 5,000 m2, the agricultural land may not be a special regulation applies and in the case of forest, means the acquired by a country, a citizen of additional conditions must be owner must make certain additional a country, a natural person with complied with. In addition, a special payments, the amount depending residence or a legal entity with its restriction applies in the case of on the total area of the land. registered seat in a country, whose culturally protected real estate. In legislation does not allow citizens such cases, the Slovak State has a of the Slovak Republic, natural pre–emptive right on any sale of a persons with residence in the building which has the status of a 4 WWW.DLAPIPER.COM 2. Acquisition of ownership 2.1 Formal Representations and warranties Information contained in the requirements have become more common. Cadastral Registry is available to the Contracts relating to the transfer of Although their enforceability under public. However, documentation real estate must be made in writing Slovak law is questionable, making submitted to the Cadastral Registry and must contain, at a minimum, the provision for suitable remedies may for the purposes of registering real following essential requirements: decrease the risk connected with a estate rights is only available to a real estate purchase, especially in limited extent. • the identity of the buyer relation to environmental liabilities. and seller; 2.3 Asset deals 2.2 Registration It is possible to acquire the • the specification of the real estate; The acquisition of ownership comes property directly through an asset • the price for which the real estate into effect when it is registered with deal. In such cases, the seller is is being sold; and the relevant Cadastral Registry. the owner of the property and In the case of a transfer of the the buyer is the acquirer of the • details of the rights and ownership right to an apartment property. Usually, a nominate obligations that pass from the to a lessee pursuant to the Act type of purchase contract is used. seller to the buyer as a result on the Ownership of Apartments However, it is also possible to use of the transfer of the property. and Non–residential Premises, innominate contracts. The signature of the seller on the once the cadastral administration sale and purchase contract must be carries out the registration with the In relation to asset deals, it is verified by a public notary as part Cadastral Register, such registration also possible to acquire real of the registration of the transfer is effective as of the date of receipt estate property which is part of with the Cadastral Registry or of the application for registration an enterprise by acquisition of the respective sale and purchase by the cadastral administration. such enterprise. Contract on sale contract can be authorized by Registration is not required for very of an enterprise is the nominate a lawyer. small or specialized constructions, contract which regulates acquisition such as fences, walls etc. of an enterprise. An enterprise The sale and purchase agreement is defined as the aggregate of must be registered with the Under the Cadastral Act, all real tangible, personal and intangible Cadastral Registry. estate and most rights over real components of entrepreneurial estate are registered with the activity.
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