IBA REAL ESTATE COMMITTEE

REAL ESTATE IN A NUTSHELL:

OWNERSHIP/RESTRICTIONS ON OWNERSHIP BY NON-RESIDENTS
Name: _________________________________________________
Law Firm and City/Country: ________________________________
E-mail Address: __________________________________________

1. Is local authoritys permission generally mandated for non-residents to acquire real

estate? If so, please outline the general requirements in order to obtain permission.
2. If the local authoritys permission is mandated, please briefly outline the following:
2.1.

What is the triggering event related to filing of application and what is the deadline for
filing?

2.2.

By whom and to which authority/authorities the application must be made?

2.3.

What documents must be attached to the application?

2.4.

What are the deadlines for authority/authorities to resolve on the application and what
is the typical timeframe for resolving the application?

2.5.

Is there a right of appeal against the authoritys decision and if so, who is entitled to
appeal and whether the appeal has a suspensive effect?

2.6.

What circumstances are likely to lead to negative decision of the authority in the
practice?

2.7.

What are the consequences if the filing is not made or if the filing is late?

3. Are there any specific restrictions or requirements imposed with respect to acquisition of
real estates by a local company in which a non-resident holds an interest?
4. Does change of control in a local company affect its ownership of real estate if the control
is acquired by a non-resident?
5. Are there any types of real estates which solely by virtue of their quality (e.g. agricultural
land) cannot be acquired by a non-resident or by a local company in which non-resident
holds an interest?
6. Is there any type of foreign exchange regulation that might affect a non-resident acquiring
real estate?
7. Is there any type of regulation concerning the lending of money to finance acquisition of
real estate? Are the rules different between residents and non residents?
8. What (if any) reporting requirements apply to the acquisition of real estate by a nonresident or by a local company in which a non-resident holds an interest?
9. Are there any specific taxes, stamp duties, fees or charges of any kind levied solely when
(i) a non-resident acquires real estate; or (ii) a non-resident acquires an interest in a local
company owning real estate; or (ii) a local company in which non-resident holds an
interest acquires real estate?
10. Are there any other issues of relevance that may affect acquisition of ownership by nonresidents?

Please return this questionnaire by 15 August 2008 to Boris Babic, Special Projects Officer
of the IBA Real Estate Committee, at boris.babic@babic-partners.hr. Boris will also be
happy to answer any queries regarding the project.