Can foreigners buy property in Russia?

   Foreigners in Russia can acquire almost any property without a huge amount of documents.      
      Cost and tax rates are lower than in other countries due to the ratio of the ruble to the foreign currency
With the help of a notary, the purchase of real estate can be greatly simplified.

Functions of notary office:
·     Develops a draft transaction;
·     Draws up a sale contract;
·     Fixes the will of the participants in the transaction;
·     Agrees on the sale price, the procedure for transferring funds;
·     Obtains the permission of the husband / wife, property owners.

     Non-resident is required to have identity documents to enter into a transaction. They must be translated into Russian and notarized (the original must be provided. An apostille is affixed at the place of registration of the document).
      For concluding and registering the contract, the legal basis for staying in the country is important, like any of these documents:
1.    Visa;
2.    Migration card (contains information about temporary residence);
3.    Temporary residence permit;
4.    Permanent residence permit.

      All settlements in the Russian Federation must be carried out in the ruble currency. However, in an agreement, it is possible to prescribe the pegging of the ruble to a certain exchange rate.
       It is possible to transfer funds to the seller both in the form of cash (by means of a cell in a banking organization) and in non-cash form (letter of credit). The notary accepts money from the buyer in order to later transfer it to the seller of the property. The buyer is provided with a receipt, which confirms the fact that funds have been deposited into the notary deposit.
Personal income tax by a foreign citizen tax resident must be paid at the rate of 13% of income.

   Sale and purchase of real estate is concluded in the presence of a notary, and then it is registered with Russian State Register.
Sales contract must be written in Russian.

   Both the foreign national himself and his official representative (of Russian origin) can conclude a purchase and sale transaction for real estate (apartment, house, land plot). To do this, you will need to draw up a power of attorney in Russian and notarize it.

      The buyer needs to check:
· Papers that establish and confirm the right to the real estate (certificate of ownership);
· The fact of encumbrance of property (mortgage, confiscation);
· Availability of sales permits from each owner;
· Information contained in Russian State Register.

    There are two main purchase mechanisms: a contract of equity participation (when purchasing in a house under construction) and a contract of purchase and sale from a developer (in a finished house).
     After buying an apartment in Russia, a foreigner receives a place for a temporary residence permit for migration registration and obtaining a temporary residence permit. A foreign citizen will not be able to issue a permanent residence permit even in his own home, since only legal representatives of the Russian Federation who have the corresponding Russian citizenship have such a right.

Should you have any questions or you are in need of legal aid in Russia, do not hesitate to contact us:
Tel: +7 909 961-19-09
Email: legalsolutions@inbox.ru
Visit us: Moscow, Zubovskiy bulvar, building 4, room 308