Romania
Capital: Bucharest
Language: Romanian
Currency: Leu
Religion: Romanian Orthadox
Time zone: EET (UTC+2) - Summer (DST) EEST (UTC+3)
Getting there: Austrian Airlines — the preferred airline to Romania from North America — offers daily connections to Bucharest, Timisoara and Cluj from several cities in the USA and Canada. Bucharest is no more than 2 hours by plane from most cities in Western Europe.
Buyer’s guide
2007 will be an excellent entry period for investors looking for long term gains and yields in both the residential and retail sectors.
Stamp duty ranging from 0.5% to 3% (subject to 50% discount for transfers of undeveloped land.
Mortgages and transfers of real property must be certified by a notary, normally ranges from 0.5% to 1.5%.
Payments of commissions and fees for services performed in Romania (e.g. consultancy and management services) are subject to a withholding tax of 15%.
Owners of buildings and special constructions are subject to building tax, irrespective of their location or function. For individuals, 0.2% is applicable on the value of buildings located in urban areas, and 0.1% elsewhere. For companies, building tax ranges between 0.5% and 1% of the accounting value. This percentage is increased to between 5% and 10% if the building has not been revaluated in the last three years.
Owners of land are subject to land tax, which is established at a fixed amount per square metre, depending on location.
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