If foreigners (citizens of third countries) acquire real estate on the territory of Austria, the authorities need to approve the transaction.

To do this, you should directly contact the competent office responsible for the acquisition of real estate, where you can get all the information about the conditions for obtaining a permit specific to the given province. At the same time, it will be possible to find out whether it is necessary to submit a request for approval to this very office or to the competent municipal body (as, for example, in the federal state of Vorarlberg).

The request is approved if the transaction does not affect national interests and is of some cultural, social or economic significance.

The contract for the purchase of real estate is usually made by a lawyer or a notary, the cost of services ranges from 1% to 3% of the purchase price (+ 20% VAT).

Property transfer tax is generally levied at a fixed rate of 3.5% of the value of the property. The “transfer tax” can be reduced to 2% for transactions between close relatives.

The value added tax is paid for newly built properties.

Property owners may demand a return of 20% VAT if they rent a property.

Registration fee is paid to the Land Registry.

The signatures of the seller and the buyer must be certified in the contract. This can be done by a notary or in court. The cost of the procedure is about 120 euro per signature (plus 20% VAT).

The fee for the services of a real estate agent is set by law at a rate of 3% to 4% of the purchase price & market value of the property. Agent commission is paid by both the buyer and the seller in equal shares.

With regard to the sale of business: shares of a private limited company can be freely transferred if the statutory documents of the company do not provide such a restriction.

Selling a quota to a private limited company requires a notarial deed.

Any change of shareholders must be registered in the Commercial Register. However, this registration is purely declarative, the absence of this notice does not affect the validity of the transfer of shares.