Where can you buy Real Estate for cash in EU?

[hatsuri]

Is it possible to buy property for cash in Tenerife/Madeira?

 

[wellington]

I was told it's still possible in CH, no recent experience though

No, in Switzerland it is not.

You can pay the deposit (in part in cash) but they only allow up to 10 bills (10,000 CHF).

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Non EU related ----

In Asia, it's still common practice as they tried to (especially Thailand) remove cash and removed ATM's from every street corner during Covid.

However the avg Thai person doesn't trust the banks (good reason) so it's reverting back to a cash based society, having said that the plebs have increasingly adopted apps which they use to pay in the pleb markets etc

But at the land department its still very much cash based transactions.

In Indo/Malaysia/etc i'd imagine it's very much similar as in Asia, savings are stored in Gold (not banks), and gold is converted to cash, and cash can be spent.

There's more reporting though (something like 5,000$ opposed to Western standards of 10,000$).

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In East Africa (Kenya, Tanzania (inc Zanzibar) etc it's preferably cash.

 

[koohl]

Is it possible to buy property for cash in Tenerife/Madeira?

I would look for options to buy the property in crypto rather than cash. Cash you can find a solution to get in cryptos.

 

[toums]

Budapest (Hungary). Beautiful city, and you can still legally pay 100% in cash (if the seller is not a company). You pay directly the seller (doesnt pass through a notary), so AML lead to 0. I think it's still almost the same in all visegrad countries (CZ / PL / SK), but Budapest definitely the most beautiful one, and probably still the cheaper too.

 

[GrumpyMess]

directly the seller (doesnt pass through a notary)

How can a deal doesn't pass through a notary or any other entity?

 

[Armani]

Budapest (Hungary). Beautiful city, and you can still legally pay 100% in cash (if the seller is not a company). You pay directly the seller (doesnt pass through a notary), so AML lead to 0. I think it's still almost the same in all visegrad countries (CZ / PL / SK), but Budapest definitely the most beautiful one, and probably still the cheaper too.

Great tip, Budapest is one of the nicest cities in the EU, even if it's quite expensive now.
Do you think it is also possible buying with crypto (tether)?
How do you bypass the notary?

 

[void]

Great tip, Budapest is one of the nicest cities in the EU, even if it's quite expensive now.
Do you think it is also possible buying with crypto (tether)?
How do you bypass the notary?

if this is something important for you then Czech republic is the perfect place - no notary must be involved - you can make you contract yourself or pay the lawyer to draft it for you, then both sides sign the document at the place called CzechPoint (available for example at every post office except little villages) and then you submit the contract and request for transfer of ownership to the "real estate register" - no one ever cares if and how the buyer paid - yet both parties are liable when it comes to their tax obligations arising from the deal and 10k limit for cash payment is still in place of course

 

[hatsuri]

I would look for options to buy the property in crypto rather than cash. Cash you can find a solution to get in cryptos.

crypto works even better for me.

 

[Armani]

crypto works even better for me.

In which countries do you use crypto for properties?

 

[hatsuri]

In which countries do you use crypto for properties?

I wanted to confirm there that I am ready to buy with crypto

 

[JohnnyDoe]

In which countries do you use crypto for properties?

About everywhere not forbidden.
I have sold properties for crypto in the Bahamas and Portugal, and I’m selling in Italy.

 

[hatsuri]

About everywhere not forbidden.
I have sold properties for crypto in the Bahamas and Portugal, and I’m selling in Italy.

So does it mean you can buy property with cash in Madeira (it belongs to Portugal) ?

 

[JohnnyDoe]

So does it mean you can buy property with cash in Madeira (it belongs to Portugal) ?

I have no idea about Madeira. I’ve sold in the Lisbon/Cascais area.

 

[hatsuri]

I have no idea about Madeira. I’ve sold in the Lisbon/Cascais area.

when was that?

well, laws are usually applicable for the whole country so if you were able to do it in one part of the country I am deducting it should also be possible to do the same in another part.

 

[JohnnyDoe]

when was that?

well, laws are usually applicable for the whole country so if you were able to do it in one part of the country I am deducting it should also be possible to do the same in another part.

speak to a notary/lawyer.

 

[EliasIT]

speak to a notary/lawyer.

That's probably the best advice you've received here so far. I could imagine that as long as one has the right connections in these countries, everything can be fixed, whether it's buying a house in cash or with crypto.

 

[toums]

How can a deal doesn't pass through a notary or any other entity?

@Armani

Because you dont need notary in Hungary for real estate transaction. As in CZ, you can pass directly by a lawyer. They prepare the contract and countersigned and send all the documentation to the land register. The money doesn't pass through the lawyer. And the lawyer doesn't care from where it's came. Lawyer just ask to the seller when he received the money, thats all, literally.

Lawyer can cost between 0.8% to 1.5% + VAT depend the language of the contract and complexity. Transfer tax (paid by the buyer) to the government is 4% of the price. So less than 6% for transaction cost in total in HU.

One of my business is in real estate in Budapest (buying / reselling), and keep some as rental investments.

I am also in crypto since very long time, but never used for buying/selling in HU.

 

[JohnnyDoe]

@Armani

Because you dont need notary in Hungary for real estate transaction. As in CZ, you can pass directly by a lawyer. They prepare the contract and countersigned and send all the documentation to the land register. The money doesn't pass through the lawyer. And the lawyer doesn't care from where it's came. Lawyer just ask to the seller when he received the money, thats all, literally.

Lawyer can cost between 0.8% to 1.5% + VAT depend the language of the contract and complexity. Transfer tax (paid by the buyer) to the government is 4% of the price. So less than 6% for transaction cost in total in HU.

One of my business is in real estate in Budapest (buying / reselling), and keep some as rental investments.

I am also in crypto since very long time, but never used for buying/selling in HU.

As in many other countries, the lawyer performs the same duties as a notary (which is an obsolete figure nowadays).
It is never a requirement that the money pass through the notary/lawyer, it’s up to the parties to decide how to handle the payment.
If you are smart enough, you will understand that this gives you many options.

 

[JohnLocke]

It is never a requirement that the money pass through the notary/lawyer, it’s up to the parties to decide how to handle the payment.
If you are smart enough, you will understand that this gives you many options.

I really have a hard time understanding how you will explain to the tax authorities that you have received the money for your house in, for example, bitcoins and therefore it has bypassed the bank. The majority of people still have loans on their house, one could cheat by receiving the payment in crypto on the side and then transferring the house with the existing loan to the buyer.

It really opens up opportunities for people with not so clean a record.

 

[JohnnyDoe]

I really have a hard time understanding how you will explain to the tax authorities that you have received the money for your house in, for example, bitcoins and therefore it has bypassed the bank.

You just declare it.
You can sell your house even for seashells if you want.