Yes, you have to request a certificate from the Public Security Bureau (PSB). Just giving an example: Songjiang, a district located in the suburbs in Shanghai, is a place where my Chinese friends had a keen interest to buy property. Every plot of land is technically owned by the state and can only be bought on a leasehold basis for up to 70 years. China. Even if some limitations exist, foreigners who work in China or want to relocate here can purchase a property according to their needs and budget. Suggestion: Watch the 5 minutes video tutorial before reading this article, Do you plan to buy property in China (Mainland)? It’s worth taking into account that owning property does not guarantee anybody the right to residence in China. Your email address will not be published. The Chinese government's theft of intellectual property has been an open secret for decades. Land use tax applies to persons who lease land, rates stretch between RMB 1.5 – 30 per square meter in Shanghai. Is set to 3-5%, depending on the location of the property and the commission rate paid to a real estate agent. You may also buy property from developers, an individual seller, or a real state agency. Land use tax must be paid by people who lease land, the fee must be paid annually over capital gains, and they will always be on a set rate of 5% if you own the property for less than five years. And, depending on the price of the property and the reputation of your employer (how well they pay, how reliable they are when it comes to wages), it might be even more. Property tax is not levied in China, except for pilot projects introduced in Shanghai and Chongqing. Promote your Asia properties or pre-construction projects via our website and email list. "There is no private ownership of land in China. As the inheritance of property can be a somewhat complex process, especially in a foreign country, you need to hire a Solicitor to help you through the process. When you’ve found a buyer/seller, you need to enter a Sale & Purchase Agreement (SPA), including details such as: When the buyer has signed the SPA, he or she should pay an amount equal to 20-30% of the purchase price. Many wealthy Chinese admire the UK, especially London, and for many it is a dream of a lifetime to own property here. It takes 1-2 days to get it done in Beijing by the person him/herself with the passport. By contrast, the Chinese buy almost no firms in Central and Eastern Europe, apparently because those countries don’t have enough cutting-edge firms in China’s preferred sectors. This doesn’t apply to Indonesia since you are required by law to buy directly from developers. I am British living in London aged 76 where foreigners generally can’t buy landed houses. I bought an apartment in Sanya in 2005 for cash and If I want to sell it now 2019….what must I do ? Property has become unreasonably expensive in the big cities, a trend spreading to many second-tier cities as well. The rate was set to 0.4% to 0.6% on 70% of the original property value. The stamp duty is set to 0.05%, which is comparably low to other Asian countries. Read hundreds of articles and expert interviews covering Asia property taxes, foreign ownership rules, projects & much more. We use cookies to give you the best possible experience on our website. Learn how Asian countries compare on foreign property ownership rules, taxes, visa options, capital controls and more. Let’s formulate some hard questions to clear out any doubts you might have. Property prices have surged in China in the past years, especially in bigger cities like Shanghai, Shenzhen, and Beijing. Commercial or industrial property may only be purchased after a company has been incorporated in China… You can also find good investment opportunities in areas and districts that will get more connected with central areas, or even other cities. Some of the most popular listing sites in China include: You can also search around on the internet to find other options. There’s a great chance he could afford it thanks to the property he bought or inherited a decade ago. If you (or any heirs) had to sell a house 50 years after buying it, the fact that just 20 years are remaining on your land use right would be reflected … The capital gains tax is 5% if you own property for less than five years. Type a place name to begin your search for Chinese properties. Your Chinese name can also be notarized in the Chinese embassy in your country. Foreign investors are not allowed to buy land in China. Documents needed for a notary to pass a property from a deceased person to a foreigner include: Foreigners are allowed to buy one property for dwelling purposes in China, but first, they need to either work or study there for one year. You’re allowed to buy one property, but need to either study or work in China for at least one year before that. I will tell our agent in China to get in touch with you. A common question asked is whether foreigners can inherit property in China. The truth is, if you're financially viable enough to buy property in China, chances are you'll also be able to hire someone to do the grunt work for you. All Rights Reserved. Foreigners go through supervision procedures for about a week before they are allowed to buy … Properties with a value two times higher than the city’s average price, Procurements of villas in the 9 major districts, What will happen if a party can’t fulfill any of the conditions, A certificate of identity (normally your passport), A death certificate of the deceased person, Original version of the testament (if applicable), A signed marital property agreement (if applicable), A waiver showing the right to inherit (if applicable). Additional requirements apply in Beijing and Shanghai. Copyright © 2019 MyChinaInterpreter.com. A scrutiny check of the title is very important to assure that there are no hidden mortgages, liens or encumbrances attached to the property. If the heir is not capable of visiting China, he or she can also seek help from a local property Solicitor to help with the process. When this time is up the property will, apparently, go back to its rightful owner: The People’s Republic of China. You can authorize a person to sign the legal documents for you if you can not come to China or stay in China for long. Excitement is creeping into Taiwan’s property market, as the presidential race heats up ahead of next year’s election, holding the prospect of a new government more friendly towards Beijing. If you want to read more about how you can buy property in China as a foreigner, I recommend you to read the complete article. To buy a property in China, a non-Chinese citizen needs to have a notarized Chinese name. One can only obtain rights to use land. If you are living over locations such as Shanghai or Beijing, you will be asked for additional conditions. Many people want to leave the countryside and live in the big city. Owning property in China to manage as a landlord in the mainland is out of the question. Foreigners who have studied or worked in China for a minimum of one year are permitted to buy … While a regular citizen will have it a little bit easier to deal with this to buy property, foreigners will always have it way more challenging to handle it. If you want to mortgage property, you need to pay a downpayment of around 50% on your first property, for locals, a hefty down payment of 70% is needed for second-home buyers. You need to register the purchase at a government level, a new contract should be signed, witnessed by a government official. China - Property. In Chongqing, a tax rate of 0.5% – 1.2% was levied to the following categories: Below I’ve included some of the key steps when you buy or sell property in China. On the contrary, what many foreigners know little about, is whether you can buy residential property or land in a growing market like China’s. The large number of Chinese regulations and laws has made property buying very strenuous for foreigners. There are no restrictions on the type of property you want to buy, which is not always the case. Your agent should submit the contract online in order for you to receive a contract number, proving the property transaction. who bought property above a certain size. Agents can be found on the internet, be sure to do due diligence to assure that the agent is serious and has a proven track record of helping foreign buyers. Buying property in China is neither easy nor cheap, so you will most likely need to get a mortgage. The top percentage rate of a real estate agent never goes up above 3% of the total sum of the sale. Additionally, it was permissible to buy only one property in China. Although the Chinese property market is cooling, a crash in China is unlikely because of the firm hold that the authorities have on the financial system, and there are a raft of measures that the authorities can take very swiftly to encourage people to buy. 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