Real estate in Belgium has become more and more popular for foreign ownership due to the head quarters of the E.U, the NATO, other international organizations and the seats of many companies being based in Brussels. Property values raised dramatically in the last 20 years, especially close to Brussels, in the green belt around Brussels and in Belgium in general. Less expensive property can still be found in the countryside.
Capital Gains tax is chargeable on all income from the sale of Real Estate which includes non-resident companies and is liable at the basic rate, which would be 40%. There are no restrictions on Foreign Ownership
Price range varies and depend largely on the location just like everywhere. Brussels is by far the most expensive.
An average apartment in Brussels costs 220.000 EUR and for a house you will need 360.000 EUR. To this you will have to add 10 % notary fees which is basically the tax you will have to pay for your purchase. There a big differences between communes.
Buying real estate in Belgium
A sales agreement is valid from the first day. The notary issues a sales contract (a deed) which will complete the sale. This usually takes a few months. When you put your signature under this sales agreement, you have to come up with a cheque or cash. You often have to pay a 10 % advance payment which is common practice in Belgium but you can still get out of it if you add suspensive conditions in the sales agreement.
That is what we locals do and it works very well. The seller will usually agree with this. The notary will take care of all administrate issues and you are therefore sure, that the seller has the right to sell, that it is his house, etc…
I advise you to hand over the advance payment to a notary. Until the final signature of the deed, he will keep the money under his guard. Within four months after this conclusion, the notary will have to register the property transaction with the governmental authority.
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