COSTS INCURRED BY THE PURCHASER
* There is no Property Transfer Tax for buyers.
* Buyers Legal Fees - Approx. 1% to 2.5% of the purchase price (plus 17.5% VAT).
* Local Mortgage Down Payment - Usually a minimum of 10%
Local Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
Non-National mortgage Down Payment - Usually between 30 to 50%
Non-National Mortgage Repayment Time - A maximum of 15 years and must be approved by an offshore financial institution
Mortgage Commitment Fee and Negotiation Fee - Ranges from 0.5% to 3%.
Life Insurance - Required if you need a mortgage.
Annual Property Insurance - 0.4% for a residence, 0.6% for commercial and 0.9% for hotels. Other things such as location, value and use of the property can affect these rates.