A Brief History of Lebanon
Lebanon is located in the middle east and has a border with Syria and Israel. The capital of Lebanon is Beirut and the official language is Arabic. Lebanon has a rich & historic culture with roots extending to Phoenicians, Assyrians, Persians, Greeks, Romans, Arabs, Fatimids, Crusaders, Ottoman Turks and even French. Lebanon is divided into four major regions that include coastal plain, Lebanon mountain range, Beeqa valley and the Anti-Lebanon Mountains.
Buying Property in Lebanon as Foreigner
Buying a property in Lebanon is easier as compared to other middle east countries however the transaction cost taxes are borne by the buyer of the property. In our article we will focus on buying real estate in Lebanon as a foreigner.
Foreigners can purchase a limited amount of land in Lebanon which adds up to around 3000 Sq.m of land. This is the standard limit set under Lebanese law however further land can be acquired if the buyer gets a decree and approval from council of ministers.
An aggregate limit has been introduced to limit the acquisition of land in Lebanon and Beirut. In Lebanon only 3% of the total land can be owned by foreigner however in Beirut about 10% of the total city land is allocated for foreign acquisition.
Procedure for Purchasing Real Estate in Lebanon
Proper documentation ensures a smooth transaction and purchase of property and usually a lawyer isn’t required. However, if the purchase is complicated and involves more parties then a lawyer can help you navigate the law easily.
Once the buyer and seller agree to the sale of a real estate property they can proceed by creating an agreement through a notary public (0.1% notary tax is required to be paid) or some qualified facilitator. You do however need to make sure that the seller has all the necessary registrations and documentation. The documents usually consist of real estate certificate from Land Registry, official cadastral, urban plan certificate and tax clearance certificate.
Cost of Transaction
There is a percentage of cost associated with the transaction conducted to purchase real estate in Lebanon. Below is a brief breakdown of the costs that are to be paid by the buyer of the real estate property.
The Lebanese currency is the Lebanese Pound which at the current forex rate (@13-11-2014) is as follows:
$ 1 = LBP 1513.50
Best City to Buy Real Estate in Lebanon
The best city to buy real estate property in Lebanon is Beirut primarily because it is the financial hub of the country. Moreover it has a rich attractive culture with an elegant nightlife which is a major attractor of young population. Besides the prices of real estate are high but if compared to international standards it is quite feasible.
In the end we can conclude the process of buying a property rules in Lebanon and find out the real estate taxes that foreign will pay and costs related to the transaction, whether the buyer or owner can pay it.
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