U.S. reciprocity w/ Croatia;Corat-American lawyer

[SSK]

Question: Does anyone know the property reciprocity laws between the U.S. and Croatia? Secondly, does anyone know of a Croat-American lawyer with experience in Croatian property purchases and U.S. tax laws regarding the purchase, rental income, and sale.

Lastly, I am incorporated in the U.S. and would like to purchase the company through my U.S. company. Does anyone know how this is done, i.e, can I turn an American LLC into a multinational company? Moreover, will this designation fullfill Croatian law with regard to the corporate route of buying property? Or must I incorporate in Croatia as well? In other words, do I have any advantage as an incorporated American in the corporate purchase of property in Croatia?

Thanks in advance.

SSK

[Seka]

Us citizens can buy property in Croatia without any problems.

[san francisco guy]

Guest-SSK said:

Question: Does anyone know the property reciprocity laws between the U.S. and Croatia? Secondly, does anyone know of a Croat-American lawyer with experience in Croatian property purchases and U.S. tax laws regarding the purchase, rental income, and sale.

Lastly, I am incorporated in the U.S. and would like to purchase the company through my U.S. company. Does anyone know how this is done, i.e, can I turn an American LLC into a multinational company? Moreover, will this designation fullfill Croatian law with regard to the corporate route of buying property? Or must I incorporate in Croatia as well? In other words, do I have any advantage as an incorporated American in the corporate purchase of property in Croatia?

Thanks in advance.

SSK

american can buy. there is reciprosity. see US embassy site in croatia.
i have a 1 person company (i,e, myself) in US. There is no benefit
that I am aware of by buying under the US company for foreign purchase. Usually asset protection issues may not be issue if asset is overseas.

you would incorportate in Croatia if
1) you wanted to fast-track the buying process (fast tracking the Ministry
of Approval -forgot the ministry name but the ministry that rubbber stamps
approval of a property by a foreign owner.

2) eliminate the REIT tax of 5% of croatia purchase and help on your exit strategy for faster sale to new owners esp if foreign.

minus are that there are some costs to set up $6k USD (but $3k is deposited into new CRO company bank acct). Also some admin and maintainance issues.

The issue is finding a good lawyer with a track record in the area you
want to buy that also speaks english.

[SSK]

San Francisco Guy,

Thanks for the info. What are the annual costs of a Croatian corporation (accounting, legal?, fees, etc.)? And as for the 6 grand to incorporate, you said 3 goes into a bank account. Do you walk away with that banked money once the corporation is dissolved? In other words, the real cost of incorporating is 3 grand, with another 3 out of commission for as long as the company exists. Right?

Roughly, how long does the incorporation process take?

Thanks.

SSK

[georgeba]

Guest-SSK said:

San Francisco Guy,

And as for the 6 grand to incorporate, you said 3 goes into a bank account. Do you walk away with that banked money once the corporation is dissolved? In other words, the real cost of incorporating is 3 grand, with another 3 out of commission for as long as the company exists. Right?

Roughly, how long does the incorporation process take?

SSK

SSK, incorporation of a Croatian company does not cost 6 grand. You must have start-up capital of 20,000 Kuna and pay for legal services - altogether, a far cry from 6 grand. Incorporation of my company took a couple of weeks. I am not sure yet what happens if I would like to dissolve, this is not my plan. Send me a private email through this forum (probably you will have to register) and I will give you details of a Croatian lawyer who was very helpful.

[san francisco guy]

georgeba said:

SSK, incorporation of a Croatian company does not cost 6 grand. You must have start-up capital of 20,000 Kuna and pay for legal services - altogether, a far cry from 6 grand. Incorporation of my company took a couple of weeks. I am not sure yet what happens if I would like to dissolve, this is not my plan. Send me a private email through this forum (probably you will have to register) and I will give you details of a Croatian lawyer who was very helpful.

20,000 kuna is 3,333 USD as startup capital and pay for legal services which costs, what, $2-3k for a total of around $6k USD.

you pay a management company or legal team around $400/yr for maintenance and you must show that the company is a business. you can do that by simply renting it out part of the time.