Some foreign buyers bought their property in the name of a company. For me, this is almost always a result of the common phenominan of misinformation or poor advice in Romania. Many buyers did it to reduce the VAT, forgetting that they have to pay VAT on selling, unless to another company & as most are wise to the pitfals now, this is increasingly harder to do.
However, there are some things you can do to reduce your tax liability. Please talk to me directly for more tailored advice. It might be that now is the right time to sell, or or might be you should wait.
Once the Romanian company is in operation, the following actions/ payments are required.
– Opening the company bank accounts
– Making the stamps on behalf the company
– Signing for accountancy services
– Invoicing rental tenants on behalf of the company
– Paying company taxes
– Paying the company registration fees at the appropriate office
– Paying the accountant for keeping the books up to date
– Signing the accounting documents
– Processing the Company correspondence
– Requesting the monthly bank account balances of the company
– Delivering the account balances and invoices to the accountant
– freezing & unfreezing the company as required.
– payment of annual asset taxes
– revaluation of company assets.
We can take care of any aspect of this for you, in part of full. Please give me a call to discuss further. It might be in your best interest to remove the property from the company & close or freeze it, or it may be better to remain as is currently.