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Stipulations for foreign people purchasing houses in Shanghai
April 25, 2011, Monday
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Print Edition
Print Edition
WHAT are the limitations if foreign people want to buy an apartment in Shanghai? What particular requirements should they pay attention to? Officials from the real estate administration of the district provide the answers.
At present, basic house-purchasing procedures for foreign people are similar to those of Chinese residents in Shanghai. Differences are mainly reflected in the object of purchase, transaction taxes and the required documents, some of which need to be notarized.
Residential and commercial real estates are different.
According to regulations, foreign buyers can only purchase one apartment for self uses in Shanghai, foreigners are not eligible to buy commercial property. Foreign institutions and foreigners should apply for the establishment of foreign-invested enterprises, obtain a "foreign investment approval certificate" and "business license" in Shanghai before buying an apartment for rental, sale or carry out business activities. That means individuals should apply for the establishment of the company first, and then buy operating space as a company.
Well-prepared documents
Preparing the documents in advance is particularly important for home buyers from abroad, especially the documents concerning qualification verification. Buyers need to submit a variety of documents attesting to the qualification of purchasing an apartment, sign the purchase contract. apply for loans and deal with ownership registration. In the process of verifying the purchasing qualification, in addition to submitting valid identification, such as passports and identity cards, the buyers must submit the original and copies of their "employment card" or Foreign Expert Certificate if they work in China, while foreign students in China are required to submit studying proof by their school. At the same time, they can prove their residency status in China by providing the date of registration of their passport or labor contracts.
Additionally required documents for other formalities are similar to Chinese citizens. If the buyer needs to apply for loans, in addition to the passport or identity card, proof of income and proof of assets are also required. If a husband and wife are co-borrowers, then they need to provide the marriage certificate, spouse's identity card and proof of income.
Contract needs to be notarized
Compared with Chinese citizens, the significant difference is that foreign people need to notarize their contracts. According to Shanghai's relevant regulations from August 1, 2001, the contract of trading houses done by foreign persons, legal persons and other organizations should be notarized by the Shanghai Notary Public Office.
All taxes for foreign people who buy an apartment in Shanghai are similar to Chinese citizens. Those taxes and fees are for the contract, stamp duty, transaction fees, assessment fees and agency fees (second-hand housing transactions) and so on. According to the new regulations of property tax, foreign people who buy an apartment should pay full payment of property taxes annually according to the size of their apartment.
At present, basic house-purchasing procedures for foreign people are similar to those of Chinese residents in Shanghai. Differences are mainly reflected in the object of purchase, transaction taxes and the required documents, some of which need to be notarized.
Residential and commercial real estates are different.
According to regulations, foreign buyers can only purchase one apartment for self uses in Shanghai, foreigners are not eligible to buy commercial property. Foreign institutions and foreigners should apply for the establishment of foreign-invested enterprises, obtain a "foreign investment approval certificate" and "business license" in Shanghai before buying an apartment for rental, sale or carry out business activities. That means individuals should apply for the establishment of the company first, and then buy operating space as a company.
Well-prepared documents
Preparing the documents in advance is particularly important for home buyers from abroad, especially the documents concerning qualification verification. Buyers need to submit a variety of documents attesting to the qualification of purchasing an apartment, sign the purchase contract. apply for loans and deal with ownership registration. In the process of verifying the purchasing qualification, in addition to submitting valid identification, such as passports and identity cards, the buyers must submit the original and copies of their "employment card" or Foreign Expert Certificate if they work in China, while foreign students in China are required to submit studying proof by their school. At the same time, they can prove their residency status in China by providing the date of registration of their passport or labor contracts.
Additionally required documents for other formalities are similar to Chinese citizens. If the buyer needs to apply for loans, in addition to the passport or identity card, proof of income and proof of assets are also required. If a husband and wife are co-borrowers, then they need to provide the marriage certificate, spouse's identity card and proof of income.
Contract needs to be notarized
Compared with Chinese citizens, the significant difference is that foreign people need to notarize their contracts. According to Shanghai's relevant regulations from August 1, 2001, the contract of trading houses done by foreign persons, legal persons and other organizations should be notarized by the Shanghai Notary Public Office.
All taxes for foreign people who buy an apartment in Shanghai are similar to Chinese citizens. Those taxes and fees are for the contract, stamp duty, transaction fees, assessment fees and agency fees (second-hand housing transactions) and so on. According to the new regulations of property tax, foreign people who buy an apartment should pay full payment of property taxes annually according to the size of their apartment.
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