Buying in currency other than Euro?

brancusi Image
06/09/2009 - 14:28

If I'm purchasing a property from a foreign owner, does the transaction have to be done in Euro or could it be done in a currency more agreeable to the vendor and myself? Can all the taxes etc then be paid in Euro using the exchange rate in force on the day the taxes fall due?Or is that not actually possible / advisable?CheersBrancusi 


you can pay in any agreed currency between vendor and purchaser.... as long as it is all registered and the money is recorded via bank transfers... certifiable cheques... money laundering legislation...  so alan is pretty well essence the problem will be as in all things finding people agreeable or even knowledgeable enough to realise that this is all legal and within the law...from agents to notaries... however if there are problems regarding this and there shouldn't be ... just tell them to read up a bit and that it can happen...once again the stumbling block could or will be the money laundering ...and even if you change currency i would say its almost essential to pay via certified cheques... so that all involved can register the transaction with lots of photocopiesand like alan also says...taxs have to be paid in euro... but i would doubt you could get an on the day rate... technically it would be hard as the notary will want assigned cheques for both their fees and the tax payable so a rate would have to be assigned sometime before..... ie a week or so so that the calculations can be made to prepare the paperwork and also you will need to collect the assigned cheques on the morning of the act or the day before so will need to know the base to calculate on... you cannot pay in cash.....

In reply to by adriatica

That's great to know - at least it's an option! I'll bear that in mind should we make more progress in the negotiations!Such a useful forum this!!brancusi

 Taxes, notaios fees all must be paid in euros at the moment of the act - so you can't use the day rate, but transfer the money before.   If you use a different currency to buy the property, the law requires that the money passes before the notaio, so even if you're using a different currency with bank transfers, the money has to be in the recipients account (with receipt) before the act is signed, which does mean that you could transfer all the money and the seller doesnt show up for the act - and theres nothing you can do.   Anti recycling of money must show where the money comes from - bank account, issuing bank, currency and means of transfer - if you dont want to pay in euros, as a buyer Id receomend you find a notaio who is happy with it otherwise they can make your llife very difficult.