Advice on buying Luxembourg Property

You have found a property you wish to purchase in Luxembourg what next?

Luxembourg Property Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.
Purchasing property in Luxembourg.

Luxembourg is situated between France, Belgium and Germany, Luxembourg is an independent sovereign state, also known as the "Grand Duchy of Luxembourg".
Luxembourg is the capital for European monetary policy with foreign residents making up over 30%of the population.
There are no restrictions on foreign residents owning Luxembourg property, a member of the European Union.
"For Sale" boards outside property are not widely used, so the importance of your Estate Agent who knows the market and what Luxembourg property is for sale will obviously be a great advantage.
Purchase
When you have found your ideal property, you enter into a written contract (sales agreement) with both parties signing to confirm their intent in front of a Public Notary.
Oral contracts that bind both parties to the sale of the property are also accepted but the written contract gives both parties that extra security.
The property transaction is always registered and recorded in the notary's deed.
The public notary will present the new property deeds for recording in this register.
You then have up to 15 days from the date of signing to pay duty.
Costs
The cost of registration of your new property will be 6% of the property sale price with an additional 1% transcript tax based upon the same (the property cannot be declared at less than the market value).
Taxes for municipal services vary between 0.7% and 1% per annum.
Net wealth tax is levied annually and is 0.5% at this moment.
Mortgages
Luxembourg being at the centre of many financial banking institutions, offer various types of mortgage to assist property purchase.
Mortgages of 80% and above being available with repayment periods up to 30 years being quite normal.

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These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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