Lithuania » The Purchase Process

Buying property in Lithuania has been simplified a great deal in recent years in line with EU regulations, and now more than ever it is a simple and easy process. An appreciated local lawyer should be employed to help with all dealings and help make sure all documentation is in order.

There are no restrictions on foreigners owning property in Lithuania, but permission must be granted by the local metropolis for private individuals to purchase land though there are hardly ever problems with land transactions, some areas may be of implication and unavailable. It should be noted that companies formed in Lithuania are free to purchase non-agricultural land.

As this process is taking place the buyer and seller can sign official documentation in the presence of a notary, who then collects the money from the buyer and keeps hold of it as a third party (an escrow-like system) until confirmation of the land title transfer comes through when it does, the payment is transferred to the seller and any remaining fees can be settled.

Notary fees in Lithuania are fixed by the state and are generally around 1% of the purchase cost. Lawyer and agent fees vary, but tend to be reasonable. Property taxes in the country currently don’t apply, but they are on the way to being introduced, whereas land taxes are around 1.7%.