Public life in Croatia has been almost stopped since March 2020. This has considerable consequences for project developments and the real estate market in general. Because of that it is important to emphasize the fact that this crisis also creates new opportunities.
Instead of project developments, it is now much more interesting to buy existing real estate or projects or even entire LLCs because the market prices drop due to the epidemic. Prices will change strongly at the beginning and end of summer season – depending on how much of a turnover will be made in Croatia in the summer season. According to our estimates, a minimum 20% price reduction can be expected.
On the other hand, now is the right time to transfer your real estate and LLC shares you have in Croatia to your children. This transfer is still not taxed – it is tax free – and you can do that without having to come personally to Croatia. We have developed safe models so that you still have control over the company or property but the ownership is already transferred to children.
We try to avoid wills because in practice in Croatia they are often being contested. By transferring assets as a gift or by transferring the shares of LLC, a need to initiate and conduct estate proceedings after your death does no loger exist. This way you save time and money for your children and you ensure continuity and a safe environment for your family life.
Given the fact that we are aware of the global situation caused by the Corona epidemic (COVID-19) and the fact that people are unable to travel from one country to another we emphasize that your presence at the conclusion of the contract, the entry in the land registry and the signing is not necessary. Everything can be explained orally in a conversation with a lawyer and conducted through special power of attorney. You can send required documents by email or post. This makes everything much easier because you can do it from your home without having to pay for the travel.