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Buying Property in St Moritz

When Switzerland entered into an agreement with the European Union, EU Citizens were lured into acquiring residential properties in Switzerland.

Buying Property in St Moritz
Buying Property in St. Moritz.

In designated tourist areas such as St. Moritz, the federal laws limit all other foreigners who do not live and work in Switzerland to own just one property of 200 square metres of habitable space. Until then, there is a general agreement that getting a good real estate agent is the key to handling estate problems.

There agents require a registration fee of CHF50 that is valid for three months and gives you access to people who can handle a transaction.

Legal Requirements.

Purchasing property is Switzerland, especially within the designated tourist areas are governed by laws. There are legal fees and procedures, purchase taxes and mortgage procedures. Non-residents are allowed vacation properties in tourist areas, but a special permission is sought for lands larger than 3,000 square metres.

When buying an apartment, a house or land in Switzerland, the buyer is required to pay moving duties and land tax directly to a notary public. The amount varies but it's usually 4 percent. Once both parties have arranged the financing and obtained the residential permit, you next stop would be a local attorney, who acts as the sworn officer.

He will check the legalities of the transaction - if the seller really owns the property, that the buyer has a right to buy it and that the buyer understands what he is buying. Once the veracity is established, the money is endorsed to the notary and only releases it when the change of ownership has been property registered.

Banking and Insurance.

Domestic credit in Switzerland is covered by domestic deposits which banks use to mobilise from the public. Over the past 10 years, the importance of deposits in mortgage funding has increased. The Swiss Financial sectors have two institutions that issue mortgage bonds on behalf of domestic banks, however, these institutions only have a minor role in refinancing mortgage loans.

Due to state ownership of cantonal banks, government participation in the bank sector is powerful, but the government's participation in the housing market is somewhat meaningless. The federal, cantonal and municipal administrations represents only 4 percent share in the residential units. Re-financing costs of cantonal banks is less because of the state's denotative guarantees. Even market shares show that cantonal banks have no significant advantage over regional competitors in the mortgage market.

International property insurance coverage in Switzerland available for homes including primary home, condo units, vacation homes, investment homes, beach and island property, farms and ranches. The coverage includes fire, all risk, rebuilding costs, rebuilding to code, additional living costs and full replacement costs for contents.

To be of note in the wordings "Swiss Elemental Perils" hail, landslide, floods and rockslide. All risk is available for contractor related risks, coinsurance is not applicable in the Swiss market, blanket insurance on for stocks, most common form business interruption is Swiss and International forms are negotiable, replacement cost is also available.

The two types of insurance policies are buildings insurance which protects damage to structure, fixtures and fittings. Home contents insurance protects damage or loss of the possessions that one would normally take when moving.


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