Real Estate / Buying a residential flat/apt in Poland as a foreigner [24]

I will update the thread.

Apparently, I do need a permit to buy a apartment as a foreigner. This is due to the "Ksiega wieczysta". So the apartment I am buying has some land title rights with the underground parking/communal areas of the housing development which makes it "land" hence permission needed. Im not sure how common this is in Poland, and it wasnt flagged, even out of legal courtesy at the outset that it may be a problem, but when the notary saw the official documents.

Real Estate / Buying a residential flat/apt in Poland as a foreigner [24]

Merged:

Buying a Flat as a Foreigner post-Brexit

I wonder if any experienced real estate investors can help.

I wish to buy a flat in Poland for my own usage. I have a temporary residence card (valid for 10 years) issued, post-Brexit. Do I need to get a permit to buy property, given that the UK is outside the EU.

Another point, should one get a survey on the property (its only 10 years old and looks ok)? Does everyone do this, or just for old places?

Any other pitfalls problems I would appreciate it if anyone knows.

Thanks in advance,

BritBoy

Law / CAN SOME ONE GIVE ME FREE POLISH LEGAL ADVICE ON BANKRUPTCY? [22]


I believe most of the money owed is to banks/credit card companies.

Law / CAN SOME ONE GIVE ME FREE POLISH LEGAL ADVICE ON BANKRUPTCY? [22]

Thanks Delphiandomine for the advice. Looks like there isnt really a way out of this.
What is the end stage, so assume baliffs come and sell everything, but it still not enough to cover the debts, do they get bound over to pay them back out of future income?

Law / CAN SOME ONE GIVE ME FREE POLISH LEGAL ADVICE ON BANKRUPTCY? [22]

Thank you delphiandomine for your advice


So if Bankruptcy is not available, and they cant pay the debts then what happens to the debts? Does it become a police matter or how is it resolved?

I'm guessing their company's debts are their debts? eg, debts dont die if the company closes?

Law / CAN SOME ONE GIVE ME FREE POLISH LEGAL ADVICE ON BANKRUPTCY? [22]

Merged:

Bankruptcy in Poland

Greetings,

My Brother in Law and his wife has a lot of debts in Poland (200k ZL), the basis of these debts were generated due a company they operated, but ran into financial difficulties over the last few years

They have limited income in which to service the debts. They have a flat (with mortagge) too.

What would be the options available to them? Would bankruptcy work for them, or would they go to jail (myth)?

Any constructive advice would be most welcome

News / How hard will Poland be hit by the economic crisis? [116]

Eu policies wont work, as it assumes business will go back to pre-vrius levels. It will in some instances, in others it will result in permanent job losses, business closure. Take pubs and restaurants, you can open them again, doesnt mean the customers will return.

News / How hard will Poland be hit by the economic crisis? [116]

@cms neuf

So if a polish borrower gets into financial difficulty what can they do? Say I've just lost my job, debts to service, cant pay...where does it end?

I only know the UK system, and the person can go bankrupt and usually have their debts wiped out within 1 year.

News / How hard will Poland be hit by the economic crisis? [116]

I get the impression that as a society, Poland is quite "credit thirsty". Their average wages are quite low internationally, but yet still demand westernized products like the latest Iphones etc. Shops give them this on 5 year 0% credit. There is a lot of debt floating about, with little means to pay it.

News / How hard will Poland be hit by the economic crisis? [116]


Agree they are scum, and the politicians just bailout their big buddy mates like Richard Branson etc, whilst the little guy gets shafted. Every economic crash is the same: banks and large corporates win, due to being "too big too fail" etc.

News / How hard will Poland be hit by the economic crisis? [116]

Good points. Fed reserve and other central banks came all out in that one though. Could slash interest rates, quantative easing etc. This time rates are low, and the stimulus package is just enough for a couple of months of lockdown, by which time a lot of businesses will just shut, jobs lost. What unemployment insurance/state assistance does Poland have if your business folds, you have debts, or lose your job?

News / How hard will Poland be hit by the economic crisis? [116]


Flight to quality, basically. So as an international investor (bank, sovereign fund) you are going to position your funds with the least risk, so (dollar, euro, gbp, yen etc)


Different ball game, as completely under-estimated so far. The ultimate consequence will be less aggregate demand, high unemployment, less cash to chase goods etc.
Methinks, for a few years at least, there will be a paranoia in the autumn of what viruses the winter will bring. Each year will named something new like they do with hurricanes in Florida.

@Cargo pants
Bydgoszcz. I can see 60-80% in my own currency like I illustrated, but 30-40% in zloty terms. Banks wont issue mortgages, or restrict them to very credit worthy borrowers.

Anyway, its just a theory of mine how it will play out, but as discussed earlier in the thread, if you have cash, there will be some great opportunities. If you were highly indebted in the good times, its judgement day.

News / How hard will Poland be hit by the economic crisis? [116]

I am in the market as a cash buyer for property too, but obviously the timing has to be right. I think buying anything now is too soon, as most people are sheep and are in the "it will be over by summer", bit like the mayor in Jaws. I reckon the nadir will be in about a year to 18months time. The long-term ramifications will be enormous, and ultimately Poland is an emerging economy (or will be perceived as one) and will get hammered with falling domestic prices, and a run on the currency. So I can actually see falls of 30-40% real estate, and for a double-bubble 30-40% falls in the zloty.

So mid poland, a nice 80m2 furnished flat at 7k/m2 now could potentially go from 560,000PLN (£107k) to 400,000PLN (£57k) assuming 30% real estate falls, 30% currency falls. What a time to be alive.

On the polish mindset thing about selling at a loss - the mindset would be to firstly try and rent the place, and then subsidize rent to live with relatives etc, until reality has set in. I have seen property not sell, but listed, for 6 years, who does that? do they want to move or not?

News / How hard will Poland be hit by the economic crisis? [116]

I think Poland will be enormously hit. In fact, it wouldn't surprise me if Poland doesn't go back to Communism! Nothing is getting done, extremely limited commerce. There will be a flood of unemployment to come. The tap will be switched back on very slowly, when it gets switched back on, but it wont help those made unemployed as a result of it.