The deadline for contracts related to property acquisitions by foreigners has been extended by an additional 90 days. A new decree-law regulating the matter was approved by the Council of Ministers and published in the Official Gazette.

Due to the need for amendments to existing sales contracts under the current legislation and an extension of the allocated timeframes, the Decree-Law on Amendments to the Temporary Article 1 of the Law on Foreigners’ Acquisition and Long-Term Leasing of Immovable Property was prepared and enacted.

The decree extends the timeframe stipulated in the law for property transactions exceeding the acquisition limits. It also aims to prevent revenue loss for the state by ensuring the collection of relevant taxes and fees while contributing to the economy.

The six-month deadline for existing contracts, which was set to expire on February 21, 2025, has now been extended by 90 days.

The general justification for the decree highlights several challenges in implementing the law, including the difficulties faced by foreign buyers and sellers in coordinating transactions, especially when located abroad.

These challenges have resulted in delays in tax and fee payments, leading to financial losses for the state.

The decree underlines the necessity of collecting these outstanding payments to prevent further revenue loss, support the economy, and meet urgent government expenditures.