Personally own an investment property
Buy real estate in Armenia in 2021
Regardless of your marital status, you can buy the property in your sole name.
In most countries, marriage laws state that assets have been acquired while The marriage is carried out jointly by both spouses, regardless of who they were bought from (joint property). The position in Armenia is generally no different. In the case of a married couple, civil law behaves as if the property were jointly owned in equal parts (50-50), unless the marriage contract specifically contains provisions to the contrary. Thus, your spouse will be considered a co-owner of the property, regardless of whether their name was included in the sales contract or not.
Armenian law does not recognize "common law marriages". If you live together but are not married, Armenian law does not grant your partner automatic rights to permanent employment or property. Without a will, the partner also has no inheritance rights.
A single person who buys a property in Armenia and then marries can enter into a prenuptial agreement in which the spouses can specify that the property be brought under the prenuptial agreement.
Co-ownership occurs when the property is bought by two or more people, each of whom has a stake in the property, on whatever terms a decision can be made between them. In the case of a couple, this would usually be equal, but if there are more than two buyers it may be proportional to the amount each person contributed to fund the purchase, e.g. B. 70% / 20% / 10%. In common law, the equivalent is "tenancy together".
All owners are entitled to participate in decisions about the property. The law requires that decisions about property must be made unanimously. One or more owners may request the sale of the property unless it is possible for their shares to be physically separated or the other owners are willing to buy those shares. If no agreement can be reached, it may be necessary to apply to the court for an order authorizing the sale of the property.
One of the owners can also give away or give away the portion of the property that he owns through sale. In the event of the sale of their part of the property, they are obliged to give existing owners a right of first refusal. This rule does not apply if disposal is by gift or inheritance. Other owners have one month to exercise their right of first refusal.
It is possible to buy real estate in Armenia through a domestic or foreign limited company that has a different legal identity from its shareholders.
The main reasons for owning Armenian property by a company are:
- Allow more than one person to buy the property;
- Ensure stability and continuity in ownership and management of family property;
- Facilitation of the transfer and ownership of property;
- To avoid the restrictions of inheritance laws;
- Create tax advantages;
- To protect the family home from business creditors.
This solution can also have tax disadvantages, particularly with regard to withholding taxes and capital gains taxes.
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