The guide for overseas buyers of Sanya local property
1. The basic requirement
The overseas buyer should legally reside or work in China for more than one year.
2. Files preparation for overseas buyers (including foreign buyers, or buyers from the Hong Kong SAR, Macao SAR, and Taiwan Province)
A. For a Chinese resident of Hong Kong SAR, Macao SAR, or Taiwan Province, he or she should present his or her valid ID card (or passport), Card of Exit-entry Permit for Travelling to and from Hong Kong and Macao (For Hong Kong or Macao residents), The Entry Permit of Taiwan Residents to the Mainland(For residents of Taiwan Province), the Application Form for National-security-involving Overseas Transaction of Property (which is available from the Sanya Municipal Bureau of National Security)
B. The foreign buyers should provide their names in Chinese. It is necessary to present valid passports and submit notarized files of the foreign names and the translated names in Chinese, Work Permit or Residence Permit with the foreign buyer’s name and the translated name in Chinese. the Application Form for National-security-involving Overseas Transaction of Property (which is available from the Sanya Municipal Bureau of National Security)
C. The buyers who have their original files or certificates in foreign languages should provide officially validated translation copies of Chinese.
3. The notarization of the property-buying proxy of the real estate agency
The proxy must be notarized by a notary of legal and qualified institutions or agencies and then be sent to the Chinese consulate or embassy in the buyer’s country or region to be authenticated.
4. The overseas buyers should pay the relevant taxes in accordance with the laws of China
By the relevant laws of China, the Real Estate Transaction tax and other relevant fees will be charged in accordance of the total payment of the property.
5. Time for the completion of the whole process
The whole process can be completed within 15 working days after the completed files and tax are collected by the relevant offices of the Sanya Municipal Government.
1. The Sanya Municipal Government preserves the right to interpret the above guidance file on the basis of the original Chinese version.
2. It is a recommended option to choose the service of Sanya Municipal Property and Real-estate Transaction Service Co., Ltd. (Telephone: 86-0898-88364408)
3. It is strongly recommended that you consult an experienced Chinese solicitor prior to contemplating buying property. He or she will be able to give you up to date advice on the current and proposed legislation regarding ownership of property by foreigners.