snag lists accountant and making a will for Hungarian Budapest property

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seánieboy

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hi there i have bought an apartment in the new akacfa utca construction by hexacon homes in budapest and the end of the construction is in sight and getting ready for the snagging does anyone know of a company that makes out snag lists? a good property management company, and an accountant?

Also i have to make a will i think it's important for succession rights. I asked the solicitor over in Budapest what her fee was for making out a will and she told me €130.00 per hour. She then told me that it would take a couple of hours to complete and get this will sorted. I thought that this was a bit steep and she didn't even give me an indication as to how many hours it may take hense it was like opening up a blank checque for her. can anybody tell me what is the going rate for making a will out in budapest is she telling the truth or could i get a better quote elsewhere ?

I thought to myself maybe icould get a basic will made out here in ireland from my own solicitor but i'm not sure if this would be valid in Hungarian law. Could anyone throw any light on this subject ?
 
Re: snag lists accountant and making a willl for hungarian budapest property

Seanie,
I paid a visit to Budapest recently with the intention of making a will there. My lawyer, a very nice lady who I totally trust, inquired for me with her colleagues who were more familiar with wills than herself. The upshot was that she informed me that I didn't need to make a will in Hungary as long as I specifically mentioned the property in Budapest in my Irish will. She said it would then be legally recognized in Hungary.

Entirely up to yourself whether you take this advice but I'm happy to go along with it as I found my lawyer extremely helpful in the past. She didn't even charge me for this information & I would have paid to have a will drawn up if she had recommended it.
 
Re: snag lists accountant and making a willl for hungarian budapest property

thank you for you're reply yes my solicitor over in Hungary told me the same thing today under international law the juristiction for where you're living is the most important point about making a will and i was informed by my solicitor in Ireland today that since we all are now part of the EU that there should be no problem making a will from Ireland for my property in Hungary.

I had been told that to get it done in Hungary would have cost me upwards of between 500 and €1000 and my own solicitor is doing it here in ireland for a paltry price of €100 + vat so i can't really argue with that so thank you again and if anyone has any more info on the other questions i would appreciate some advice
 
Re: snag lists accountant and making a willl for hungarian budapest property

p.s. will i have to get this irish will stamped and registered by my solicitor in Hungary when i get it done in ireland or what is the format
 
Re: snag lists accountant and making a willl for hungarian budapest property

No, the only time your will would be needed in Hungary would be in the event of your death.

It cuts out a lot of red tape if the Property is actually mentioned as then your intentions are perfectly clear in Hungarian law.
 
Re: snag lists accountant and making a willl for hungarian budapest property

I am in process of sorting out my Hungarian Will and have a decent solicitor in Budapest who I trust. His fees are about Euros 100.00 per hour, and it shouldn't take more than an hour or so to raise.

I may well be wrong, but understand that although the UK will may cover, think it is best to have a Hungarian will too.

Concerning accountants, I have a lady in Budapest who works as an accountant for one of the estate agents and she does my accounts in her own time. I have tonight emailed her to ask her if she would be interested in doing anyone elses. Will let you know if she does.

Best Regards
Grinster
 
Re: snag lists accountant and making a willl for hungarian budapest property

just wondering grinster what is the price that is payed to an accountant if you are going to be paying the 25% flat rate tax in hungary as the accountant is only used once a year in may to make out youre tax assesment
 
Re: snag lists accountant and making a willl for hungarian budapest property

I understand that the tax should actually be paid monthly with a yearly return done. However, I am just paying yearly and are in process of sorting out the return for year 2007.

My accountants fees compared with other larger firms are good, approx HUF 20'000, which covers everything from applying for a tax number to raising official invoices, making declaration, obtaining certification etc.

Would you like her email address?

Regards
 
Tax only needs to be paid yearly, unless the apartment is rented to a company.

Book keeping charges starts at around 6,000 HUF per year but these people are almost always extremely busy and typically only speak Hungarian. English-speaking accountants, who are willing to take on new clients tend to charge in the region of 20,000-30,000 HUF per year. Finding an accountant willing to file your returns is extremely difficult in Budapest.
 
Have you found a good one? I too will need an accountant in the near future any recommendations would be appreciated.

I know of a top notch international accountancy firm in UK that specializes in running international property portfolios - they really know their stuff ..... considering using them at the moment because I'm considering expanding my portfolio into other countries.
 
Budapest,

Thanks for your comments re yearly / monthly tax payments. As always, many grey areas in Budapest tax!!

A yearly tax return is what I shall make and I understand that payment is required by around 20th May for Jan-Dec 2007.

As I do not need a Tax Number this year, my accountants fees will be HUF 15'000, which include obtaining and posting me the certificate of tax paid, in case the UK authorities require it.

Thanks
 
Re: snag lists accountant and making a willl for hungarian budapest property

grinster said:
I understand that the tax should actually be paid monthly with a yearly return done. However, I am just paying yearly and are in process of sorting out the return for year 2007.

My accountants fees compared with other larger firms are good, approx HUF 20'000, which covers everything from applying for a tax number to raising official invoices, making declaration, obtaining certification etc.

Would you like her email address?

Regards
Click to expand...
Yes I would appreciate this acountant's e-mail address as I think her rates seem very reasonable. Many Thanks
 
Re: snag lists accountant and making a willl for hungarian budapest property

Kavanaghg said:
Yes I would appreciate this acountant's e-mail address as I think her rates seem very reasonable. Many Thanks
Click to expand...

I would love to get the name of the accountant in Hungary as we have to do our first tax returns and have found it difficult to find a reasonably priced accountant. Would be grateful if you could send me the name.
 
hi i see by one of the posts that if you rent an apartment to a company then you pay you're tax differantly.

right now i just rented my apartment unfurnished to a company he paid my 25% up front for me and when i get issued a tax number by the Hungarian tax authority he will give me a tax certificate for tax paid in Hungary would this be correct
 
I have a similar situation to Seanieboy.
My tenant is actually my management company and he deducts my tax at source each month, (i.e. I receive my monthly rental income net of the 25% already deducted,which he pays to the tax authorities).
He is then going to give me a tax certificate at year end.
Does this seem in order with correct procedure?
 
grinsterRe: snag lists accountant and making a will for Hungarian Budapest property
Budapest,

Thanks for your comments re yearly / monthly tax payments. As always, many grey areas in Budapest tax!!

A yearly tax return is what I shall make and I understand that payment is required by around 20th May for Jan-Dec 2007.

As I do not need a Tax Number this year, my accountants fees will be HUF 15'000, which include obtaining and posting me the certificate of tax paid, in case the UK authorities require it.

Thanks
Grinster, can you please PM me with your accountant's details. I was quoted HUF 25000.00 for tax registration alone by my management company.

Thanks
 
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