The investigation into the purchase of real estate in Bosnia and Herzegovina since recently includes the investigators of the State Investigation and Protection Agency (SIPA).
“We are in the process of checking facts and collecting additional information with the Service for Foreigners Affairs and the Tax Administration,” stated SIPA.
Keep in mind that the Department for Foreigners Affairs announced the results of the campaign “Property” in early December, which found that of the 700 controlled entities owned by foreigners 499 of these companies were fictitious, and established for the sole purpose of purchasing real estate in BiH. It was found that within property controlled entities there were more than 600 residential and commercial properties, and 1,768 company registered land certificates.
The “Property” campaign confirmed that at registered addresses there were 192 legally operational entities, with foreign citizens who have a regulated temporary facility; while in the about 100 legal entities where foreign owners never even entered the country, 58 foreigners abused their temporary residence, and 158 foreigners visited without resolving their status.
The monitoring included citizens of Kuwait, Qatar, Saudi Arabia, Libya, Syria, UAE, Ukraine, and Russia, who own real estate in our country, as well as 16 tourist resorts founded by foreigner nationals.
The campaign was launched to verify information on the establishment of shell companies in Bosnia and Herzegovina, by which foreign nationals [who cannot buy property in BiH – Ed.], acquire the right to purchase these properties, purchasing real estate for further renting to foreign tourists, thereby avoiding legal obligations of keeping records of foreign visitors, alien registration and the residence of such aliens in BiH.
The campaign found that Kuwaiti citizens are the most frequent violators of this Law.
Translated by: Tea IVANOVIĆ
(Original version: SIPA istražuje prodaju zemljista Arapima)