Buying Guide Details

Buying Property in Corsica

Where to buy property in Corsica

Off the coast of southern France, but actually situated closer to Italy, the Mediterranean island of Corsica has been a French territory since the late 18th century. It remains very popular with Italian property buyers, though it has begun to appear on the property radar of other overseas investors.

With 1000 kilometres of coastline and restrictions on property development in Corsica, there are plentiful picturesque harbours and bays still unspoilt in spite of a busy tourist industry, while inland there are olive and orange grows and vast tracts of forest. Island getaways are certainly a popular second home choice, with Corsica’s fantastic climate being a particular draw.

Diving and water sports draw many visitors here, as do the fabulous beaches. Those at Solenzara, around Porto and between Porto Vecchio and Bonifacio are some of the best known.

Golf is also a popular pastime on Corsica, with five courses of various sizes at present. Sperone, near Bonifacio at the southern tip of the island, is the most admired with its stunning coastal scenery. Properties on the courses may not be cheap but Corsica's climate offers a balmy twelve-month season for playing, and year-round rental returns make golf property in Corsica a tempting investment.

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The Process of Buying Property in Corsica

Once the buyer has found a property in Corsica and made an offer, both parties must sign a compromis; a legally binding agreement setting out all terms involved
Financing will have to be sorted out by this stage as details regarding any loans must be clearly outlined in the compromis
There is then a seven-day cooling-off period, which gives the buyer (but not the seller) the opportunity to back out of the deal without penalty. A 10% deposit is then required and the notaire then carries out all checks on the property (for clean title, wood rot, etc)
Before the signing takes place, all funds must be transferred to the notary’s account. Failure to do this on time could mean the buyer loses both the property and the money
If the buyer is not able to visit the property in Corsica before signing the final contract, a representative should do so on their behalf to make sure that everything is in order. The contract clearly states that the property is accepted in its condition on the day of sale
Finally the acte de vente is signed in front of the notary, and the sale is complete.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Vary hugely depending on the region and type of property in Corsica, but set aside 12 to 15% of the selling price
Allow around 6 to 8% per cent for notaire’s fees. This includes stamp duty, which varies from 0.6% for a new-build to 6% for any property over five years old
Agents’ fees vary greatly and can be anywhere from 4 to 15%. Around 7% is the most common amount, but check when looking in agent’s windows for the letters FAI after the price – this indicates that their fees are already included
IVA (VAT) of 19.6% is applicable on most fees and taxes, but is avoided on leasebacks. The price of new-build properties in Corsica usually includes 19.6% IVA, but always verify this from the start
If a property in Corsica is sold on within two years, capital gains tax is likely to be in excess of 33%
Transfer tax varies greatly, but for properties in Corsica over five years it tends to be around 7%.

Getting there

There are direct flights from the UK to Bastia and Calvi airports.

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