| In
the past many readers who read my article about castles for sale in eastern
Germany asked if there were castles that could be bought and restored for
between 100,000 euros and perhaps 500,000 euros. Although we sometimes
find properties that fit this range of investment, particularly at the
higher end, in most cases the castles and manor houses that are for sale
are large and consequently they are more costly to restore. Fractional
ownership may be the answer. It is new concept which makes it possible
for those with smaller budgets who would like to own a castle or manor
house to be a part owner of a castle. Fractional ownership (frac)
is the latest trend in real estate world wide. Many upscale resorts in
the United States, Canada and the Caribbean are marketed on a frac ownership
basis.
If you invest
in a castle property on a fractional ownership basis you actually own part
of the castle or manor house, ground and all. It is not like buying a condominium
where you only own your unit, nor is it a time share system. With fractional
ownership you are an owner in the whole project. |
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FRACTIONAL
OWNERSHIPS FOR CASTLES IN SAXONY
CASTLE AND
GATE HOUSE GROSSDEUBEN/LEIPZIG AREA
If you prefer
to live near a city you might want to consider the Castle and Gate House
at Grossdeuben located in the small village of Grossdeuben some 25 minutes
by car or train from down-town Leipzig. Leipzig is Germany's new boom town
which is often referred to as Little Paris for its flair, and which has
once more become one of Germany's most dynamic cities. Fractional ownership
in the Grossdeuben project is a particularly lucrative investment because
of its location. The project is set in a large country park and consists
of a small castle built in 1730 and the historic Gate House built between
1700 and 1710. Fractional ownerships range from Euro 100,000 to Euro 375,000
for a unit in the Castle or the in the Gate House, the latter witch
features a vaulted entrance hall and glass enclosed arched terraces.
CASTLE LAUTERBACH/
MEISSEN/DRESDEN AREA
A prestigious
project is the Castle Lauterbach, a historic country castle whose history
dates to the middle of 14th century. |
| Today's
castle is mostly from the 1700's and has been renovated in the late 1800's.
The castle is located in the small village of Lauterbach in a romantic
park with a lake fronting the castle. Much of the castle is still original
which will add to its future value.The project will feature a spa when
it is finished. Frac prices range from Euro 120,000 to Euro 320,000.
HISTORIC
TOWN HOUSES IN LEIPZIG
A different
type of frac ownership is in historic town houses in Leipzig. Several ownerships
are available in three different projects, all located within the city
limits of Leipzig, thus they represent an excellent investment value since
they can easily be rented. All are in historic properties from built in
the 19th century or around the turn of the century. Prices range from Euro
52,000 to Euro 130,000.
HISTORIC
FARM HOUSE BY THE SEA
A unique investment
is offered in a historic thatch roofed farm house in the resort village
of Krummin on the Ostsee (East Sea, the sea that connects the North Sea
with the Baltic Sea). Krummin is a popular holiday resort with a yacht
harbor, bathing beaches and a sea front promenade, about three hours by
car from Berlin. 8 units are available on a frac ownership ranging in price
from Euro 95,000 to Euro 175,000.
CASTLE RUHETAL
SOUTHEASTERN SAXONY
An business
type ownership is offered in the Castle Ruhetal project in Muegeln in southeastern
Saxony. The Castle Ruhetal is a massive castle that dates to the 11th century.
Surrounding the castle is one of the most complete castle estates in Europe
consisting of historic former barns, granaries, staff houses, gate houses,
even a jail, all of it set on about 100 acres of land. The castle itself
will house a small hotel and a museum, the estate buildings will be made
into a theme park recreating the original estate. |
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Frac
owners will each have a unit in one of the staff houses for their own use
or to rent. The medieval town center of the Muegeln is but a short ten
minute walk from the castle. Frac ownership is available to 20 owners.
Investment per owner is Euro 500,000.
QUESTIONS
ABOUT LONG TERM RESIDENCY IN GERMANY
Q If
I buy a castle in Germany and would like to live there more than three
month, what do I have to do to obtain residency?
A You
will have to get a residency permit. To obtain it you have to go to the
town hall or police station to apply for it. To obtain a residence permit
you need to show proof that you can support yourself (if you own real estate
this clause is usually waived), furthermore you need to show proof of health
insurance. If you don't have health insurance you need to apply for
it through a German insurance company, or join the Krankenkasse (socialized
medicine). The procedure is not complicated nor expensive. If you are the
owner of a castle, by the time the project is finished you will already
be a respected resident of the local community where the castle or manor
house is located. You will know the mayor and other city officials in person
which will making applying for a residency permit very easy. |
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| Q For
how long is a residence permit in effect?
A It
depends on how long you would like to apply for, 6 months, a year or for
permanent residency. The choice is yours.
Q What
about a drivers license?
A You
can drive with your US license for up to six month. After this go to the
motor vehicle department and apply for a German drivers license. You can
get a German license without taking tests if you apply for it before the
initial 6 month are over. You need a translation of your license which
you can get at the German Automobile Club (ADAC) for a small fee.
You also need to show your passport and give your German address. |
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