Heritage Leipzig — buy-to-let
- Purchase price€220,000
- Refurbishment share€140,000
- Equity€75,000 (34 %)
- Bank loan€145,000
- IncomeCHF — CH company
- Heritage AfA §7i100 % / 12 yrs
- Example rate4.3 %
Model calculation, no guarantee.
Non-residents · buy-to-let
German buy-to-let for non-residents
Residence abroad and still investing in German property as a non-resident — heritage depreciation, QNG and existing stock remain open. A specialist choice of banks. Loan-to-value typically 60–70 %.
Why German buy-to-let is attractive as a non-resident
If you live abroad as a German citizen, or want to invest in Germany as a non-resident, a let buy-to-let property is often the better fit than owner-occupation:
- Tax liability in Germany only on the rental income — limited tax liability §49 EStG. The depreciation benefits are retained.
- Rent payments largely cover the instalment — a cash-flow-oriented investment
- Inflation protection and wealth building in a stable currency (EUR)
- A later return option: on returning to Germany, owner-occupation is possible
Tax and depreciation
Which depreciation models apply to non-residents
- Straight-line depreciation: 2 % (built from 1925) or 2.5 % (built before 1925) — applies to all owners, including those living abroad
- Heritage depreciation §7i: 100 % of the refurbishment share over 12 years — also applies with residence abroad if there is tax liability in Germany
- Special depreciation for existing stock §7b: 5 % × 4 years for new rental flats meeting EH-55 — applies to non-residents with limited tax liability
- QNG new-build special depreciation: still possible within §7b, plus regular straight-line depreciation
For non-resident buy-to-let, limited tax liability in Germany is the prerequisite. Involve tax advisers in both countries — I do not provide tax advice.
Financing structure
How a non-resident buy-to-let is financed
- Loan-to-value: typically 60–70 % for non-residents, sometimes 80 % with very strong credit
- Equity: 30–40 % + incidental costs (transfer tax, notary, land register)
- Pool of banks: 6–10 banks active, depending on country of residence and income
- KfW funding: limited for non-residents — KfW 261 (energy refurbishment) is possible case by case; KfW 297 for owner-occupation does not apply
- Tranche payout for refurbishment properties — as with heritage financing for residents
Model calculations
Residence Switzerland · CHF
Residence USA · USD
Example financings
Condo Hamburg — buy-to-let
- Purchase price€355,000
- Equity€130,000 (37 %)
- Bank loan€225,000
- IncomeUSD — US company
- Conversion rightNo (USA not in EU)
- Example rate4.4 %
- Monthly payment~€1,230
Model calculation, no guarantee.
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