LIVING, WORKING, GETING EDUCATION AND HOW TO BUY, SALE PROPERTY IN BOSNİA AND HERZEGOVİNA


Bosnia and Herzegovina

is a country in Southeastern Europe located on the Balkan Peninsula. Sarajevo is the capital and largest city. Bordered by Croatia to the north, west, and south; Serbia to the east; Montenegro to the southeast; and the Adriatic Sea to the south, with a coastline about 20 kilometers (12 miles) long surrounding the city of Neum. In the central and eastern interior of the country the geography is mountainous, in the northwest it is moderately hilly, and the northeast is predominantly flatland. The inland is a geographically larger region and has a moderate continental climate, with hot summers and cold and snowy winters Overall, close to 50% of Bosnia and Herzegovina is forested. Most forest areas are in Central, Eastern and Western parts of Bosnia. Herzegovina has drier Mediterranean climate, with dominant karst topography. Northern Bosnia (Posavina) contains very fertile agricultural land along the river Sava and the corresponding area is heavily farmed. This farmland is a part of the Parapannonian Plain stretching into neighboring Croatia and Serbia. The country has only 20 kilometers (12 miles) of coastline, around the town of Neum in the Herzegovina-Neretva Canton. Although the city is surrounded by Croatian peninsulas, by the international law, Bosnia and Herzegovina has aright of passage to the outer sea.

Standard of live

The country maintains high literacy, life expectancy and education levels and is one of the most frequently visited countries in the region, projected to have the third highest tourism growth rate in the world between 1995 and 2020. Bosnia and Herzegovina is regionally and internationally renowned for its natural beauty and cultural heritage inherited from six historical civilizations, its cuisine, winter sports, its eclectic and unique music, architecture and its festivals.

Economy

Bosnia faces the dual-problem of rebuilding a war-torn country and introducing transitional liberal market reforms to its formerly mixed economy. One legacy of the previous era is a strong industry; under former republic president Džemal Bijedić and SFRY President Josip Broz Tito, metal industries were promoted in the republic, resulting in the development of a large share of Yugoslavia's plants; S.R. Bosnia and Herzegovina had a very strong industrial export oriented economy in the 1970s and 1980s, with large scale exports worth millions of US$. For most of Bosnia's history, agriculture has been conducted on privately owned farms; Fresh food has traditionally been exported from the republic. Bosnia and Herzegovina has displayed positive progress in the previous years, which decisively moved its place from the lowest income equality rank of income equality rankings fourteen out of 193 nations. Bosnia has also become an increasingly popular skiing and Ecotourism destination. Bosnia and Herzegovina remains one of the last undiscovered natural regions of the southern area of the Alps, with vast tracts of wild and untouched nature attracting adventurers and nature lovers. National Geographic magazine named Bosnia and Herzegovina as the best mountain biking adventure destination for 2012. The central Bosnian Dinaric Alps are favored by hikers and mountaineers, containing both Mediterranean and Alpine climates. Whitewater rafting is somewhat of a national pastime, with three rivers, including the deepest river canyon in Europe, the Tara River Canyon. The Huffington Post named Bosnia and Herzegovina the "9th Greatest Adventure in the World for 2013", adding that the country boasts "the cleanest water and air in Europe; the greatest untouched forests; and the most wildlife. The best way to experience is the three rivers trip, which purls through the best the Balkans has to offer." The areas generating most interest have been the ski resorts around Sarajevo which hosted The Winter Olympics in 1984. Bosnia and Herzegovina is known for having some of the best skiing in Europe, as well as one of the longest ski seasons. There has also been strong interest in development land in the resorts, where plenty of plots in prime locations are still available at attractive prices. Other areas that can be a good investment include Medjugorje, a popular pilgrim site, Travnik in central Bosnia near Vlasic ski resort, and towns in southern Herzegovina close to the border with Croatia and Adriatic Sea. Properties in old town of Sarajevo are rarely available as most are rent to embassies and foreigners.

Education

Higher education has a long and rich tradition in Bosnia and Herzegovina. The first bespoke higher-education institution was a school of Sufi philosophy established by Gazi Husrev-beg in 1531. Numerous other religious schools then followed. In 1887, under the Austro-Hungarian Empire, a Sharia law school began a five-year program. In the 1940s the University of Sarajevo became the city's first secular higher education institute. In the 1950s post-bachelaurate graduate degrees became available. Severely damaged during the war, it was recently rebuilt in partnership with more than 40 other universities. There are various other institutions of higher education, including: University "Džemal Bijedić" of Mostar, University of Banja Luka, University of Mostar, University of East Sarajevo, University of Tuzla,American University in Bosnia and Herzegovina and the Academy of Sciences and Arts of Bosnia and Herzegovina, which is held in high regard as one of the most prestigious creative arts academies in the region. Also, Bosnia and Herzegovina is home to several private and international higher education institutions, some of which are: Sarajevo School of Science and Technology, International University of Sarajevo, American University in Bosnia and Herzegovina, Sarajevo Graduate School of Business, International Burch University.

Process of buying Property

Foreigners have the same rights to property ownership as citizens of Bosnia and Herzegovina. No permit of any kind is required to become a property owner. Upon completion of the preliminary contract the purchaser must pay a deposit of 3-5% of the agreed selling price to the seller. There is no capital gains tax payable at the moment but there are no guarantees that this will not be a feature of the market in the future. A real estate transfer tax of 6 per cent applies to all purchases. Owning a property, a residence permit can be acquired.