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BUSINESS FOCUS - LEASING - LEASING IS EASY FOR FOREIGNERS IN SLOVAKIA

A pleasant surprise?

LEASING companies often offer services that match the needs of foreigners who, in turn, find leasing an ideal way to finance their stay in Slovakia.
The Slovak Spectator has learned from a number of the main Slovak leasing companies that foreign nationals interested in their services do not have to meet any special requirements.
However, Marta Krejcarová, public relations representative of the company ČSOB Leasing, said that there are some minor differences depending on where foreign clients pay taxes.

LEASING companies often offer services that match the needs of foreigners who, in turn, find leasing an ideal way to finance their stay in Slovakia.

The Slovak Spectator has learned from a number of the main Slovak leasing companies that foreign nationals interested in their services do not have to meet any special requirements.

However, Marta Krejcarová, public relations representative of the company ČSOB Leasing, said that there are some minor differences depending on where foreign clients pay taxes.

"They should meet the same criteria as Slovak citizens. Financial leasing for foreign clients differs in the aspect of taxation only," she said.

Leasing companies only assess tax residency (business seat, location of business activities, and permanent residence) for the purpose of correct Value Added Tax (VAT) Act implementation and levying tax on rent.

As for the VAT, there is a difference between leasing vehicles and leasing other commodities.

For the correct application of the VAT Act, valid from May 1, 2004, as well as international agreements on preventing double taxation, the foreign applicant has to submit a tax residence certificate, Krejcarová said.

Olga Vyskočániová, representative of another major Slovak leasing company, VB Leasing, adds that leased objects should not leave the territory of the Slovak Republic. Cars can leave the country, but should have a Slovak registration number.

Slovak citizens applying for financial leasing from the ČSOB Leasing company have to submit the following documents:


Private use:

- ID Card

- Birth certificate

- Income certificate


Business use:

- Certified commercial register record or trade licence

- ID Card

- Basic company accounting data


Other leasing companies may require additional documents from their clients, such as two proofs of identity or bills and invoices as a proof of address.

Although Slovak leasing companies do not expect a major increase in the number of their foreign clients after Slovakia's accession to the European Union, they would, of course, welcome a pleasant surprise.

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