Bulgaria has one of the most liberal foreign investment laws in the region regarding Bulgaria real estate, as well as the foreign investors. According to the Bulgarian Constitution and legislation foreign persons and companies can invest in real estate in Bulgaria either personally or through a local legal entity. Generally speaking, foreigners as persons can acquire only buildings but not land. Only Bulgarian citizens and legal persons (including such with foreign owner) can obtain the ownership of Bulgarian land.
Therefore, the most popular and preferred by non-residents ways to become the real estate owners are:
* As far as houses, villas, flats and limited ownership rights (the right of use, the right to build a house, etc.) are concerned, you can directly purchase them as a person.
* When talking about Bulgaria real estate with land, you set up a company that will be the owner of the property. Setting up a company in Bulgaria is very easy. All you need is a good solicitor or barrister at law.
Of course, there are other ways to do it, like:
* Establishing a
joint venture with existing local companies;
* Setting up a new venture;
* Acquiring a company through privatisation;
* Making a portfolio investment;
Foreign organizations have the right to open bank accounts denominated in a Bulgarian or foreign currency. There is also no limit to the company stake they possess. Moreover, there is a special regime of respect towards the foreign investors on the part of the Bulgarian legislative system, which is a gesture of tolerance to those, who are interested in Bulgaria and are willing to benefit from its future. Last 2 Bulgarian governments are doing their best to attract foreign investors to our economy, inclusive such that want to buy Bulgaria real estate.
We are here to help and organize the whole process of acquisition for you from the start to the very end. The service will be undertaken by a Bulgarian lawyer, expert in Bulgaria real estate and specialists who will provide you with a professional help in the field you need, including:
* Registrations of
mixed and foreign companies;
* The best relation between price and quality of
real estate achieved by professional negotiations;
* Property management and real estate
maintenance;
* Travel arrangements when arranging viewings of
Bulgaria real estate;
* Own cars for visits to real estates in the
country;
* Advice on any topic that intrigues your
attention
IMPORTANT
INFORMATION TO CONSIDER WHEN BUYING PROPERTY IN BULGARIA
* The usual term
for the old owners of the property to move out of it after completion of the
sale is one month. This could be negotiated if the buyers require a shorter
term.
* All foreign buyers purchasing real estate
property must be aware that in Bulgaria there are such terms as "tax
estimation price" and "purchase price". The "tax estimation
price" is for the purposes of real estate taxation and is much lower than
the actual selling (purchase) price.
Most of the Bulgarian propety owners (vendors) wish that the "tax estimation price" is written in the title deed, and not the selling (asking) price which the buyers are paying, so due to this practice there might be discrepancies between the price you are paying and the price written in the title deed. This is because of various reasons and our company can not be responisble for it. If the respected property buyer wishes that the purchasing price is written in the property title deed they must notify us in advance and we will negotiate on this with the vendor of the property.
We are charging the following fees and agent commissions:
The cost does not display the total purchase
price. It only includes the price of the property and fees for consultancy on
legal and tax issues. The following fees and agent commissions are added on top
of the cost:
Agency commission: Our agents commission covers many important services which
we provide for the buyer during the process of pruchasing - such as:
solicitor's assistance, full checks on the title deeds and the ownership,
preparation of all necessary contracts, paperwork, communication costs. etc. We
protect the rights of the buyer!
Other expenses: Depending on each property there are other expenses like: notary fees, tax when purchasing property, stamp duty, checks on the property ownership, etc. These additional charges are usually around 3%-5% of the price.
Company registration fee: Our lawyers will fully assist you in registering your LTD company in Bulgaria. For registering a company we charge a fee of 600 Euros. Please note that the company must prepare and submit annual tax declarations as well as keep accountnacy books. Therefore, we have a qualified local accountant to take care about the company's books.
Property and company maintenance fees: When the rural property you have bought has been transfered to your Bulgarian ltd. company name you need to do the following things: organise yearly accountancy of your company, open a company bank account, transfer the utility bills (electricity, water, etc) to your company name, and lots of others. Our substantial experience in property sales has shown that the after sale services are vital to our clients. Therefore, we have created a comprehensive after sale services pack called property and company maintenance. It goes with each property purchase to make sure all details are arranged well in advance. This saves both you and our company a lot of important issues to organise at a later date.