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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. Foreigners as persons can acquire only buildings but not land. The most preferred by non-residents to become the real estate owners are: • Flats and limited ownership rights (the right of use, the right to build a house, etc.) don't include land, you can directly purchase them as a person. • If you want to buy Bulgarian real estate with land, you must set up a company that will be the owner of the property. Setting up a company in Bulgaria is very easy. Preferably it's a limited liability company with only one proprietor. Bulgarian participation in the company is not required. You don't need to have permanent address or permission for permanent stay in the country. A mandatory condition is to present a bank receipt as evidence before the court. This bank receipt should be for amount of 5000 BGN company capital, which could be drawn up 7 days after registration of the company. You won't have any liabilities for registration and establishment of new working positions, etc. REGISTERING A COMPANY The process in Bulgaria is simple and easiest way is to come to Bulgaria in person and to sign all the legal papers in front of a notary ( to notarize the papers ) which usually takes only couple of workdays. Using skilled lawyers will fully assist in the procedure of registering a company, which may take from 5 to 20 days. The approximate fees are from 600 to 1000 Euro, which includes the payment of notary fees, stamp duty, and some other taxes. Once you have a registered company, the company is allowed to own as many properties as the client wants. If you do not want to run any business through the company, it will be unactive company, which will save the annual running taxes on it! You must be aware... In Bulgaria there are 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 asking price which the buyers are paying, so due to this practice there might be a difference between the price you are paying and the price written in the title deed. All properties offered on our website are priced according to their size, condition, situation, but most importantly according to the asking price of the vendors. Saving a property To keep a property, you have to sign the so called Preliminary contract and to pay the Notaire a deposit which normally is 30% of the purchase price. The Preliminary contract determines the sale price of the property, the deadline of payments, yours and the Seller's duties & rights. If the Buyer refuses to buy, he loses the deposit. Basically, you sign the Title deed when you give the final payment. The procedure of purchasing the property is the following: • Find a property and understanding whether it is with or without the land. If the land is also to be purchased, a Ltd. should be registered. • After having specified the parameters, signing a preliminary contract. • Carrying out the usual checks by a lawyer or directly by the developer - title deeds, construction permissions, certificate of the lack of property burdens (mortgages and injunctions), plans and the like according to the case. Certifying the deal before a notary for the transfer of the ownership rights to you or your company. ****** . Make your own research browsing all available properties on the market. 2. Contact our experts to get professional advice, help narrow down your search criteria and find a suitable property. 3. Arrange a viewing trip (sign an order for purchase) to view the selected properties and areas. 4. Start the procedure of setting up a company (this could be done from a distance – Apostile procedure) 5. Choose a property; negotiate price and terms, do legal checks, conveyance and survey. 6. Take the property off the market by signing a preliminary contract (this could be done from a distance by the proxy you have authorized to act on your behalf). The preliminary contract involves paying a deposit, usually 10% of the purchasing price when you take the property off the market for a month or 1000 Euro for a week. 7. Complete the deal by transferring final funds and signing the Notary Deed (Title Deed). 8. Arrange further management of the property (declare the property in Tax office, change the title name of utility bills, arrange insurance, accounting, etc) 9. Bring the property you have bought up to your standards. Arrange building, renovation, restoration, furnishing, etc.
EU citizens buying land in Bulgaria without a Ltd company 07.05.2012 EU citizens can now buy properties with land in Bulgaria with no need to register a company. According to the Treaty of Accession of Bulgaria to the EU Bulgaria was allowed to keep the prohibition for EU physical and legal persons to buy land in Bulgaria for up to 5 years for regulated land and up to 7 years for forests and agricultural land after its accession to the EU. The 5-year term has now finished and since 1.01.2012 all EU persons are allowed to buy land in Bulgaria. This concerns properties as houses with gardens, all plots that are within the borders of the settlement, apartments. For buying agricultural land and forests EU persons still need to register companies in Bulgaria and these limitations will be valid till 1.01.2014. The same regulation applies for citizens of countries from the European Economic Area (EEA). For all other foreign persons, who are not citizens of EU or EEA countries, the restriction to buy land in Bulgaria is still valid and they still need to register a company. This change combined with the low prices of the properties throughout the country makes the properties even more attractive for citizens of all EU countries.
Property reference: ruse_dobrich-3
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