Property in Bulgaria

Questions and Answers about properties in Bulgaria

Questions and Answers about bulgarian property market. Information how to buy or sell property in Bulgaria. Low and taxes information. Facts, tips and tricks, trends.

Property in Bulgaria Questions and Answers :

# Can foreign nationals own land in Bulgaria?

# Can foreign nationals own property in Bulgaria?

# Where I can find more articles about bulgarian real estate market?

# What are current property prices in Bulgaria?

# How can be established an enterprise with foreign investment in Bulgaria?

# Are there any restrictions on buying property in Bulgaria for a foreign national?

# How long does buying a property in Bulgaria takes?

# What are the procedures when buying a property in Bulgaria?

# What is available on the market?

# Are there any restrictions for foreigners?

# What is the legal treatment of foreign investors in Bulgaria?

# Who and how can one obtain property rights over real estate in Bulgaria?

# What are the living costs in Bulgaria? How much one pays for house insurance, gas, electricity, local and national taxes, to hire a gardener or a builder, to drive a car?

# Where I can find map of Bulgaria?

# How much should we expect to pay for an acre of land in Bulgaria?

# I want to buy property in ski resort? Where I can find such offers?

# If our property is only going to be occupied for about two months of the year, do we really need to get good security for the rest of the time?

# Because Foreign nationals arent able to own land in Bulgaria directly, which are the preferred types of business organizations with foreign investment?

# If I buy a house, does this mean that I own the land too?

# Do I have to register a company if I want to buy an apartment?

# Can I purchase property without coming to Bulgaria?

# What are transfer fees when buying a property in Bulgaria?

# Who can form a Limited Liability Company and how?

# Is there Value Added Tax on transactions with land and lease of property?

# What is standard commission fee for real estate agent?





Bulgaria Property Question : Can foreign nationals own land in Bulgaria?

Property in Bulgaria Answer : Foreign nationals arent able to own land in Bulgaria directly - this law is liable to change in the next few years. Meantime this obstacle can be overcome by incorporating a business in Bulgaria and owning the land as an asset of the business.

Bulgaria Property Question : Can foreign nationals own property in Bulgaria?

Property in Bulgaria Answer : Yes foreign nationals can own property in Bulgaria.

Bulgaria Property Question : Where I can find more articles about bulgarian real estate market?

Property in Bulgaria Answer : We provide a lots of articles about bulgarian real estate market at our Real Estate Bulgaria portal.

Bulgaria Property Question : What are current property prices in Bulgaria?

Property in Bulgaria Answer : Property prices in Bulgaria are increasing all the time. Property still remains excellent value for the moment. A basic rural cottage can be purchased for as little as GBP 5000, but expect to pay significantly more for a property in one of the beach resorts or cities. Check the Property section to get an idea of what you can get for your money.

Bulgaria Property Question : How can be established an enterprise with foreign investment in Bulgaria?

Property in Bulgaria Answer : Foreign investment typically assumes one of the following forms: establishing a joint venture with existing companies; acquiring a company through privatization; setting up a new (green field) venture or making a portfolio investment.

Bulgaria Property Question : Are there any restrictions on buying property in Bulgaria for a foreign national?

Property in Bulgaria Answer : There are no restrictions on buying property in Bulgaria for a foreign national. You can buy as many apartments in Bulgaria as you can afford!

Bulgaria Property Question : How long does buying a property in Bulgaria takes?

Property in Bulgaria Answer : Buying a property in Bulgaria varies depending upon the type of property you buy (villa or apartment), also if the property is new or re-sale. For properties for sale with land you would need to incorporate a limited company in Bulgaria, which takes time. Generally it will take 3-5 weeks to buy a property.

Bulgaria Property Question : What are the procedures when buying a property in Bulgaria?

Property in Bulgaria Answer : The procedures vary depending upon the type of property you buy - villa or apartment. Foreign nationals cannot own land in Bulgaria directly. This means that a lot of properties for sale in Bulgaria require limited liability company incorporation before you can proceed with a purchase. This law is likely to change in the near future to comply with EU legislation.

Bulgaria Property Question : What is available on the market?

Property in Bulgaria Answer : The majority people who are buying property in Bulgaria are looking for holiday/second homes often with a view to retirement in later years.

Bulgaria Property Question : Are there any restrictions for foreigners?

Property in Bulgaria Answer : According to the Bulgarian Constitution foreign individual persons can buy buildings but not land. Therefore the most common method for foreigners buying property in Bulgaria is to set up a company which then owns the land and the buildings. We expect the law to change within the short to medium term as Bulgaria opens its doors fully in line with its expected entry into the European Union (2007).

Bulgaria Property Question : What is the legal treatment of foreign investors in Bulgaria?

Property in Bulgaria Answer : -Equal rights for Bulgarian and foreign investors -Priority of those international agreements that guarantee more favorable conditions for carrying out business activities by foreign legal entities -Unlimited foreign participation in all types of business activity registered in Bulgaria.

Bulgaria Property Question : Who and how can one obtain property rights over real estate in Bulgaria?

Property in Bulgaria Answer : Foreign nationals and foreign legal entities may acquire ownership title over buildings and limited ownership rights over property in the Republic of Bulgaria.

Bulgaria Property Question : What are the living costs in Bulgaria? How much one pays for house insurance, gas, electricity, local and national taxes, to hire a gardener or a builder, to drive a car?

Property in Bulgaria Answer : It's not possible to compare living costs in Bulgaria and Western Europe. Living costs in Bulgaria are extremely low! For example the food is generally twice cheaper than UK. House insurance: around 100-200 . EURO per year depending on the type of house, together with the belongings and furniture inside. For a property of price 30,000 . EURO insurance against theft, flood and fire costs about 125 . EURO per year with a decent insurance company like Allianz. Gas: the gas system network is not developed in Bulgaria yet. People here mostly use electricity to cook. For heating: there are central heating systems in the big cities: monthly costs for a 2-bedroom apartment around 120 . EURO. In the small places people use charcoal and wood, which is even cheaper way to heat a house. For electricity, when used for cooking, light or hot water one pays about 30 . EURO monthly. Local and national taxes for owning a property: depending on the place where the property is located, the most expensive area is the capital Sofia, where the annual taxes of 2 bedroom apartment are around 150 . EURO per year, but the rest of the country is around 80 . EURO per year. To employ a gardener or maintenance man or builder you will not pay much. The average salary in Bulgaria is 200 . EURO per month.

Bulgaria Property Question : Where I can find map of Bulgaria?

Property in Bulgaria Answer : We have great online collections of maps of Bulgaria and Bulgarian bigest cities and regions (follow more info link).

Bulgaria Property Question : How much should we expect to pay for an acre of land in Bulgaria?

Property in Bulgaria Answer : It is strongly depend of location of land. The land close to Black Sea, in biggest cities or biggest ski resorts are most expensive than in countryside.

Bulgaria Property Question : I want to buy property in ski resort? Where I can find such offers?

Property in Bulgaria Answer : A lot of ski property offers for properties in mountains and ski resorts you can find at our *** Bulgarian Properties *** real estate portal.

Bulgaria Property Question : If our property is only going to be occupied for about two months of the year, do we really need to get good security for the rest of the time?

Property in Bulgaria Answer : Yes! It is best when you have special alarm system and private property protection which costs € 13-25 per month. There are few very professional companies in Bulgaria providing such service.

Bulgaria Property Question : Because Foreign nationals arent able to own land in Bulgaria directly, which are the preferred types of business organizations with foreign investment?

Property in Bulgaria Answer : The most common form of organization for foreign investors is a limited liability company. Other types are general partnership, limited partnership, joint stock company, sole proprietorship, joint venture, branch, holding, cooperatives, representative office. Limited liability companies, unlimited partnerships, public limited companies, limited partnerships, holdings and cooperatives are legal entities. Branches and representations are not independent legal entities: branches may engage in economic activities, they have their own property and compile a separate balance sheet; representations may not engage in economic activities.

Bulgaria Property Question : If I buy a house, does this mean that I own the land too?

Property in Bulgaria Answer : YES, if you become the owner of a property after having registered a company, this means that you are the legal owner of its plot of land too. Subsequently, you are entitled to do whatever you wish with this property, including selling it, renting it out, etc.

Bulgaria Property Question : Do I have to register a company if I want to buy an apartment?

Property in Bulgaria Answer : No. Foreign individuals can buy the buildings, but not the land. Company is needed when you want to buy the freehold.

Bulgaria Property Question : Can I purchase property without coming to Bulgaria?

Property in Bulgaria Answer : Yes, but it is stronly recommended our first to view the property. It is also possible to buy using power of attorney.

Bulgaria Property Question : What are transfer fees when buying a property in Bulgaria?

Property in Bulgaria Answer : There are notary and municipal fees, connected to the process of buying property in Bulgaria. The notary fees are paid on the higher of the market price or the book value of the property at varying rates, specified in a special notary chart. In addition to this 2 % municipal fee on the market price or book value is paid to the municipality, where the property is located.

Bulgaria Property Question : Who can form a Limited Liability Company and how?

Property in Bulgaria Answer : A Bulgarian or foreign person (judicial or physical). The person/persons will be liable for the company's obligations to the value of his/hers share in the company's registered capital. The shareholders conduct preliminary discussions on the commercial activities they intend to engage in. Based on their agreement, Articles of Incorporation are prepared & signed by all shareholders.

Bulgaria Property Question : Is there Value Added Tax on transactions with land and lease of property?

Property in Bulgaria Answer : Transactions with land and lease of property for residential purposes are exempt from Value Added Tax /VAT/. All other real estates transactions are subject to VAT, which is 20 %. The buyer/ lessee is entitled to a VAT refund, provided that it is registered for VAT purposes.

Bulgaria Property Question : What is standard commission fee for real estate agent?

Property in Bulgaria Answer : Standard fee that broker collect is between 2% and 3%.