Properties in Bulgaria

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Here you can find information, legal advice and consulting services, connected with the purchase, sale and hire of real estates in Bulgaria.

Buying Property in Bulgaria

According to Bulgarian 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 real estate owners are:
- as far as houses, flats, villas and limited ownership rights are concerned / such as right of use, 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 have to set up a company that will own the property.

Essentially the process is as below:

1

Choose a property at our web site.

2

Make Preliminary inquiry and get all your questions answered.

3

Visit Bulgaria and see the property and land at first hand, sign an agent contract and pay 2 % agent's commision to use our services in finding the property.

4

Decide on your new property, accept the offer and place a deposit of 10 % to take the property off the market.
We will now commence with all the paperwork, keeping you informed at every stage.

5

Register company details.
You have to pay 450 Euro about the company registration and we will arrange all the formalities for you.

Create preliminary contract for property purchase.
Agree purchase price, commissions, administration fees and costs.

Complete detailed checks on Title documents, Licenses and permissions.
Debts on Title.

6

By signing Contract of Purchase you pay 3 % of the property price which includes the notary fees and preparation of the Notary Act. You have to pay also 2 % local tax about the purchase.

 

Become the Owner of Property in Bulgaria

 
 

All this is illustratedwith the following example:
If you choose a property at a price of 30 000 Euro, all the expenses of buying it are:

 

The kind of the company you may form is Private Limited Company / limited liability company/ - OOD.
It is a commercial company with share capital owned by its members whose liability is limited to the amount of the capital subscribed. One or more persons, including foreign natural or juridical persons may form such company.
The minimum foundation capital is 5000 lv, divided into shares. The company is incorporated from the date of its registration in the trade register of the relevant district court.
In order to be registered in the trade register, the company must have its Articles of Association, have appointed its managing director and have paid at least 70 % of its authorized capital.

What is the status of Bulgarian real estate market?

Bulgaria has been a politically stable country with preferential conditions and guarantees for foreign investors. It offers excellent business opportunities and has investment growth potential. Bulgaria real estates prices are lower than other destinations in Europe but the estimated acceptance of Bulgaria in the European Union will certainly boost the prices of Bulgaria real estate in the near future. This makes Bulgarian real estates market very attractive and profitable.


What are transfer fees when buying a property in Bulgaria?

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.


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

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.


What is your agent fee?

The agent fee is not included in the price of the property. The commission is 3 % of negotiated sale price and it is due on the day of signing the sale contract, 2 % agent's commision by signing the contract to use our services in finding the property

Preparation of all necessary documents and legal services are included in the commission.


How do we travel to Bulgaria?

There are chartered flights in summer and winter, and during the other time there are regular flights.

Do foreign citizens need visas to Bulgaria?

I. Holders of valid ordinary passports from the following countries do not need visa for a visit to Bulgaria for a period of up to 90 days within each period of six months:

Austria, Belgium, Chile, Cyprus, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Latvia, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden.

II. Holders of valid ordinary passports from the following countries do not need visa for a visit to Bulgaria for a period of up to 30 days within each period of six months:

Andorra, Australia, Canada, Estonia, Ireland, Israel, Japan, Liechtenstein, Monaco, New Zealand, Switzerland, UK, USA, the Vatican.

For passport holders of countries, enumerated in this section, a visa is neede only if:

•  their stay in Bulgaria should exceed 30 days, or

•  they require multiple entry visa for a longer period of time or a long – term visa.

III. Holders of valid ordinary passports do not need visa to enter Bulgaria in accordance with acting international agreements:

Croatia, Czech Republic, Hungary, Lithuania, Macedonia, Malta, Republic of Korea, Poland, Romania, San Marino, Slovak Republic, Slovenia, Tunisia, Yugoslavia.

IV. Holders of passports from countries not mentioned in I, II or III need a visa to enter Bulgaria.

For example Russian citizens need and entry visa to Bulgaria. Only Russians, who have residence in Bulgaria, or behold diplomatic or business passport, as well as crew members of ships and planes do not need visa to enter Bulgaria.

Entry visa to Bulgaria is free of charge to Russian citizens, who are under 16, are participants in international, cultural sports, educational and other events, as well as railway and post staff and officials.

All the rest Russian citizens have to pay consular fee and the value of the entry visa. These depend on the kind of the entry visa, which may be:

•  short - term visa / entry visa/ - single or multiple

•  transit visa

•  long – term visa/ immigration visa/

Expenses for a visa are approximately from ………………. To …………..EUR.

/ towa da se smetne w rubli I sled tova da se prevutne w EUR, zashtoto ne znam kak stava/.


What are the living costs in Bulgaria?

Living costs in Bulgaria are extremely low. For example food is generally twice cheaper than UK. House insurance is about 100 - 200 EURO per year in dependence on the type of house, its belongings and the furniture inside. For a property of price 30 000 EURO insurance against theft, flood and fire costs about 125 EURO. The gas system is not developed in Bulgaria yet. People here mostly use electricity to cook. For heating: there are central heating systems in the big cities. For a two - bedroom apartment it costs monthly about 120 EURO. For electricity when used for cooking, light or hot water one pays about 50 EURO monthly. Local and national taxes for owing a property in dependence on the location of the property are around 80 EURO per year.

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