| The Law.
Bulgarian law currently stipulates that only Bulgarian entities (a Bulgarian citizen or a Bulgarian company) can purchase land. Therefore if you want to buy land, or a property with a garden, you must create a Bulgarian company. This is a simple process and we can assist you in creating a company. We recommend that this process be started as soon as you decide that you are going to buy a house in Bulgaria, as it can take some time. The cost involved is around 550(GBP) including registration with the National Tax Registry, the Companies Register and the Social Security Institute. The process requires the owner of the company to set up a bank account (for a nominal fee) and place a deposit of 5000 Lev (approximately 1,700 GBP), refundable once the company becomes a legal entity. Once you have a company formed you can buy as many plots of land or houses with gardens as you desire. However, there is no need to go to the expense of creating a company if you are purchasing an apartment. When you buy an apartment, you buy a part of the building and as such there is no need to create a company. This part of the building is freehold and there is no lease, the apartment is yours forever, or until you sell. Please also note than in Bulgaria there is a Tax estimation price similar to ratable value in UK which is usually several times lower than the sale price. Because of various reasons most vendors prefer that this lower price rather than the real sale price is written in Title deeds. Due to this practice there might be discrepancies between the price you are paying and the price written in title deeds. There will be a contract between yourself and the seller with the actual purchase amount. |
| Buying Property and Land.
Step 1 - Choose an area Choose an area by looking at the information we have on the towns in the Stara Planina region. Then choose a selection of houses or land for viewing. If you decide that you have found the house of your dreams and don't want to risk losing it, we require a 1000(GBP) non-refundable deposit to take it off the market. Step 2 - Start Company Formation The company formation process can sometimes take a while, so we recommend the application be started as soon as you have decided you are serious about buying in Bulgaria. The prices for this will be approximately 550(GBP). We will start this process once you have given us the relevant details for the new company and made payment for the formation. Step 3 - Arrange a trip to View Let us know if or when you will be travelling to Bulgaria and for how long. Accommodation can be arranged by us if required. We will give you a list of hotels and prices for you to choose from. If you would prefer to drive around we can arrange for car hire to be picked up at the airport on your arrival, or we can transport you personally from the airport to your accommodation and set an itinery for viewing your chosen properties. Step 4 - Decision Time Once you have decided which property or land you wish to purchase we will start the legalities required for the conveyances. By the time we reach this stage your company formation should be complete and you are ready to buy. Step 5 - The Purchase In Bulgaria, there is a third party who basically acts on behalf of the government. This person is called the ‘notary’. It is the notary’s responsibility to ensure that the correct details are entered onto property deeds. All Parts Of The Buying Process Are Translated And Explained To You By A Senior Expert From The Chamber Of Commerce And Industry. Once the notary is sure everything is correct and done in the proper manner, payment is made and title deeds are transferred. |
| Buying Off Plan.
Buying a property off plan in Bulgaria is essentially the same as buying in the UK. Once you have chosen the property a reservation deposit of 1000(GBP) will be required, This is to take the property off the market and shows a serious intent to buy. Then the initial contract is signed, which is basically an obligation to build on behalf of the developer and an obligation to buy on behalf of the client. Once the contracts have been signed, the construction can begin and the first stage payment will be required. You will be sent regular pictures and information on the progress of your new home, and following stage payments will be requested as and when required. You are welcome to come and see the progress and speak to the developer at any time. The difference comes when the property is completed. In Bulgaria, there is a third party who basically acts on behalf of the government. This person is called the ‘notary’. It is the notary’s responsibility to ensure that the correct details are entered onto property deeds. All Parts Of The Buying Process Are Translated And Explained To You By A Senior Expert From The Chamber Of Commerce And Industry. Once the notary is sure everything is correct and done in the proper manner, he will meet with the client and developers representative and the deeds will be issued and the final stage payment will be requested. This is a simplified explanation of our buying procedure. |
| Fees.
Company Formation: 550 GBP Conveyance per property: 1000 GBP (This includes agents fee, conveyance, tax and notary fee) Optional Extras Transportation: 15p per mile |