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LEGAL ADVICE |
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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 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 of registering a company in Bulgaria is simple and takes little time.
The 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. Our skilled lawyers will fully assist in the procedure of registering a company, which may take from 5 to 20 days. The fee is from 600 to 1000 Euro, which includes the payment of notary fees, stamp duty, and some other taxes.
Once our client has a registered company, the company is allowed to own as many properties as the client wants.
If the customer doesn't want to run any business through the company, it will be unactive company, which will save the annual running taxes on it! But if the customer decides to develop business through the company it is possible to use the legal assistance of our lawyers.
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
When you want to keep a property, you have to sign the so called Preliminary contarct and to pay the Seller 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:
- Finding a property and understanding whether it is for sale, 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.
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