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Our recent exhibition in Cardiff was a great success and we would like to take the opportunity to thank everyone who attended over the course of the weekend.
NEWSLETTER
Legal Advice
Bulgaria is a politically stable country with a developing economy, a member of NATO and joined the European Union in 2007. In recent years, Bulgarian legislation has come in to line with other European countries. This process is not finished yet and the parliament pays special attention to the laws that make our country attractive for the foreign investors. Bulgaria has one of the most liberal foreign investment laws in the region, providing preferential conditions and guarantees for the foreign investors. Presently, our country offers excellent business opportunities and investment growth potential.
The prices of real estate in Bulgaria are much lower in comparison with other European countries. But this will soon drastically change when our country will be accepted in the European Union in 2007. Although the real estate market is developing very fast, still there are unexplored and unutilized areas, which make it attractive and profitable.
Bulgarian legislation gives foreign legal and individuals the opportunity to acquire real estate within the country. There is only one restriction – a non-resident individual can purchase buildings, but not land on which they are built. This restriction is imposed by the Constitution of the Republic of Bulgaria. Houses, villas, flats,shops and limited ownership rights (the right of use, the right to build a house, etc.), foreigners can directly acquire as a person; Real estate with land, foreign citizens can own if they set up a Bulgaria based company that will be the owner of the property. The registration of the company is not complex at all and we entirely help You in that process. The most common type of organization used by foreign investors is a limited liability company. Other possible forms are the companies limited by shares (joint stock companies), joint enterprises, business associations, general partnerships, limited partnerships, and sole proprietorships.
The law does not limit the extent or amount of foreign participation in companies. Foreign individuals and companies can open unlimited number of accounts in any Bulgarian banks, denominated in a Bulgarian or foreign currency.
IMPORTANT INFORMATION, YOU SHOULD KNOW BUYING PROPERTIES IN BULGARIA
The whole property purchase procedure takes approximately one month - from the reservation deposit to the obtaining of the Notary Deed.
Usually the old owners of the real estate move out in term of one month after the finalization of the sale deal. This issue could be negotiated if the buyers require a shorter term. For this purpose, they should ask the assistance of Property in Bulgarian, but without expecting the property to be empty right after signing the final contact.
In Bulgaria, there are such 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 selling (market) price. Most of the Bulgarian property owners (vendors) prefer in the title deed to be written the "tax estimation price", not the selling price that the buyer has paid. So because of this practice there might be discrepancies between the price You pay and the price written in the title deed. Property in Bulgaria is not responsible for that! But if property buyer insists on writing the purchasing price in the property title deed, he should inform us in advance in order to negotiate on this with the vendor of the property.
