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Copyright 2005 - SBS Bulgarian Properties Ltd., Bourgas, Bulgaria. - office@sbsbulgarianproperties.com | ||||||||||||||||
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How to buy real estate in Bulgaria | ||||||||||||||||
Purchasing real estates in Bulgaria by foreign citizens and foreign companies 1.Purchasing separate objects in buildings (apartments, offices, studious, work shops and others) or a whole building without possession of the land. According to the Bulgarian legislation after the change in 2001, foreign individuals can buy any kind of real estates without land. They can only possess a building or some parts of it. The vendees may attend the conclusion of a preliminary or a final contract for purchase of the estate personally or through an attorney of theirs. In order to have the attorney’s power of representation proved, only the personal details /i.e. passport/ and a letter of attorney where the signatures of the vendees are verified by a notary /if the signatures are verified out of Bulgaria, an apostil too/ are required. After the purchase and receiving the notary deed with the name of the vendee – a foreigner, as the new owner of the property, the purchase is to be registered in the Court and in the special BULSTAT Register no longer than 5 days after the registration of the transaction. After this procedure, the foreigner receives a BULSTAT number as an owner of a real estate in Bulgaria. 2. Purchasing buildings together with the land (a house with a yard or only the plot of land): Opposite from what you have already read in 1 paragraph in Republic of Bulgaria foreign individuals or foreign legal entities can not acquire full land ownership rights, including ownership rights on agricultural land. According to Bulgarian law foreign persons are: foreign citizens or companies registered out of the territory of Bulgaria. That’s why if à foreign citizen or a foreign company wishes to possess the ownership of the land he/it should register a company on the territory of the Republic of Bulgaria. The registration is taking about 10 working days since the day of the submission of the whole required set of documents at the respective District Court where the domicile of the newly founded company is. The practice is upon submission to also leave the contact details of the lawyer who is working on the registration so that if the need arises, the judge or other authorities are able to correspond with him about any matter. If the sole purpose for the registration of the company is to obtain tangible property in Bulgaria, then this company cannot develop economic activity and does not pay taxes. The company, being registered in Bulgaria, is a Bulgarian legal entity, and the shareholder/s/ - a foreign individual or a foreign company. You may have a company registered here without coming at all, if you duly sign before a notary in your country the necessary documents, which you may receive from Bulgaria. If you are in Bulgaria the necessary documents will be prepared by a lawyer within one day and will be submitted to the Court. The charge for the registration of your company is 500 (five hundred) euro. Before submission the set of documents in the court, it is necessary to open a deposit account of the company in a bank where the capital of 3 500 /three thousand and five hundred leva/ is put. After the company is finally registered and the court decree for that is entered, then the proprietor of the capital may withdraw the money deposited in this bank account, and his request will be met immediately after he duly presents the court decree to the bank clerk. It is also possible the lawyer whom the registration of the company is assigned to, after reception of the documents signed by you and the registration expenses /this as applicable in case when the shareholders are not in Bulgaria and the registration process is accomplished from a distance/ to deposit in the bank account for the capital, funds owned by the respective lawyer’s office. For that, though, you should give him a power of attorney for withdrawing the money which he has put there, which will be used after the court decree for the registration comes out. After the company is registered in court, BULSTAT register, and Tax Administration, you company is ready to proceed with the purchase of the real estate you have chosen. The transaction may be accomplished either personally by the sole proprietor of the capital /or all the shareholders/ - i.e. you, or by an attorney explicitly authorized for that. The purchase price may be paid directly to the Vendors or by means of the Lawyer’s bank account or Real estates agents. This is what the usual procedure for purchase of a real estate is: a preliminary contract is signed and upon signing it, an advance payment of 10 % of the total price is made. Within one month after a preliminary contract is concluded, a final contract in the form of a notary deed is accomplished. For that period /1 month/ the registration of the company is done. The payments are made either in cash or by bank transfer to the account of the lawyer or the real estate agency – the choice is yours. After the advance payment is made and the documents for the registration of the company are signed, you may leave the lawyer a power of attorney to finalize the transaction. Should you decide to buy real estate without any land, the transaction follows the order described above, and you do not have to wait the period provided otherwise for company registration. In spite of that, considering the necessity of transferring the funds to Bulgaria, and the time it takes them to come to Bulgaria, it is good to leave at least 2 weeks between the preliminary and the final contract, so that the purchase is finalized in a normal and guaranteed way. | ||||||||||||||||
INVESTMENT OPPORTUNITIES IN BULGARIA | ||||||||||||||||
For investors that have substantial involvement in their own business, willing to explore new investment fields without taking great risks, we offer surely profitable investment opportunities in Bulgaria. Recently, a number of actions have been made to lure foreign investors to Bulgaria, by providing necessary tax preferences and incentives (in particular for investments exceeding 5 000 000 USD, investment in a region with high unemployment or creation of about 100 new jobs). Getting closer to the due date of the Bulgarian entry in the EU, a great change has been has been noticed in the Bulgarian property market. The last several years there was an increasing demand for Bulgarian properties not only along the Black Sea coastline, but also in mountain resorts, as well as plots in the big Bulgarian cities and towns and large plots of agricultural land. The goals are to acquire property for: National agency “SBS Bulgarian Properties” Ltd. offers to realize the investor's control with the help of our highly-qualified teams, which will undertake the following steps: 1. We will make a schedule for the most important actions, coordination every detail with the contractor and making sure all deadlines are met. Preliminary inspection of the necessary documentation for the construction of a property will also be made, as well as correcting errors. 2. Inspection of the quality and the right quantity of the used materials, their storage and warehousing, as well as the use of proper machines and equipment. 3. You don’t need to bother about the fulfilment of all the statutory prescriptions for labour safety, technical and fire safety because we will arrange that for you. 4. We can offer you professional consultations for the proper furnishing of the buildings, made by our prospective interior designers. 5. The service “Management of properties” is offered by our company for those who want to lease or rent a renovated or reconstructed property. Real estate prices in Bulgaria are still cheaper... .... in comparison with the price of properties in other European countries but they have the tendency to increase in the future. This tendency is expected to accelerate in the near future. Real estate investment has produced a plentiful supply of modern offices at very competitive costs. The past few years a lot of foreigners decide to invest their money in Bulgarian properties. As you have probably noticed the costumers are interested not only in estates located near the beautiful ski resorts scattered across the mountains that dominate the Bulgarian interior but they are also attracted by the sandy beaches of the Black Sea coast. According to latest articles and reports in some magazines Bulgaria is placed to one of the first places of destinations of interest for foreign developers and costumers. The harmonization of Bulgarian legislation with that of the European Union means that the actual process of a real estate transaction in Bulgaria is not that much different now to the procedure that exists in other European countries. In the past few years there is a continuing flurry of building activity in most Black sea resorts, the same tendency can be also seen in ski resorts like Borovets and Bansko. The renovation of rural houses and buildings is very popular in the cities located in the inner parts of the country. The most wanted destination for buying a property are the front lines of Black Sea towns and resorts like Varna, Sunny Beach and Nessebar, also mountain houses and cottages in ski resorts like Pamporovo and Bansko. | ||||||||||||||||
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