Buying a property in Bulgaria is a fairly simple and straightforward process. We are here to help guide you through every stage of your purchase, and also help you to maintain your property once you own it.
There are several important steps that must be made when you purchase a property in Bulgaria, and our friendly staff will be always on hand to guide you, and to give you their professional expert advice.
Buying in Bulgaria is relatively easy, and is not more or less difficult than buying in any other foreign country. There is only one specific thing that is to be taken into consideration and it is that according to the Bulgarian Constitution and with current legislation NON EU CITIZEN are prohibited from owning land, and can acquire only buildings.
This is easily overcome by forming a Bulgarian registered company. Setting up a company in Bulgaria is very easy and our lawyers will do this for you.
The preferred form of business is a Limited Liability Company (OOD). This is a commercial company with the share capital owned by its members, whose liability is limited to the amount of the capital subscribed. One or more persons, including foreign nationals may start a private limited liability company.
Or we can form a Bulgarian registered company with you being a sole owner and director (EOOD).
The minimum foundation capital is 2 Bulgarian Leva (1 Euro).
You will need to open a bank account and to deposit the initial company capital. This money can then be withdrawn once the company has been formed. It usually takes up to 4 weeks for a company registration to be completed. You do not need to be present while your company is being registered as our lawyers will do all of this for you. All you will have to do is to sign all relevant Bulgarian legal documents, we will then obtain copies of all the company set up documents translated into English. You will have every detail of the procedure fully explained, including all of the steps, and all of the documents that you will be signing.
We have listed below the steps for buying a property in Bulgaria:
Please note the following important points:
In the case of off-plan developments the final Notary Act is not signed until the building is completed.
In Bulgaria there is a Tax Estimation price (similar to the ratable value in the UK), this is usually considerably lower than the sale price. Most vendors prefer to use this lower price rather than the real sale price when it is entered on Title Deeds. Due to this practice there might be discrepancies between the price you are paying and the price written in title deeds.
You must ensure that this figure is agreed through negotiation with the vendor BEFORE signing the Preliminary Contract.