Buying a property in Bulgaria is a simple and straightforward process. It is not more or less difficult than buying in any other foreign country. We are here to help and guide you through every stage of your purchase.
There are several important steps that must be made in order to purchase a property in Bulgaria and we will be always ready to guide you and give you an expert advice.
There is only one specific thing that is to be taken into consideration: according to the Bulgarian Constitution and legislation foreign persons are currently are prohibited from owning land. Ownership of buildings (appartments and so on) is not restricted to foreigners. This law is expected to be in force up until 2010 when the protection clauses will fall for European Union citizens and they will be able to purchase freely. Until then this is easily overcome by forming a Bulgarian registered company with you being its sole owner. Setting up a company in Bulgaria usually takes up to one month. You do need to be present if you appoint an attorney-in-fact. The preferred form is a Limited Liability Company. The minimum foundation capital is 5000 Bulgarian leva /approx 2500 Euros/. You need to open a bank account and to deposit the initial company capital. This money can be withdrawn once the company has been formed.
Please find bellow the steps for buying a property:
• Visit our website
• Find a property
• Make a preliminary enquiry and get answers to all your questions
• When you are completely satisfied and sure that you really want the property place a deposit to secure your new home. The deposit is usually 1000 up to 2000€ and a preliminary contract is signed. The deposit is nor refundable in case you pull out of the deal.
• We then do detailed checks on title documents, building permissions, debts on title, etc.
• If the property that you like to buy comes with land we start setting up a company for you.
• After the company is formed and we have made sure that the vendor is the legal owner of the property you now are ready for the final transfer of ownership.
• Make an appointment with a notary and sign the Contract of Purchase /Notary Act/
• The cost of notarius, lawyer and registration fees is ca 4,2% of the price of the property.
• Transfer the remainder of the funds and get the title deeds transferred to your name.
• Become a proud owner of a property in Bulgaria.
Please note that in case of off-plan developments the final Notary Act is not signed until the building is completed . 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 and Bulgaria Leiligheter Ltd can not be held responsible for that.