Home Search Knowledge Investment Management Organization Our House Catalogue

     

Planetproperty

Plovdiv Weather Forecast, Bulgaria

DOMEX: недвижимость

Kimo Properties

Представи и твоята страница

Finding a reputable law firm in Bulgaria can be a minefield. Therefore, our solicitors can the stress out of the legal aspects of your Bulgarian property purchase. Our independent team of solicitors offer a straightforward alternative to the complexity of sourcing legal services overseas, saving you valuable time and money. Why not make the procedure of buying your property in Bulgaria as stress free as possible by instructing them to handle your conveyancing. The practice offers not only a comprehensive Bulgarian conveyancing service, but also assistance in a wide range of legal matters, in your chosen jurisdiction.
Bulgaria joined NATO in 2004 and became a member of the European Union on 2007. Foreign investment has poured into Bulgaria during the last 5 years. Whether a property is being bought for investment, a holiday home, or a retirement home, current prices are exceedingly low, but they are set to rise. The continued growth in tourism is fuelling the price rise as foreigners realise that Bulgaria is a desirable alternative to Spain, Portugal or Greece as a holiday destination. There are many areas to consider when buying a property and obviously it helps if you can narrow your search.
There are many areas to choose from depending on the circumstances and requirements of the particular buyer:- The Black Sea Coast, the ski resorts of Bansko, Pamporovo and Borovetz, the mountain regions of Rila, Rodophi or Pirin and the Capital Sofia, Plovdiv, Bourgas Varna . The mortgage market is also developing in Bulgaria and this is likely to cause a great surge in demand for Bulgarian property. Restrictions on foreigners buying property There are still restrictions on foreigners buying land in Bulgaria, but these are due to change in the near future as Bulgaria is already  member of the EU. At the moment, a foreigner can buy buildings as an individual, so if you are buying an apartment, this can be done in your own name, but if you are buying a house, which is obviously set on land, then you need to set up a Bulgarian Limited Liability Company. Setting up a company is a relatively easy process. Once the company has been incorporated, it buys the property and owns the land. You are the sole owner of the company and respectively of the land. The company does not have to operate or trade; it is just tool to enable you to buy property. Each year it will be necessary to declare the company accounts and this can be organised by a chartered accountant. A minimum of 2 Bulgarian Leva needs to be deposited (bit more than EUR 1) in your company’s bank account. This is the minimum capital required by Bulgarian law to establish a limited company. You, however, can establish your company with a capital according your wish and needs.
Basic Legal Procedure Detached property with land
If the property you intend to buy comes with land then you will need to set up a Bulgarian limited company to own that land. The reason for this is that at present, the Bulgarian constitution states that a foreign person may not own title to land. The company that you own will then legally own the title to the land. Forming the company is relatively straight-forward and we can assist with this.
Property without land
It is generally accepted that the purchasing of an apartment does not require you to set up a limited company. In such case, you can purchase the construction right over the land, which at completion will automatically convert into the ownership right over the apartment. When you have agreed to purchase a property your lawyer will draw up a preliminary or primary contract setting out all of the agreed details and stating the initial deposit amount to be paid (normally 10-30%). Upon signing the preliminary contract, it should be made conditional that the property is removed from the market. It is extremely important that you use the expertise of an independent lawyer to undertake the initial searches and checks on title deed documentation, licences and permissions, debts on the title, and the terms of the contract. Completion of the purchase takes place in front of the local Notary Public. This is the final stage when both the buyer and the seller meet together and complete the transfer. The buyer usually pays for the completion expenses, which include the notary’s fee, local tax equivalent to the UK stamp duty and the registration charges. Following completion the buyer has to apply for personal tax numbers (Bulstat), register the property for council and garbage tax and connect the property to the utilities.
What next?
If you are thinking of buying a property in Bulgaria why not talk to an expert in international law who can help you avoid any pitfalls.
Please contact us to discuss your purchase or call us now on +359 32 626 307

• 
  
• Home
  
• Cheap apartments
  in Pomorie
  in Sozopol
  in Nessebar
  in Sunny Beach
  in Sveti Vlas
  in Pamporovo
  in Bansko
  
• Houses and villas
  On the seaside
  In the mountains
  Near golf course
  In the city
  In the countryside
  
• Airports