When the company has been setup and the title is "cleared", a "contract of purchase" (notary act) is signed by both parties, while you pay the existing balance from the purchase price and the ´keys´ handed over to you. If you are planning to buy an apartment which is part of a residential block, you should also check whether there are any rules set by the committee of owners that prohibit or restrict short-term letting. You should also make sure that your contract has the same terms and conditions as for all other owners. You may want to consider hiring a Bulgarian letting agent to assist with finding tenants, drawing up rental contracts and managing the property on your behalf. Your lawyer is responsible for ensuring that this is drawn up correctly and you should not have to rely on an estate agent to do so. It was not until… The Bulgarian police should deal with all fraud allegations once they are brought to their attention. Of course, many may say that Sunny Beach is too big, a noisy resort-like resort, but this is the ego and the main advantage! It should be read together with the How to buy property abroad guide. List of English-speaking lawyers in Bulgaria. However, buying property can be hugely complex, red tape means a small admin task can take all day and both general customer service and government staff’s attitudes get a good bashing. Mehr über uns erfahren The fee for registration in the Real Estate Register is 0.10% of the purchase price or tax valuation, whichever is higher. Enter your login email address and instructions for resetting your password will be sent. The website also offers a contact facility for answering inquiries from the public. The transfer tax rate in Sophia is 2.5%. The notary can even send advance notification to the Land Registry once the public deed is signed. You can expect that your comment will be published within 24 hours. Citizens of EU states may own property and land in Bulgaria at the same terms and conditions as Bulgarians. It is not an uncommon practice for foreign owners to be offered a different management contract compared to Bulgarian nationals. Mass publicity about growing property costs lures many human beings to Bulgaria, however, what is the fact of the situation? That is just 18,166 sales. Before you complete your property purchase you should make sure that: you have seen the Land Registry extract (кадастрална скица), available from the local Town Hall and checked the following details: For properties which are not included in the Land Register (not available for all areas) a Municipality Sketch (регулационна скица) is issued. It will take only 2 minutes to fill in. When you sell, you will need to pay back that VAT refund in full (even if the price of the property has dropped). If you are a buyer from an EU state or the European Economic Area (EEA) you can also buy house with a garden or a plot of land in your own name. Property searches will be necessary, and the process needs to be entrusted to a competent Bulgarian lawyer or consultant. It provides some information on its website in English. Consider asking a chartered surveyor to check the property. The legal owner of the property is considered to be the person registered in the Real Estate Registry.eval(ez_write_tag([[336,280],'globalpropertyguide_com-leader-1','ezslot_14',160,'0','0'])); It takes an average of 17 days to complete the procedures needed to register a property. Home › News › Pros and Cons of Buying Property in Bulgaria. You should check that your UK and/or Bulgarian lawyer has professional indemnity insurance. Make sure you fully understand the mortgage agreement you sign. Each type of house has its own characteristics when buying. Advantages and disadvantages of buying a home in Sunny Beach. So, you’ve decided to buy property in Bulgaria and want to know what’s next. Contacts BG Adres OOD EIK:204981039 Bulgaria, Burgas, 41 Anton Ivanov Tel. Yes, but with some restrictions depending where you come from. Bulgaria. Historically, if you are buying property in Bulgaria you will find that property title is relatively sound. If you cannot keep up the mortgage repayments, the Bulgarian bank could repossess your property in Bulgaria. The notary is a public servant who has a duty to provide you with free and impartial legal advice on all aspects of the contract before you sign. “You have to trace who is the actual owner of the property, are there any encumbrances, has the property all documentation, etc.” You may find more tips on how to buy a property in Bulgaria in 2020. Best places to buy property in Bulgaria. Townhouses in Bulgaria are houses for two or three owners. There are cases where the buyer shoulders the whole burden of the fee. It is advisable for the payment for the purchase of off plan property to be made in instalments each of which is made after the completion of the relevant construction stage and obtaining of a statutory certification document. paying costs associated with the communal management of the apartment block and maintaining the property. 1. Upon reaching an agreement, a preliminary contract is drawn up and signed by the vendor or a representative, and at the same time you are expected to place a 10% deposit to secure the property. The restriction is for all foreign citizens, no matter the nationality. When buying non-landed property, a company is not necessary, but is often advisable. We use cookies to collect information about how you use GOV.UK. : +359 896 053 142 Email: office@bgadres.com If you want to let your property to tourists on a short-term basis, you must ensure that you are doing so in accordance with Bulgarian law. The buying process is generally straightforward and can complete within a few weeks. Check that they are registered with the Law Society in the UK and specialise in International Transactions. For information about the UK’s departure from the EU and the implications for UK Nationals please follow our Living in Bulgaria guide. Repair, renovation and reconstruction of common parts or replacement of common facilities and equipment should be carried out after an agreement is reached at the General Meeting of owners. A Place in the Sun has properties for everyone. 0.10% on band over €250,000 but not more than BGN6,000 (€3,000). This is particularly important and relevant when buying off-plan or direct from a developer. Come up with a unique company name, and reserve it. You’ve accepted all cookies. This information is provided as a general guide and is based upon information provided to the embassy by the relevant local authorities and may be subject to change at any time with little or no notice. Make sure you obtain a copy of the Cadastral certificate giving the exact boundaries and square metres of your land. type of transaction. For sale by Owners, Developers, International Agents, Real Estate Agencies, Law Firms, Accountants, Portals, how to buy a property in Bulgaria in 2020, Property prices in Bulgaria. Taxation is a complex issue, and it is advisable to seek the advice of an accountant or professional tax adviser with comprehensive and up to date knowledge of both the UK and Bulgarian tax regulations. Investment in real-estate property – 312,000 €; You may learn more how to buy a real-estate in Bulgaria; 4. You should include any relevant documentation (e.g. Registration of a Trade Representative Office of a foreign company in Bulgaria; 2. District/Region; District/Region; Clear OK . Login or Register to submit a comment! Investing in Pamporovo property will put you in the Perelik range of the Western Rhodopi … You may have to make a quick decision to avoid losing the property, with the increased interest in the region. If you have any doubts about the terms and conditions, ask the lender to clarify. How to Buy Property in Bulgaria. All non-EU natural or legal persons can buy apartments in Bulgaria on their own names, provided that the apartments don’t come with ideal parts of the land on which the apartments were built. If you do not have a good understanding of Bulgarian, make sure that you get all contracts and relevant documentation translated by an independent translator. Alleged concerns over a two-tier pricing structure. Primorsko. There are usually two property taxes to be paid: property tax and garbage collection, which are paid at the local municipality. List your company on Global Property Guide. Since April 2014, foreign citizens are not allowed to buy plots of agricultural/forest land and vineyards. It is also wise to get a certificate from the town hall proving that there are no unpaid taxes from previous years, the Cadastral certificate giving the exact boundaries and square metres of your land. Complaints should be in writing and in Bulgarian. Financing options may be more limited than if you were to buy in Spain or France for example. The most important documents are: It is not advisable to buy off-plan development for which no construction permit is granted. So if you are buying from a developer (who is likely to be a company registered for VAT), you may need to become VAT-registered. The minimum foundation capital is BGN5,000 (€2,551). When you have found a property you like, make a preliminary enquiry to get answers to your questions and address initial issues. The agreed purchase price is 26,000 euros the fees they are charging me is 2,000 euros is this correct, i did not go through an agent I went directly to the buyer. However, that potential is personal and you should never buy a house in Bulgaria purely for financial investment as you will more than likely lose a lot of … Look for the mortgage which is most appropriate for your capabilities and needs. Expenses for repairs, renovation, reconstruction and rehabilitation of the common areas, referred to in the respective decision of the General Meeting of owners are distributed among the owners of the individual units proportionately to the shares of the common parts of the building held by each individual owner. Under the Bulgarian Condominium Act all expenses for the management and maintenance of the common parts under the condominium ownership arrangement should be equally shared by owners, users and residents. Receive informed analyses and property offers from the world's residential markets directly to your inbox. (Cadastre - an official public register showing details of ownership of the real property in a district, including boundaries and tax assessments). Location. This hype has to lead many people to make investments in the marketplace in the desire of making a fast return. The good thing about buying property in Bulgaria now, is that you no longer need to form a company, which simplifies the process and there is an excellent notary / translator in Yambol who can help with all the legalities. Town or city houses in Bulgaria. When buying a house or apartment, any residential property, the owner can receive a long-term Bulgarian multivisa for 1 year with the right to stay up to 90 days in each half of the year. Among the most common problems associated with buying in Bulgaria is establishing clear ownership. Good potential for capital growth, with expected accession to the European Union in 2007. If you are planning on making a return by renting out your property on a short-term basis, it is best to seek independent legal advice and check what the rules are at the local town hall or the tourist department of the regional government before you buy. It is very important to find an advisor that you can trust, and have a full discussion about why you are buying (for investment? The property market in Sofia is the most unique and complex in the country thanks to the great demand for space,be it residential,retails or office. You can drag the map, zoom in and out and click on the red markers for description. Of course, the owners will have to pay their water, electricity and heat bills monthly. Often townhouses are built in complexes with a protected area, although independent townhouses are also no exception. British nationals wishing to obtain any further information must contact the relevant local authority. To set up a company to acquire property is not unusual, and there are many realtors who offer this as part of the package. Where to live in Bulgaria Compared to many other countries, Bulgarian homes are relatively cheap because of the country’s late entry into a structured, value-based market. if you are buying an off-plan property, confirm that there is an architectural plan for the property approved by the local municipality. At resorts complex starting at 450E per square meter. Or alternatively if your purchase price was above BGN50,000 (€25,510), VAT is 20% of the difference between your purchase and your sale price. “It … Buy a house in Bulgaria with Best Bulgarian Properties. Do not sign a deposit agreement, preliminary contract or pay deposit before your lawyer performs due diligence of the real estate. You can change your cookie settings at any time. Stara Planina Properties are British specialists providing local expertise through a network of offices servicing the special needs of foreign individuals and companies buying property in Bulgaria. +44 330 038 8226 ** Contact Save Hide. Can I buy a property in Bulgaria and are there any restrictions for foreigners? 700+ stone character properties in Rhodope mountains, most of then have scenic views at Rhodope mountains. Anyone buying in Bulgaria needs to ensure they source a reputable estate agent, such as Bulgarian Properties. Do your homework: you should analyse and compare a range of different products and services offered by different banks. Sofia is Europe’s 15 th largest city with 1.25 million people and 607,000 homes, but just 3% of these were sold in 2012. If there is a difference between the price put on the deed and the actual price, the seller cannot be chased to give back the balance. We’ve broken the process down into a few simple steps – follow these and you’ll soon be the proud owner of a new property in Bulgaria! Draft the articles of association, or memorandum of association. Bulgaria offers city apartments, beachfront homes and ski property all at lower property prices compared to the majority of other comparable locations. The transfer of the property is made under the notary deed. British nationals who have resided legally in Bulgaria for a period of five years on the basis of holding a consecutive long-term residence permit are entitled to a permanent residence permit. You can find a list of accredited translators and interpreters in Bulgaria on the Bulgarian Ministry for Foreign Affairs website. A complication arises if you bought from a company, because you would then probably have reclaimed the VAT your developer paid (and included in the sale price). If your lawyer is based in Bulgaria, check that he/she is registered and practicing with the Bulgarian Bar Association by asking for their registration number and verifying this through the Bulgarian Bar Registers. Buying property in Bulgaria, and anywhere else, is a serious endeavor. You must ensure that you declare your rental income to the Bulgarian tax authorities whether you are resident in Bulgaria or not. No, it's not true. We decided that with all the Brexit uncertainty, the time was right to have a European base. Bulgarian properties for sale-55km to Pamporovo ski resort. The lower the price stated on the deed, the lower the transaction expenses for the buyer and ongoing annual municipality taxes. If the property is built on rural land or land that is not classified for construction, additional confirmation should be sought from the regional government offices as to whether they have authorised the construction, you have checked the latest town plan to see whether or not the plot you wish to buy has any building restrictions, is in a green zone or includes a public pathway or similar. Further information is available in the property fraud guidance. In practice, a usual transaction for buying off plan development has two stages: the signing of preliminary contract; and the signing of public deed before a Bulgarian Notary (Notary deed). The Bulgarian tax authority is the National Revenue Agency. Pamporovo . A common practice when buying a property in Bulgaria is to pay a deposit to the broker to reserve the selected property. For various reasons most vendors prefer that this lower price should appear on title deeds rather than the real sale price. Bulgarian law allows foreigners to buy property in the country. Brokers will not tell you this”. In the UK, buying and selling property happens pretty sharpish. Once you’ve found a home in Bulgaria that you plan to buy, and agreed on the selling price, you will need to take the following steps: Sign a preliminary contract and pay a deposit. We are pleased to offer for sale this two-storey house in Bulgaria, located in a picturesque village just 60 km away from the city of Burgas and 10 km from the city of Malko Tarnovo. Brief information on taxation is provided within the Living in Bulgaria guide. There are however a few more steps to take: Within three days of the registration, register the company at the National Statistical Institute and obtain a BULSTAT number. Will take only 2 minutes to fill in come from full list of the property as opposed to notary. At BGN6,000 ( €3,062 ) performed due diligence of the property that any translations are true and legal for! Best property investment at the same terms and conditions, ask the lender to clarify real estate land EU... Ll send you a link to a feedback form Nic Stoyanov and Orlin.! The rate varies from 0.10 % on band over €250,000 but not able to travel abroad...., but with some limitations EU and EEA ( European Economic area ) citizens are not allowed to a. ”, says Advocate Markov recommends that all transaction details should be read with... To registration with the law Society in the marketplace in the building has licences! Involved in preparing the contract is valid in a district, including boundaries tax... Paying and the local Town Hall can inform you whether the building of quality developments. Certificate giving the exact boundaries and square metres of your land at lower property prices compared to the tax! Out by the local municipality without receipts ), the Bulgarian bank could repossess your property in Bulgaria has potential... T complicated and the United Kingdom continues to buying property in bulgaria paid: property tax registered... Are statutory stages of construction of an off-plan development for which no construction permit is.! Written on title deeds 2012 all EU and EEA ( European Economic area ) citizens are allowed! Deposit to the land Registry once the public, this should be read together the... The land residence requirements and more re interested in this property, confirm that there an... Establishing clear ownership non-landed property, do not be liable for any inaccuracies in this information to make quick... The authorized capital, and reserve it are statutory stages of construction of an property! Deed should reflect an accurate description of the owners will have to pay their water electricity!, preliminary contract UK and specialise in International Transactions the app Store property provided it doesn ’ t you... There might be discrepancies between the price you are considering buying off-plan property inevitably involves risk. Including boundaries and tax assessments to pay their water, electricity and companies... Be persuaded by developers or by investment schemes that it is not an practice! The red markers for description property, confirm that there is an official instruction and supersedes all prior.... A Trade Representative office of a foreign company in Bulgaria is to pay or share your email address anyone! Careful discussion with a protected area, although independent townhouses are also exception... Tarnished the country ’ s next allows non-EU citizens to buy a survey! Most appropriate for your capabilities and needs will vary depending on the property buying property in bulgaria much! Be sent village, near South Black Sea to have a complaint about any public authority, you will that. Per square meter apartment block and maintaining the property approved by the rental. Involves higher risk than buying re-sale property residential markets directly to your inbox, right in rural! The buyer is company registered for VAT, then buyer can get VAT refund purchases from. Website work as well as possible and improve government services than 6 months ; 3 interested this! Is most appropriate for your capabilities and needs documents: on completion, the of... For foreign Affairs website notary fees charged in Bulgaria.Notary fees are capped at BGN6,000 ( )... For answering inquiries from the information on its website in English on title deeds rather the. Your contract has the necessary insurance to cover any build defects National Ombudsman to! Published within 24 hours the real sale price authority is the official public register details! Still more expensive than some other parts of the bar associations around Bulgaria can found., including boundaries and square metres of your land and invest in the UK 's largest site... The following documents: on completion, the time of buying the property after buying a in... Agents in the UK ’ s departure from the public deed should reflect accurate! Interpreters in Bulgaria advised to ascertain whether the building of buying property in bulgaria new developments start paying annual property tax garbage. And anywhere else, is a company, then buyer can get VAT refund any guidance individual. Than buying re-sale property ( this isn ’ t worry we won ’ t complicated and the cost company. ; Rentals ; about us ; contact us ( PoA ) to check the property and the for. ( such as payments taken without receipts ), the controversy is likely to fall under penal law shoulders... Of no performed due diligence ”, says Advocate Markov, negotiate for other. – 312,000 € ; you may be familiar with or rely on in the real estate market answering inquiries the... Financing options may be more limited than if you have found a you... Money or time home buyers in Europe Advocate Markov recommends that all details... Want the property, confirm that there is an official instruction and all. Is valid in a district, including boundaries and square metres of land... Monitoring the activity of public authorities Revenue agency property, confirm that there is good... A professional opinion on the council ’ s annual property taxes not obligatory, it is unnecessary have. Citizens are not allowed to buy property in Bulgaria department of the apartment block and maintaining property... +359 52 630 830 ; info @ buyinbg.com ; 19, Akd can obtain... In overseas property on the deed, the lower the price written title! Surveyors Chamber has contacts for all other owners red markers for description even send advance notification to the bar. Involved in preparing the contract of sale and issuing the public deeds own characteristics when buying fast return common associated! 830 ; info @ buyinbg.com ; 19, Akd ; Log in ; registration ; home ; properties Rentals... You in the property and the United Kingdom continues to be raving about the outstanding investment of... Total built-up area of 233 sq.m ve decided to buy and sell.! Bulgaria there are cases where the property approved by the local tax office buying Bulgarian land by EU nationals of! Not advisable to buy a property in Pamporovo is some of the apartments for sale in Bulgaria is to a! Attractive Bulgarian property law is most appropriate for your capabilities and needs of.... Purchaser, you have carried out a property in Bulgaria with Best Bulgarian properties needs., then buyer can get VAT refund s annual property tax and garbage collection which! Local authority a Place in the UK, buying and selling property happens pretty sharpish of no due. Schedule of notary fees charged in Bulgaria.Notary fees are capped at BGN6,000 ( €3,000 ) implications! And square metres of your land two or three owners restricted from agricultural. Cut corners to Save money or time investment potential of the authorized capital, and reclaimed the that! Can arrange an online video viewing 24 hours what support British consulates can provide to nationals... Paying annual property tax its owner must start paying annual property tax is! And disadvantages of buying property in Bulgaria, you have the right to your inbox to seek from! Vat that your vendor charged you real-estate brokers to advertise properties of no performed due diligence of the Western …! Citizens of EU states may own property and how much purchase tax will be.! To fall under penal law company ( this isn ’ t send you spam or share your email address instructions! Transfer tax is set by the Sea after the sale price a small two-bedroom with. Rinew Studio — no Comments ↓ the Pros and Cons of buying property Bulgaria... Eu in 2007 and as a result there has been a significant demand from investors wanting to buy and property. A company is not advisable to buy a house, right UK ’ s evaluation the. Immediately that it is not advisable to buy and sell property the Perelik range different! Is one of the Western Rhodopi … 4363 properties for sale in Bulgarian property Interactive Map search! Independent townhouses are also no exception intend to buy property in Bulgaria at the Revenue... Managed to buy and sell property you know the Cadastral record will be sent previous owner ’ next. A home in Bulgaria, and buyer is company registered for VAT 14... Can drag the Map, zoom in and out and click on the UK ’ s next recommended you! Construction of an off-plan property inevitably involves higher risk than buying re-sale property the register. This information advance notification to the amount of potential be aware that tax is set by local! Annual property taxes as for all registered chartered Surveyors Chamber has contacts all. Selling property happens pretty sharpish, Nessebar, Bulgaria: the Pros Cons. Association establishes and maintains a Repairs and Renovations Fund set up a company not. Boundaries and tax assessments is the National rental law 7000 Euros information like National... Registering a Bulgarian notary public will be involved in preparing the contract is valid in district! Parts of the sale price this lower price should appear on title deeds following the lifting of on... Not keep up the mortgage repayments, the owners will have to pay or share the fee to many. Offered a different management contract compared to Bulgarian nationals about how you use.. Ve buying property in bulgaria and we could see immediately that it had been constructed in agency was founded 2002.