Buying a property in Bulgaria is much simpler (and generally quicker) than buying a property in most other parts of Europe. The entire process, from choosing a property to obtaining the title deeds, can be completed in a matter of weeks.
Note:
Many people choose to buy properties "off-plan", which means that you reserve your house or apartment before it is built. This is frequently an excellent investment, as the value of the property usually increases significantly when it is finally ready for use. When you buy off-plan, there may be a long time between when you choose the property and when you receive the title deeds. This is because the ownership of the house or apartment is not usually transferred to you until the authorities have certified that the property is complete and fit for use.
Houses or Land
At the moment, people who are not Bulgarian citizens can own houses but they cannot own land (including the land on which a house is built). This might sound like a tricky problem, but there is a very simple solution. The answer is to own a Bulgarian company. Our lawyer can set up and register a Bulgarian company for you - sometimes in less than a week. The new company will buy the property and, as the owner of the company, you will become the owner of the property. If and when you want to resell the property, you can sell it with or without the company.
Most people who buy property in Bulgaria have no intention of running a business here. Don't worry - just because you will own a Bulgarian company it doesn't mean that you have to work! The company can be a non-trading company which exists only to own the property. You will have to file a tax return for the company each year but this will be a nil return and there will be no income tax to pay.
Apartments
Many Bulgarian apartments are sold on a "shared freehold" basis. This is different from the "leasehold" arrangements that are used in the UK - the main difference is that you own a share of the common areas (such as hallways, staircases, paths, gardens). There will be a company that is responsible for the upkeep of common areas, and you will have to pay annual maintenance fees for this service.
You do not need to set up a company to buy an apartment.
Off-Plan
When you purchase a property off-plan, you can expect to make a series of payments as the building work progresses. You will normally pay a small deposit to get the property taken off the market, and then pay further amounts when specific building targets have been met. We will keep you informed about the progress of the building work and remind you in advance of each payment that you will be asked to make.
You do not need to set up a company to buy an off-plan apartment.
Summary of the Property Buying Process in Bulgaria
When the purchase is completed you will receive a document called a Notary Act. This is the title deed to the property and it proves that you are the new owner. You will also receive a document that shows that you (or your Bulgarian company) have been entered in the "Bulstat" register. Your ownership will be recorded in the local Municipal Office. Ask your lawyer to register you (or your company) for annual property tax, electricity, water and any other utilities or services that you need. If you do not intend to live in Bulgaria all the time, you might wish to give Power of Attorney to your lawyer or real estate agent to pay any future taxes and utility charges on your behalf - otherwise you will have to travel to Bulgaria to pay them yourself!
Further information
Fees & costs
The costs involved in buying a Bulgarian property are generally much less than those in the UK or Ireland. The total cost depends on the type of property (apartment, house, land or other) and the location. Some of the fees are set by the central government and some are set by the
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Investment In Bulgaria
Bulgarian property is an excellent investment. Wise investors know that a relatively young market like Bulgaria can provide substantial return on investment.
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Travelling to Bulgaria
We are happy to help you choose and book your flights between the UK and Bulgaria. Below is a list of airlines that offer scheduled flights from the UK to Bulgaria. During the summer months, you can also buy \"flight only\" deals from holiday companies such as Thomsons and Balkan Holidays.
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