HomeOur Service & The Buying Process
At
Bulgarian Property Connection our aim is to provide
the highest possible service to help you find the perfect
property for you. The thought of buying a property abroad
may at first appear to be pretty daunting, but we will
be there with you every step of the way.
The flow diagram below gives you the basic procedure
for obtaining a Bulgarian property.
When purchasing a property in Bulgaria that has land it is necessary to set up a Bulgarian Limited company. This is because under Bulgarian law foreign nationals are not permitted to own land. However, if you own a limited company that company can own the land. This may appear confusing but it is a very straight forward process that our solicitors can organise for you. The following is a breakdown of the process involved;
• By authorising us power of attorney, we can organise the following procedures on your behalf. Alternatively, you can do it in person with any advice or support that you may require from us. • For the starting capital of the company, 5000 lev needs to be deposited into the company bank account. Once the company registration has gone through (usually a few days) this money can then be transferred and put towards the purchase of the property.
• The cost to set up the limited company itself is 600 euros. This covers all solicitors fees. They will deal with the documentation and registration of the company. At the end these papers will be translated into English and sent to you.
Please note, this process is only required if you are buying a property with land. If you are buying a flat, the setting up of a limited company is not required.
Taxes and additional costs
As within the UK there are a number of local transaction costs such as stamp duty that need to be paid by the purchaser. The Local Property Tax is 2% of the purchase price. The National Registration Tax is 0.1%. The Notary (state certified) legalizes the deal and their fees are based on tables reflecting the purchase price, typically less than 150 pounds.
Each year local council taxes must be paid that cover public lighting, refuge collection and so forth. These taxes are minimal and are typically less than 100 pounds.
Our Commission
Our fee for helping you find and secure a Bulgarian property and then assisting you through the whole buying process is 3% of the purchase price or a minimum of 500 Euros. This fee is to be paid after the property has been secured for you at the preliminary contract phase. ( Note: if you are buying the property from the UK we can place the deposit and sign the preliminary contract on your behalf )
