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| Buying Property in Bulgaria: A Simple How To Guide | ||
Bulgaria is still one of the cheapest places in Europe to buy property, but prices are rising fast as more and more people discover what an amazing country Bulgaria is.The benefits of moving to Bulgaria are many, not only is your quality of life likely to be far better, your lifestyle healthier, and your stress a long forgotten memory, but owning a property in Bulgaria can be a sound financial investment. But how easy is it to buy property in Bulgaria The law regarding buying a property in Bulgaria is fairly straightforward: EU citizens or citizens of the European Economic Area can buy both the property and the land it sits upon. Non EU residents can buy property but not land. Can a Non EU Foreigner Buy a Home in Bulgaria Any foreign national can buy a property in Bulgaria but they will not be able to purchase land. Buying Property in Bulgaria After Brexit Post Brexit the process for buying a home in Bulgaria may at first seem like a lot of hassle, but it is not as daunting as it would at first appear and most real estate agents will do everything for you anyway. So what do you need to do when buying a property in Bulgaria? The biggest change to the home buying process since the UK left the EU is that you will need to form a company to buy a house in Bulgaria. You can buy an apartment in your own name as long as there is no land as part of the sale (this would be extremely unusual to be offered the land or part of the land though). Setting up a Bulgarian company is an easy process and most estate agents will be with you every step of the way. To set up a company you will need: A valid passport for each owner of the company. An address for correspondence, this must be a Bulgarian address and often the estate agent will be able to provide you with a temporary address to use. A unique company name. This is just so you can buy a home so the actual name is not that important. How to Set Up a Company to Buy a Bulgarian Property for UK Nationals Take copies of your passport and the above information to a lawyer who will prepare the necessary paperwork to register your new company. This takes only an hour or two. The completed paperwork is then taken to a notary who will confirm your identity. Next you will need to open a business bank account and deposit a nominal sum, usually just a couple of leva. You will need to order a company stamp which costs around 40 leva. The lawyer will take all your documentation and present it to the courts for them to approve your company set up. The registration of your company can take between 5-60 days. Note that even if you have a dormant company that was only created to buy a property that each March you must complete a financial statement for the tax office. How to Buy a Property in Bulgaria for UK Nationals Once you have found your Bulgarian home the buying process is extremely quick, forget the months and months that it takes in the UK, I have found, bought, and moved into a house in less than 2 weeks. There will always be a translator present when you have any official dealings, which you must pay for, but costs only about 40 leva. Once you have found your forever home in Bulgaria you will be asked to sign a preliminary contract and pay a deposit of about 10% of the asking price. Read this contract carefully and ensure that the amount of money you have paid is clearly stated. The estate agent will then take the property off the market. The seller will then take the following paperwork to the real estate lawyer who will ensure that it is all present and correct: A plan (skitser) of the property. Proof that there are no outstanding taxes or debts on the property. The deeds of the property. A government valuation of the property Once the lawyer is happy that everything is present and correct they will be forwarded to the Notary. The Notary will then change the property into your company name. Once the paperwork is all completed both the seller and the buyer go to the Notary office to complete the sale. The Notary then arranges for the paperwork to go to the courts and government agencies to register the property in your name. A day or so later you go back and collect the paperwork which is now in your name. The Notary will have notified the municipality of the change of ownership because you will now be liable for the property tax which is due every March (as will be your car tax). You must then go to the water and electricity companies to register as the new owner. Good luck with your purchase and we hope you enjoy many many happy years in Bulgaria! |
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| Tuesday, Jan 09, 2024 | ||
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