Property in Bulgaria is the fastest growing
asset in the country. In recent years property prices in Bulgaria went
up by more than 25% annually in general. Some real estate has gone up
by 50% in one year, especially in Sofia, in the Black Sea beach resorts
(Sunny Beach) and in the ski resorts (Borovets, Bansko). Improved economic
conditions, political and social stability in Bulgaria during the last
three years has brought a real boom in the values of property in Bulgaria.
Another important factor for the rising Bulgarian property market is the huge
tourism potential in the country. There are great natural attractions: high
mountains, the beautiful, clean Black Sea coast, well preserved rural areas,
minimum urbanisation, thousands of years of history, etc. Nowadays Bulgaria
is considered to be the fastest growing tourism market in Europe. This is something
that foreign buyers of property in Bulgaria appreciate, and, with constantly
rising values, buying property in Bulgaria is attracting a lot of interest
from serious investors.
Furthermore, Bulgaria became a NATO member in 2004, and full European Union
membership is scheduled for 2007. Bulgaria is a politically stable country,
and the introduction of a currency board in 1997 stabilised the country's economy.
Looking forward to 2007, Bulgarian laws are improving and changing in accordance
with the laws in the countries of the European Union.
Bulgaria has one of the most liberal foreign investment laws in the region.
Foreign investment typically assumes one of the following forms: establishing
a joint venture with existing companies, state-owned or private; acquiring
a company through privatisation; setting up a new (green field) venture; or
making a portfolio investment.
| Foreign investors can purchase property in Bulgaria directly or through a local company. Only Bulgarian-resident individuals and entities can own land, while non-residents personally may acquire only buildings. Therefore, if foreign citizens want to invest in property in Bulgaria, they must register a Bulgaria-based company. As soon as the company is registered, any properties in Bulgaria may be purchased in the company's name. The most common type of organisation for foreign investors is a limited liability company. Other forms are companies limited by shares (joint stock companies), joint enterprises, business associations, general partnerships, limited partnerships, and sole proprietorships. |
The law does not limit the extent or amount of foreign participation
in companies. Foreign individuals and companies can open an unlimited
number of accounts in Bulgarian banks, in any hard currency or the local
Bulgarian Levs. There is talk that soon the main law in Bulgaria, the
Constitution, will be changed very soon, so that all foreigners who wish
to acquire property in Bulgaria will be able to do so personally without
registering a local company.
Information courtesy of Bulgarian
Properties Ltd
Full details about the ‘Super Borovets’ project, price madness
in Bansko, golf developments in Bulgaria, and new apartments in Bansko and
Borovets can be seen at the Bulgaria Properties Ltd web site www.BulgariaProperties.net.
You can e-mail questions to advice@BulgariaProperties.net,
or, if you have no Internet connection, call the company (in UK) at 0871 226
2296 to order a free 30-page hand-out, or just for a chat, if you prefer. They
always have time for you.
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