Why should you buy a property in Bulgaria?
Here is an all-season country, where you can sunbathe on the beach in summer,
and ski on the mountain slopes in winter. It is never too hot, and never too
cold.
Bulgaria is a beautiful country now emerging from dormancy. After a difficult
period of change with the demise of communism, it is now waking up to an era
of economic recovery.
As a result of this, the standards of infrastructure in areas of natural beauty,
historical interest and health cures are also rising.
At the present time holiday homes in Bulgaria are relatively cheap, compared
to countries like Spain, but this situation is changing rapidly.
Bulgaria joined NATO in 2004, and is due to join the European Union in 2007,
when a huge increase in property prices is predicted.

Browned off with Spain?
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Bulgaria is green!
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The following information is general. Good advice is available
at the web site of the British
Embassy in Sofia.
The legal aspects of property purchase by foreigners in Bulgaria are complex
and difficult. If any land is included in the purchase, they involve establishing
a Bulgarian company for the foreign buyer, which buys the property. The
foreigner is allowed to own the company which owns the property. Exhaustive
searches of records are also made, because of the claims on the property
which can be made by members of the vendor's family, and which must be
settled before the purchase. The cost of legal work is usually about €1,000,
including all disbursements. It is also necessary to start a Bulgarian
bank account with approximately €1,875. This can be withdrawn a few
days after the company is established, but is usually used as part of the
deposit for the property. |
For information about taxes on rental income, capital gains and local authority
taxes, refer to the PricewaterhouseCoopers
Bulgaria Real Estate Tax Summary.
On 18 February 2005 MPs from all political parties voted in parliament for the
amendments on land sales in Bulgaria's constitution, bringing it into compliance
with EU legislation. There will, however, be a seven-year transition period (until
2014) before foreigners who are not permanent residents of Bulgaria at the time
can buy land. EU citizens will be entitled to such sale under the Accession Treaty.
Both EU and non-EU citizens will be entitled to purchase land under an international
treaty, and under the heredity law. The lawmakers agreed also on constitutional
amendments concerning partial transfer of powers from Bulgaria's official institutions
to the European Union, as the EU acquis communautaire will become supreme law
for the country on its accession. |
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