The purchase of property in Bulgaria by foreign nationals is now far from being unusual. In recent years Bulgaria has repeatedly recorded some of the highest growth rates for real estate prices in the world. Generally foreign investment is welcomed here and with professional aid and advice the formalities of purchasing a property are merely that. Once you have decided upon a property the conveyance process from the payment of a deposit to the final change of ownership usually takes between 3 to 5 weeks when dealing with an existing real estate. If you are purchasing a property which has land attached to it then under Bulgarian law as a foreign national you can only buy it through setting up a limited liability Bulgarian company. It is a speedy process which requires only the services of a lawyer. Generally the legal services for the setting up of such a company amount to around 600Euros which includes all government fees and taxes. If the property has no lands attached to it as is the case with apartments generally then you are not required to do this.
Setting up a Limited Liability Bulgarian company
It is a speedy process which requires only the services of a lawyer. Generally the legal services for the setting up of such a company amount to around 600Euros which includes all government fees and taxes. The minimum starting capital is 5000 BGN Leva which is needs to be placed in an account registered to the company for the duration of the registration process. The whole registration process takes about 4 weeks from start to finish. When the company is properly registered this 5000 BGN Leva can once again be withdrawn. This company of which you are the owner and manager can now be used to purchase lands or properties with lands in the state of Bulgaria.
Once you have found the property which suits your requirements the closing of the deal is uncomplicated Usually a refundable deposit of 1000Euro is placed on the property that you desire and this then holds the property while the necessary legal diligencies are carried out by your lawyer so as to ensure that everything relating to the purchase is correct and in order . Depending on the type of property you are purchasing contracts are then drawn up which are signed by the relevant parties. Your presence is not necessary if you give your lawyer the necessary powers to act on your behalf. There are supplementary charges that need to be paid during this whole process such as notary fees (usually around ) and the local municipality tax (usually around ) and of course stamp duty which is