It is relatively easy to become a property owner in Bulgaria: as far as properties without land including houses, villas, flats and limited ownership rights (the right of use, permission to build a house, etc) are concerned, you can purchase directly as a private individual. If you want to buy a villa or house with land or land alone you will be required by Bulgarian law to set up a limited company, but this process is straight forward for UK nationals
There is a charge for setting up a limited company and you will also be required to deposit some money into your own company bank account in Bulgaria. This is your starting capital which can be withdrawn at any time after completion of the purchase process and provided your company is registered and operational. (This usually takes about one month).
You will need to visit Bulgaria to sign the initial contract, but after that you can authorise power of attorney through a solicitor.
All foreign buyers should be aware of the terms "tax estimation price" and "purchase price". The tax estimation price is for the purposes of real estate taxation and is much lower than the actual purchase price.
Most Bulgarian property vendors request that this is written in the title deed instead of price which the buyers are actually paying. This gives rise to discrepancies and your lawyer must negotiate this with the vendor on your behalf.
Because of the boom in property pruchase in Bulgaria, lawyers are now very familiar with the process and are able to advise and guide you through the entire transaction making it as painless as possible.
|
|
