FAQ about purchasing a Bulgarian property
What visa do I need and how long can I stay, how much does it cost?
Who and how may obtain property rights over real estate in Bulgaria?
- Foreign nationals and foreign legal entities may acquire ownership
title over buildings and limited ownership rights over property in the
Republic of Bulgaria.
Can foreigners acquire ownership rights over land in Bulgaria?
- Foreign individuals can not own land (this is a Constitutional prohibition).
However, the Foreign Investment Law removed the restrictions on acquisition
of land by locally-registered companies with foreign participation.
By setting up or joining a company incorporated under the Bulgarian
legislation foreign persons can acquire full land ownership rights including
ownership rights on agricultural land.
How can be established an enterprise with foreign investment in Bulgaria?
Do I do it alone or can I get help?
Do I need a Solicitor?
- You will need an advocate/notary and we do recommend you take unbiased
legal advice. It is their legal obligation to make sure all documents
are correctly issued and correct.
What are the regulations for the import and export of currency by foreigners
In general case, resident and nonresident physical persons shall
fill in and file with the customs authorities a foreign exchange customs
declaration in accordance with the sample form approved by the Minister
of Finance, when the sum of exported or imported by them Leva (BGN)
and foreign exchange cash, including traveler's checks, exceed BGN
5,000 in total. Non-resident physical persons may import unlimited
amount of Leva (BGL) and foreign exchange cash declaring the sum of
the imported money and the type of currency before the customs authorities,
provided that the total amount exceeds 5 000 BGL. Non-resident physical
persons may export BGL and foreign exchange, as follows: Up to 5 000
BGL or their foreign exchange equivalent - without declaring them,
and from 5 001 to 20 000 BGL, including traveler's checks, - after
declaring their total amount and the grounds of their acquisition
with the customs authorities; Over 20 000 BGL or the equivalent in
foreign exchange - free export after declaration before the customs
authorities, in case the amount of the exported BGL or foreign exchange
does not exceed the amount of the imported and declared funds.
What costs are involved with purchasing a property?
Is there capital gains tax or government tax like stamp duty ?
What is the local feeling towards foreigners owing property?
Is there any VAT or hidden costs when buying anything?
What are the services - gas/water/electric/phone/sewage like?
- Services are good in the towns and cities. As you get into the rural
districts like Krapets the services start to drop off. You will find
electricity, phone and water here but gas/sewers are usually bottle
gas and septic pits.
What are the living costs in Bulgaria? How much one pays for house insurance,
electricity, local and national taxes, to hire a gardener or a builder,
to drive a car?
How safe is the country and can you I insurance for properties?
- Bulgaria has a standard crime rate like Western European society.
Please be aware that most of the people are poor so do not flout your
money around. Also it is important to blend and fit in with the community
for all the right reasons. As with any investment we recommend that
you take out insurance for your property. Please inquire for a suitable
agency that can assist you.
If I fall ill what can I expect?
At all times make sure you are covered by good health and accident
insurance; you can get policies from the UK that will cover you in
the event of an emergency. You can easily get local help for simple
ailments and pharmacies will assist you in dispensing advice and potions
where appropriate. The E11 reciprocal agreement is in force with Bulgaria
so you can visit their doctors if you have the correct form from the
UK officially stamped. Please visit your local post office in the
UK to pick one up, complete it and then get it stamped at the counter.
|Copyright © Krapets.com
2007 All Rights reserved.
For additional information mail us at firstname.lastname@example.org