BUYING PROPERTY IN BULGARIA

With PROPERTIES-VARNA ESTATE AGENCY

www.imoti-varna.com ; e-mail: imoti_varna@abv.bg

tel.:035952/ 608 120; mob: 00359 898 525583

BUYING PROPERTY IN BULGARIA IS QUITE AN EASY TASK. FOLLOW THE BASIC STEPS SETOUT BELOW AND RELY ON OUR AGENCY.

1. You are interested in one or more of our properties.
2. We arrange for you an inspection trip.
3. You find the right property for you and make a decision to buy.
4. We thoroughly investigate the title deeds and documents.
5. You want to buy a property without land you do not need to form a LTD company.	5. You want to buy a property with land You will need to form a LTD Co.,(this normally costs about 600 euro which includes government and solicitors fees). You will need to deposit 5000 leva( about 2500 E/ into a Bulgarian bank for the initial capital of your company which is usually withdrawn one month after the LTD Co. has been formed). In order to register your company you will need an address in Bulgaria.
6. Sign a preliminary Purchase contract between you and the property vendor. Deposit of, usually, 10 % of the property price, and pay the estate agents fees. Date is set for completion of the deal. The property is then taken off the market.
7. Preparation of the property’s documents related to the sale.
8. Transfer of title deeds, rights of ownership, payment of balance owed.
9. Property registration and declaration.
10. Receive the Title deed and become a property owner.

OUR FEES:

VALUE of REAL ESTATE: OUR FEES:

Up to 150,000.00 EUR  3%

150,001.00 EUR2.5%

Minimum commission500euro

Viewing trip charges:A charge of 25E per 100 kilometers will be made. This fee covers the service expenses such as fuel, car amortization and insurance and is fully refundable if you purchase a property with us.

If you are purchasing property with land, or just land, please be aware that as a foreigner, in order for you to own that land, it is a requirement to register a company. You may use our company accountant and Lawyer for this service, or source your own. The cost will be approximately 600Euro and will include:

• Registration of Limited company according to Bulgarian Law.
• Translation of all documents.
• Assisting you with setting up a bank account.
• All notary fees associated with your company registration.

The costs below are fees that are necessary to comply with the law and are not avoidable. They are paid on the completing of the deal.

NOTARY TAXabout 1.5% of the cost of the property

GOVERNMENT TAX2% of the cost of the property

LAWYERS,NOTARY AND TRANSLATION FEESdepending on the price of the property

TRANSFERRING FUNDS TO YOUR BULGARIAN BANK ACCOUNTapproximately 25Euro 

EXTRACTS FROM THE LAW FOR ENTERING, STAY and LEAVING REPUBLIC OF BULGARIA FOR THE EU CITIZENS AND MEMBERS OF THEIR FAMILIES

Bulgarian Visa - Entry requirement for EU citizens

Par 4. (1) Any citizen of the EU can enter or leave the territory of Bulgaria using the following types of ID:*passportor*ID card.

Par 6.(1)The length of stay on the territory of Bulgaria on the basis of the above mentioned types of IDfor the EU citizens is up to three months.

Par7. (1) For stay exceeding the three months period the following procedures apply-

An Application for a stay exceeding three months must be submitted and a special Certificate is used by the police allowing EU citizen stay up to 5 years.

(2).Long stay is for up to 5 years only.

Par 9. For issuing a Certificate for a longer stay in Bulgaria EU citizens must submit an Application form at the Police Offices dealing with the migration within three months from the date of entering Bulgaria. Exceeding the 3 months time is an offence.

(2). Documents supporting the Application form

1. ID card or Passport

2. Documents proving the reason for staying in Bulgaria

3. Declaration

4. Receipt for paid tax

(4). The Certificate is issued on the day of Applyingand is issued in the name of the person who has signed the application, together with date of issuing the Certificate.

Par 18 . Cancellation of the Certificate – The Certificate can be cancelled by the Bulgarian Police if the EU citizen has been out of Bulgaria for more than 2 calendar years.

Par 21 (2)The citizen of the EU and their families use their passport or ID card to support the ID documents with the Certificate to prove their reason for stay.