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F.A.Qs
Why Bulgaria?
The conditions for investing in real estate in Bulgaria are better than ever. Now is the time to act – as Bulgaria is still a land of unlimited possibilities, the faster you take your decision – the more profit you will gain from your property. Bulgaria is the newest hot destination for the real estate market in Europe. Nature is beautiful and various. The Bulgarian people are hospitable, friendly and always willing to help.
Is a visa necessary to enter Bulgaria?
Citizens of the following countries do not need visa to enter Bulgaria for a period of up to 90 days, within each period of six months: Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden. Passport holders of the following countries do not need visa to enter Bulgaria for a period of up to 30 days within each period of six months: Andorra, Australia, Canada, Estonia, Ireland, Israel, Japan, Liechtenstein, Monaco, New Zealand, Switzerland, UK, USA, and the Vatican. Passport holders of countries enumerated in this section, a visa is needed only if 1.their stay in Bulgaria should exceed 30 days, or 2. they require multiple entry for a longer period of time or a long-term visa. Passport holders of the following countries do not need visa to enter Bulgaria in accordance with acting international agreements: Croatia, Czech Republic, Hungary, Lithuania, Macedonia, Malta, Republic of Korea, Poland, Romania, San Marino, Slovak Republic, Slovenia, Tunisia, Yugoslavia. Passport holders from all other countries not mentioned in I, II or III need visa to enter Bulgaria. The processing of the visa applications can take up to 10 working days, as confirmation in each case has to be obtained from the Ministry of Foreign Affairs of the Republic of Bulgaria in Sofia.
Are there any restrictions for foreigners on the real estate market?
According to the Bulgarian legislation foreigners are not allowed to purchase land in Bulgaria. You would be able to buy a flat or house but not the land on which it is built. This is often inconvenient but fortunately there is a way to overcome the problem by registering a company in Bulgaria. Once you become the owner and manager of a Bulgarian limited liability company, you are in the capacity to manage the assets of the company, which includes real estate. Then you will be able to buy any property including the land. The restriction on land ownership by non-Bulgarians will be lifted in 2014.
If I decide to buy a house, does this make me owner of the land too?
Definitely, if you become the owner of a property after having registered a company, this means that you are the legal owner of its plot of land too. Subsequently, you are entitled to do whatever you wish with this property, including selling it, renting it out, etc.
Is registering of a limited liability company needed if I buy an apartment?
No. Foreign individuals can buy the buildings, but not the land. Company is needed when you want to buy the freehold.
How about solicitor?
It is advisable to use the help of a Bulgarian solicitor. Our company lawyer Konstantin Dimitrov is a well known professional and has years of experience in dealing with foreign property investors in Bulgaria.
How do I get to Bulgaria?
International flights are available to the capital, Sofia, all year round. Direct charter flights to the Black Sea (Varna/Burgas) are available during the spring/summer months and can be booked through local UK travel agents.
For more information you can go at www.polytours.com.
How long does the procedure of purchasing take?
The whole procedure takes approximately one month - from deposing of the property to obtaining the Notary Deed. Although, it is different with every deal.
Is purchase of property possible without coming to Bulgaria?
Yes. Although, we recommend to our clients to first view the property, it is also possible to buy using power of attorney. We can represent you and organize all legal procedures on your behalf.
Are Bulgarian properties easy to rent out once purchased?
As any other country, it depends on the location and attractiveness of your particular property. The most popular regions at present are those at or around seaside resorts and skiing resorts.
Cost of living?
A bottle of excellent Bulgarian wine costs some 2.5 euros. Beer is under 0.50 euros a bottle. Even imported goods are at half of their Western prices.
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CONTACT US
Thomas Brailsford
+44 207 871 7344
Goran Raynovski
+44 115 818 1807
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