Bulgaria house and property information

Bulgaria Information by places

Albena	Balchik	Bansko	Borovets	Burgas	Devin	Dobrich	Dupnitsa
Elena	Gabrovo	Hisarya	Kalofer	Karlovo	Karnobat	Kozloduy	Kuystendil
Lovech	Melnik	Nesebar	Obrochishte	Pamporovo	Pavlikeni	Pazardzhik	Petrich
Pleven	Plovdiv	Providiya	Razlog	Ruse	Samokov	Sandanski	Sapareva Banya
Shabla	Shumen	Sliven	Smolyan	Sofia	Sozopol	Stara Zagora	Sunny Beach
Svishtov	Teteven	Troyan	Tryavna	Varna	Veliko Tarnovo	Vidin	Vratsa

Bulgaria - information

On this page you will find Bulgaria information on why to buy property in Bulgaria or Black sea coast.

Bulgaria is located in South-Eastern Europe (43 00 N, 25 00 E) bordering the Black Sea,

between Romania, Serbia, Macedonia, Greece and Turkey. The total area of the country is about 112,000 sq km roughly the size of England with 354 km coastline on the Black sea.

Climate

People in the country enjoy a beautiful blooming spring, dry and hot summers, a long and pleasant autumn and mild winters with lots of opportunity for skiing in the mountains. Always lit by the sun Bulgaria has between 2,200 and 2,500 hours of sunlight per year. Average temperature (April - September): + 23 C (73.4 F). The average yearly temperature is 14.7 C (58.5 F). The climate is exceptionally favourable for growing grapes, fruit and vegetables and rose oil for which Bulgaria has been renowned in Europe for centuries. The climate in Northern Bulgaria is moderate continental, while the climate in Southern Bulgaria is intermediate continental tending to Mediterranean. The climate in the regions with an altitude of 1900-2000 m (about 6561 ft) above sea level is mountainous and along the Black Sea coast it is maritime.

Bulgaria Facts

· Population 7.7 million (UN, 2005)

· Capital Sofia

· Official language Bulgarian

· Main religion Christianity (Eastern Orthodox)

· Monetary unit 1 Lev = 100 stotinki

· Main exports Chemicals and plastics, food and drink, tobacco, machine-building equipment

· Average annual income €2,825 (World Bank, 2006)

· Local time GMT + 2hours

· International dialling code +359 bulgaria, bulgarian, black sea, bulgarian property, bulgaria real estate, buy property in bulgaria, property bulgaria, house, apartment, flats, cottage, villa, plot of land, industrial property, hote, commercial property

Since 1997 Bulgaria has been a politically stable country with a developing economy and the preferential conditions and guarantees for foreign investors have generated excellent business opportunities and investment growth potential. Bulgaria real estate prices are lower by far than other destinations in Europe but the estimated expected of Bulgaria in the European Union provides unprecedented growth potential that will certainly boost the prices of property Bulgaria real estate in the near future. The Bulgaria real estate market is still unexplored and undeveloped to a certain extent, which makes buy property in Bulgaria very attractive and profitable.

More information on Bulgaria you will find in Bulgaria links page.

Bulgaria has one of the most liberal foreign investment laws in the region regarding Bulgarian properties. According to the Bulgarian Constitution and legislation foreign persons and companies can invest in property in Bulgaria either personally or through a local legal entity. Generally speaking, foreigners as persons can acquire only buildings but not land. Only Bulgarian citizens and legal entities (including those with foreign ownership) can gain ownership of Bulgarian land.

Therefore, the most popular way preferred by non-residents to become real estate owners is:

As far as holiday beach and ski flats or any apartment with limited ownership rights (the right of use, the right to build, etc.) are concerned, you can directly purchase them as a person.
When talking about Bulgarian properties with land (house, cottage, villa, plot of land, industrial property, hotel or other commercial property, you have to set up a company that will be the owner of property.

Setting up a limited company in Bulgaria is not a problem (because the hard work of finding the right people and advice has already been done for you: we aim to assist you in every way to ensure this process goes as smoothly as possible).

Foreign organisations have the right to open banks accounts denominated in Bulgarian or foreign currency. Successive Bulgarian governments are doing their best to attract foreign investors to their economy, including those that want to buy property in Bulgaria.

Please, bear in mind that properties appearing to be very cheap will almost certainly need work to be done to them in order to bring them up to expected standards. Obviously the less expensive properties will be older style and perhaps more remotely located. Many of the cheap properties have their toilets built outside the house. A Home In Bulgaria can arrange for you at no extra charge for a reputable local builders and tradesmen who will do any type of work required.

Many new developments are being offered under construction (i.e. on the coast or popular ski resorts), where properties may be purchased "off plan". In this case the seller (the investor or the construction company) provide their terms of sale which are set out in the preliminary contract.

Foreign persons may invest in Bulgaria either directly or via a resident company.

In the event of direct investment, taxation depends on whether or not it is recognized that to the investor, Bulgaria is a place of economic activity.

Bulgarian legislation gives a very broad definition of the term "place of economic activity." The fact that a foreign company owns and rents out property in Bulgaria (except when this is done by an independent intermediary) may mean that the country is a place of economic activity for that company, according to local legislation. If Bulgaria is not a place of economic activity to the foreign person, that person is liable for tax at the source of income, i.e. on income from rent and on profit from sale of property, unless other tax rules apply under a double taxation avoidance agreement.

Legal Information

Fees for change of ownership - Change of ownership carries notary and municipal charges. The higher of either the market value or the book value of the building is taken as the base value for the computation of notary fees, but they may not exceed EUR 2,250. A 2% municipal tax is charged on the basis of a market appraisal of the property.

Local taxes and fees - Owners of land and buildings are liable to pay tax on them. The rate is 0.15% of the value of the property. No tax is charged on arable land. Besides property tax, owners are also liable to pay waste collection fees.

Value added tax - Land and housing property transactions are exempt from value added tax (VAT). All other real estate transactions carry 20% VAT. The buyer can recover the VAT paid on the transaction if he is VAT-registered.

You can find more information on how to buy property in Bulgaria on FAQs page.