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Property in Bulgaria is the fastest growing asset in our
country. Last year the property prices in Bulgaria have gone up with more than 25 %
in general. Some real estates have gone up with 50 % for one year, especially
the ones in Sofia, in the Black Sea beach resorts (Sunny Beach) and in the ski resorts (Borovets,
Bansko). The improved economic conditions, political and social stability in Bulgaria over the last 3 years brought to a
real boom of the prices of property in Bulgaria. Other important factor for the
rising property market is the huge tourism potential in our country. There
are great natural attractions - high mountains, beautiful and clean Black Sea
coast, preserved rural areas, minimum urbanisation, thousands years of
history, etc. Nowadays Bulgaria is considered as the fastest
growing tourism market in Europe. This is something that foreign buyers of property in Bulgaria appreciate the most. Together with
the constantly rising prices, buying property in Bulgaria is one of the best investments
that one can make these days.
Low property prices, beautiful
countryside, historic towns and unchanged rural traditions. The cost of
living is also surprisingly low and makes Turkey look expensive.
Foreign investors can purchase property in Bulgaria directly or through a local
company. Only Bulgarian-resident individuals and entities can own land, while
non-residents personally may acquire only buildings. Therefore if foreign
citizens want to invest in property in Bulgaria, they must register a
Bulgaria based company. As soon as the company is registered any properties /
property in Bulgaria may be purchased to the company name. The most common
type of organization for foreign investors is a limited liability company.
Other forms are companies limited by shares (joint stock companies), joint
enterprises, business associations, general partnerships, limited
partnerships, and sole proprietorships.
The law does not limit the extent or amount of foreign participation in
companies. Foreign individuals and companies can open unlimited number of
accounts in any Bulgarian banks, in any hard currency or the local Bulgarian
currency. There is very serious talking that soon the main law in Bulgaria,
the Constitution will be changed very soon, so that all foreigners who wish
to acquire property in Bulgaria will be able to do so personally, so
registering a local company will not be needed.
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