New Apartments

Find an apartment that suits your requirements

• Agree a price
• Engage a solicitor to undertake checks on Title Documentation, Licenses and Permissions, Debts on Title, Terms of Contract, Gov’t taxes etc
• Sign a preliminary contract
• Pay a deposit to secure the apartment (this may vary from 10%-50% depending on the developer)
• Pay the remainder of the purchase price (this may be in two stages depending on the developer)
• Obtain a Title Deed (Notary Act)
• Enjoy your new apartment

Properties With Land

• Find a property that suits your requirements
• Agree a price
• Engage a solicitor to undertake checks on Title Documentation, Licences and Permissions, Debts On Title, Terms of Contract, Gov’t taxes etc
• Engage a solicitor to assist you in registering a company (foreigners are currently not allowed to own land)
• Sign a preliminary contract
• Pay a deposit to take the property off the market
• Pay the remainder of the purchase price
• Obtain a Title Deed (Notary Act)
• Enjoy your new property

A Plot Of Land to Build On

• Find a suitable plot of land
• Agree a price
• Engage a solicitor to assist you in registering a company (foreigners are currently not allowed to own land)
• Engage a solicitor to undertake checks on Title Documentation, Licences and Permissions, Debts On Title, Terms of Contract, Gov’t taxes, building permission etc
• Sign a preliminary contract
• Pay a deposit to take the plot off the market
• Decide upon the style of property you require (materials, size, fittings etc)
• Agree on a price and timescale
• Pay the remainder of the purchase price for the plot of land
• Obtain a Title Deed (Notary Act)
• Pay an initial payment to start construction and project management
• Pay the remainder of the construction and project management price (this may be in stages up until completion)
• Enjoy your new property

Setting up a company

In order for a foreigner to own land it is first necessary to open a company, the most common of which is a limited liability company. This is a simple process and Rila Properties Ltd will be able to offer guidance in choosing a solicitor to guide you through the process (see Legal Services).

The most appropriate types of companies for carrying out business in Bulgaria are: a private limited company, a public limited company, a single private limited company, a holding branch office. The most common form of company set up by individuals is a PRIVATE LIMITED COMPANY.

Private Limited Company (a limited liability company)

A private limited liability company maybe founded by one or more persons, including foreign, natural or legal persons. The minimum foundation is 5000 Leva, at least 70% of the capital must be paid up on foundation. Contribution to the foundation capital maybe paid in cash or in kind.

A single person private limited liability company is called “EOOD”. It is owned by a natural or a legal person, the sole shareholder exercises the powers of the general meeting and the Managing Director or the board of Directors is appointed to run the company. A private limited company must prepare a balance sheet and a financial statements each year.

For further information please Contact Us.

Other things to consider:

Setting up Bank Accounts

There are a host of banks that will allow foreigners to set up an account which can be in Sterling or Euro. These are useful for transferring money from UK or anywhere else outside Bulgaria. In order to set up a bank account, you simply need your passport and a second ID. The whole process can be undertaken in a day.

Legal Fees

The legal fee for the purchase of an apartment through our recommended solicitor is £150.00 this includes consultation, translation and documentation of the contract. This fee does not include the notary fees nor any government taxes. The fee for the purchase of property with land is £200.00, this includes consultation, translation and documentation of the contract, however it does not include the notary fees nor any government taxes.

You are not obliged to use our recommended solicitor, if you go to our links page, you will find a comprehensive up to date list of Bulgarian solicitors to choose from as well as UK based solicitors specialising in Bulgaria.

Notary Fees

The notary fees are paid on the higher of the market price or the book value of the property at varying rates specified in a special chart and is around 0.5+% of the price. In addition 2% of the tax value of the property is paid to the municipality where the property is located.

Property Taxes

The property taxes for your own property in Bulgaria is very low. For example the annual property taxes in a big Bulgarian city or holiday resort are 50-70 EURO’s per year.

For further information Rila Properties  will be delighted to expand on any of the above points. Contact Us