Buying a property in Bulgaria and After sale process
Buying a property in Bulgaria has never been easier than now!
Bulgarian law allows foreign persons who are citizens of EU to buy property in the country but with some limitations. That property has to be their second home. It means the buyer must have another property in a country from EU. In that scenario people from EU who are physical persons can buy house with land or apartment with ideal parts of land in Bulgaria without a problem.
Only for foreign citizens who are not from EU there are still limitations of the purchase of land. They must set up limited company and then to transfer the ownership of the property to the name of the company. Very important part when a foreign citizen set up a limited company is that the law requires some accountancy to be done.
For further information regarding taxes, accountancy please read here.
How to buy property in Bulgaria
▪ To begin with, browse through our website and find the property/properties which you like. Send us an enquiry in order to check whether the property is available and to receive additional information of the area.
▪ Then choose the date of yourviewing so that you can see the propertyyou chose. We are always ready to help you organize your trip to Bulgariano matter whether we will meet you on the airport or organize the entire visit.
▪ When you come to Bulgaria wewill answer all your questions and will help you choosethe best property.
After you have made your choice the purchase process starts. It consists of few following steps:
1. The chosen property needs to be reserved and taken off the market. Normally the practice has accepted the buyer to leave deposit – 1000 to 2000 eur. After the deposit is left the property is no more for sale.
2. Second step is to sign a preliminary contract with the owner or his representative. That contract describes in total the entire conditions of purchasing the property such as the price, the conditions of the deal, furniture or not, payments, etc. If it is off-plan development the most vital part is the description of the payment plan and the terms of finishing.
3. Drawing up of the Notary Deed (same as Title Deed in the UK) which is considered the legal document certifying the ownership of the property. It is drawn up by the local notary public in the presence of the buyer and the seller. Please be noticed that all Notary fees are paid from the Buyer!
4. The notary public certifies the deed and registers it with the Registry Agency. This is also noted in the notary deed. After the notary deed is registered the buyer receive it and since that moment there is an obligation for the new owner to declare the property into the municipality. Please see read more here.
Annual tax on the property
After buying a property in Bulgaria its owner must start paying annual property taxesin the municipality. There are two property taxes to be paid: property tax and garbage collectionwhich are set up from the municipality each year.They are due to be paid up to end of March.