BECOMING PROPERTY OWNER IN BULGARIA INVOLVES THE FOLLOWING STAGES:

I. Register a company – According to the Bulgarian law foreign nationals 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 Bulgarian company. The companies registered in Bulgaria are legal bodies. Once you become the owner and manager of a Bulgarian company you are in the capacity to manage the assets of the company, which can include real estate. You will be able to buy any property and manage it the best you can. We are ready to provide you with full assistance with the company’s registration so the only thing you will have to do is be here while your documents are being processed and deposit the money for the company’s capital, which is 5000 leva or approximately 1700 pounds. The capital will be deposited in a special bank account opened by you. It will take us no more than 1-2 weeks to prapare your documents for registration at the district court. After the company’s registration you will be given a copy of the court’s decision with which you can withdraw the deposited capital from the bank or you can ask the money to be transferred to another account.

II. Sign a preliminary contract – When you have decided on the property you want to buy but you cannot pay straight away the price you will sign a preliminary contract with the seller and give him approximately 10 % deposit of the price. The contract will be concluded between your company represented by you and the owner of the property. This is a necessary step so that the seller can prepare all the documents for the sale – the plot and the valuation by the tax authorities. In the meantime you will have time to make arrangement to provide the rest of the money. The preliminary contract has to be concluded when you do not have the whole amount in cash to buy the property at the moment of seeing it.

III. Completion of the deal – The final stage of the purchase is signing a notary act in the presence of a notary public. All the details about the property – the type, size, location, borders, property valuation, the purchase price, names of the buyer and seller- will be noted in the act. The notary act recognizes your rights as the new owner of the property. This is an official internationally recognized document.