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BUYING PROPERTY IN BULGARIA
To buy a real estate in Bulgaria along with the land on the territory of Republic of Bulgaria , a commercial company must be formed. The company buys the land for sale in Bulgaria , and the company will be 100% owned by the foreign person. Bulgarian participation in the company is not necessary at all. The owner of the company can be its manager as well. Forming a limited company, through a solicitor is straightforward, takes less than four weeks and costs less than £500.
On agreement to buy a property the purchaser should instruct an English-speaking local lawyer – the estate agent will usually recommend one to you if you do not have one appointed or contact the UK law society – who will draw up a preliminary contract of sale at which stage the buyer will be expected to lodge a 10% deposit. The lawyer will then check the property's title and assuming everything is in order, the balance of the purchase price, land tax and notary fees, amounting to approx 5% of the purchase price, fall due for payment. Once paid, the property is legally yours.
Mortgages are available to foreign nationals who wish to purchase residential properties in Bulgaria . This will additionally boost the property market in the country. Loans available for UK and Irish Nationals (and non-UK Nationals on a case by case basis) for either House Purchase or re-financing for Home Improvements. Mortgages for other purposes may also be considered.
Please, contact us for further information.
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Bulgaria