subject: Legal Aspects of Buying Property in Bulgaria by:Nancy Hall [print this page] According to Bulgarian law, foreign individuals and legal entities can buy property in Bulgaria property. Purchased the property, you can legitimately to be registered at this address. Non-residents of Bulgaria after the purchase of local real estate on an equal footing with local citizens, can pass the object.
When buying property in Bulgaria is the legislative details, which relate only to land and housing: In order to acquire the ownership of the land on which the property, you must register the entity in the territory of Bulgaria and purchased land in the ownership of the company. Individuals who are not residents of Bulgaria, under the existing legislation does not have the right to purchase land in the property.
This rule applies only to land, their value ranges from 1 to 10% of the cost of the facility, this amount is always taken into account when formulating the overall price of the object. You can not buy land in the property, entering into long-term contract lease with low rent. At the same time, there are some risks that should be taken into account when making a final decision. This option is ideal for those who purchase property for the rest of season, but for those who plan to stay in Bulgaria for accommodation, we recommend that you obtain land ownership.
What is needed for the registration of legal entities in Bulgaria?
Your personal presence;
authorized capital of about 2600 euro, which you can withdraw from the account immediately after registration of the company;
700 euros for expenses that include: fees in court, the statistical office, for the production of documents for translation and legalization of passports and notary services.
After registration of legal entity, you can perform operations on the territory of the Republic of Bulgaria. If you do not plan to work here, but you need to have long-term visa - the best record of foreign companies.
Registration of ownership of real estate in Bulgaria Notarial deed of transfer of ownership and a certificate of ownership of the property certified by a notary.
After signing the document of the seller and the buyer and the certification of signatures, the notary provides notarial act to the district court. Judge amends the state registry of immovable property (in Russia the state registration in the Federal Reserve). It should be noted that the mark is made and in the notary's act.
Before the transaction the notary must submit an extract from the same register that there is no "burden" the object, in other words, on its purity. In the statement, you can see the presence or absence of a mortgage site, right to the use of the property of others, a ban on the sale of open judicial proceedings, etc. The extract also confirms the ownership of the facility specific person - the seller.
Another important document is the public value of the object, which is issued to the territorial tax service. Price facility, required in the notary's act can not be lower than this value. Of this price, determined by the amount of duty to deal, and notary fees.
Documents for registration of real estate in Bulgaria's property:
The physical person passport
A legal person - the constituent documents
As usually happens the transaction to acquire property in Bulgaria
1. Reservation fee (if selected customer object is removed from the sales price is fixed.)
2. The conclusion of the preliminary contract - is within one month of the reservation, or combined with reserve, it indicates alienable object, fixed price, the order of payment, date of conclusion of the notary deed, etc.
3. The signing of the notarial act. This is a document certifying the ownership of the object. Drawn up after the settlement between the buyer and seller at the notary, acting in the area of buying real estate.
Notary taxes and government fees to be paid when the transaction of sale, totaling about 3% of the property tax assessment.
Tax assessment - the value of the object, calculated in accordance with established state standards, and is the basis for calculating the tax payable when a property in Bulgaria. Typically, about 30-50% of the market value of the object.
According to Bulgarian law, within two months after the registration of ownership of real property must be declared to local tax authorities.
In addition, according to Bulgarian law, natural persons and legal entities, non-residents, the owners of real estate in Bulgaria have to register in the Register BULSTAT "(this is Bulgarian Statistical Authority). After registering you will be issued a certificate and a plastic card with a unique EIN BULSTAT (unique identification number).
Declared in the tax authorities and registration BULSTAT is also our company's attorney, by proxy. The package of documents prepared to share personally in hand, or by e-mail forwarding.
Each year, owners of real estate in Bulgaria have to pay property tax and tax for garbage collection.
About the author
Nancy Hall is a Real Estate Consultant from UK. She is working with Nomore Hotels. You can get more information about Bulgaria Property and Cyprus Property at Nomore Hotels.
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