1.BULGARIAN LAW: In accordance with the current law FOREIGN CITIZENS have no right to buy PLOTS, including houses with the land, as well as land with any type of statute. In order to purchase plots, the foreign citizens shall establish their own Company complying with Bulgarian law.

2.ESTABLISHING A COMPANY is a comparatively easy procedure. It is performed by lawyers. It can also be done through power warrant of attorney in the name of a foreigner's physical person to the lawyer. The warrant of attorney shall be certified before a Bulgarian notary. A sensible tax for the whole procedure of establishing a firm, including all expenditures is 300-400€. The procedure lasts around 2 working days.

3.LAND STATUTE: Land by Bulgarian Legislation is divided into TWO PRINCIPAL categories: regulated parcel and not regulated lands. There is a sure possibility to convert the land statute from not regulated to regulated. The procedure lasts from 4 to 6 months and costs, together with taxes and duties, by January 2013, around 4 BGN / €2 per m2.

4.PROPERTIES' TAXATION: Each property is charged with a state tax of 2% from the property's cost. The remuneration for the notary is in comply with a specific Table of the Bulgarian Notaries - around 3-4% from the property cost. The properties ARE ABSOLUTE PRIVATE ownership (FREEHOLD). This is the surest and legal way for any type of contracts. Before executing the agreement the property is checked for any kind of burdens (mortgages); the previous owners are traced, etc. This is the duty of the lawyers we work with, as well as the notary's responsibility.

5.THE WAY OF PURCHASING: After the buyer has stopped on a particular property, a preliminary contract shall be made. There, all the future relations between buyer and seller are fixed. In that particular stage a deposit shall be submitted(advance sum), which usually averages 10% from the property' cost. The procedure is accomplished after the notary has inspected all documents and has agreed that the contract shall be done.          In the moment of the final agreement, the rest of the money amount to 100% is delivered.


7.TRANSFER OF MONEY TO BULGARIA: Due to the specific circumstances in the Bulgarian bank system and the services offered by the Bulgarian commercial banks, it is necessary to pay attention to the conditions for transferring money to Bulgaria for the purposes of purchasing a real estate property in the country. The most suitable way is to exchange your money into Euro at your home attending bank. Once you have opened a bank account in a Bulgarian bank or in a foreign bank operating on the territory of Bulgaria, you can transfer money by direct bank transfer. You can open this account either (by) authorizing someone before you enter the country or personally after your arrival. But keep in mind that, while you are in Bulgaria, you should authorize someone to operate with your personal bank account and to transfer money from it.

8.PAYING FOR THE ACQUIRED REAL ESTATE: Normally, when the "Preliminary purchasing contract"(Covenant to Convey) has been signed, the buyers have to pay up to 30% security deposit(10% minimum) of the total amount of the real estate. Depending on the particular case, the security deposit could be paid either in cash or by direct bank transfer. The rest of the money has to be paid by direct bank transfer or cash, at the time of the title and deed transfer or the notary attestation. The local state tax and the government tax must normally be paid in cash.

-Annual trash tax
-Annual buildings tax
-Land tax
-Monthly utility expenses for electricity, telephone, water, gas, Internet, cable TV, Security services etc.
-Accounting services, social security, income tax, turnover tax.
-Our team can assist you in finding the lowest bank rates and in executing all money transfers smoothly, safely and conveniently. We recommended our partners from Varna legal advice office on:

ESTABLISHING A COMPANY(COMPANY REGISTRATION): According to the Bulgarian Constitution a foreigner cannot purchase a real estate property together with the land.   So, you have to settle up a commercial company in order to be entitled to buy a real estate property together with the land on the territory of Bulgaria. We recommend that you establish an Ltd - LIMITED LIABILITY COMPANY:
01.Who is entitled to set up a Limited Liability Company?
A foreign or a Bulgarian entity(both legal and physical) can set up a Limited Liability Company. The person/persons will be liable for the company's obligations to the value of his/hers share in the company's registered capital.
02.Capital - A bank account must be opened in order to deposit the company capital and to attend to the company needs. The capital required to start a company is now only 2 levs (1 Euro) though, much better than the 5000 levs you used to need! Shareholders must have paid their respective shares at the time of registration. It is required that the capital is raised by the time of registration.
03.Setting up the Company.
3.1.Statutes approval.
3.2.Founding Meeting - preliminary discussions have to be held to decide on the commercial activities that the company intends to engage in. As a consequence of these discussions, the Articles of Incorporation of the new company are drawn up and signed by all shareholders. The following details have to be included in the Articles of Incorporation.
3.2.1.Business name, seat and address of management of the company
3.2.2.Objectives of company and the time period for which the company is set up
3.2.3.The names or, respectively, the business names of the shareholders
3.2.4.Registered capital. Where the full amount of the capital has not been paid upon incorporation, the Articles shall stipulate also the deadlines and terms of payment. The period for making the final installment in the capital cannot be longer than two years from the registration of the company, or from the capital increase respectively.
3.2.5.The number of shares registered by each shareholder
3.2.6.The company management and representation
3.2.7.The rights of the shareholders, as agreed between them.
3.2.8.Other rights and obligations of the shareholders.
3.3.9.Written statement of the Founding Meeting.
04.Filing the documents for the company's legal registration.
05.Obtaining a court decision by the respective district court, containing the main scope of the company's activities and the Articles of Incorporation. The obtaining of the court decision usually takes about a month.
06.Registration and receiving a number.
07.Publication of the Register entry in the State Gazette
The Bulgarian State Gazette is the official paper of the Bulgarian State. All Bulgarian legislation is published there in order to come into effect. Publication of the company entry in the Commercial Register does not complete the constitution of your company. It announces the act of company constitution to the general public.
08.Filing the tax declaration, stating that the company has not carried out commercial activities during the respective period.
09.Annual tax declaration for zero down income.                                                                                                                 -   recommended solicitors in Varna

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