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Buyers Guide
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Getting into the buying process in Bulgaria may seem a difficult task, but the harmonization of Bulgarian legislation with that of the EU makes the procedure easy and almost the same like the procedures in other European CountriesThe difference is that a Foreign Nationals are not allowed to purchase the actual land itself. They may however form a Bulgarian Limited Company through which they will acquire the land, and this way purchase and own their property . The process is very simple but involves navigating through a whole raft of Bulgarian legislative issues that involves a considerable paperwork. An essential part of the services offered by Holiday Properties is to guide you through this process using our knowledge of the matter. This does not apply to foreigner who wish to purchase apartment.The costs associated with real estate transactions are very low. As elsewhere in Europe, the transfer is the subject of Notary and Municipal (Local Authority/Stamp Duty) fees. These fees total approximately 3 % of the value of the declared price and are paid to the municipality ,where the property is located.In addition to these government fees clients will have to pay solicitor's costs ranging from 150 to 300 euros which we believe are the lowest on the market . Owning a property in Bulgaria has the benefit of significantly lower running costs, compared to those in other European countries. The owner of a property must pay an annual property tax of 0.15% of the declared value of the property. This property tax also covers all waste-collection fees for your property.All foreign nationals buying a real estate property must be aware that in Bulgaria there are such terms as "Government Tax Estimation Price" and "Purchase Price". The "tax estimation price" is for the purposes of real estate taxation and is often calculated by the municipality lower than the actual selling (purchase) price. Bulgarian property vendors will wish for the "Tax Estimation Price" be written into the title deed, and not the actual price which the buyer has agreed to pay. As a result of this common practice there may well appear to be discrepancies between the price written in the title deed and the actual cash consideration paid by our Clients. If our Clients wish that the purchase price to be written in the property title deed they must notify us in advance and we will attempt to negotiate with the vendor of the property on your behalf. |
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