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Buying - in Bulgaria
Buying real estate in Bulgaria is quite simple and a straightforward process. Ace 8664 are always on hand to help and guide you through every stage of your property purchase. There are several important steps that must be made to purchase a property in Bulgaria and our friendly Ace 8664 staff will be always ready to give you expert advice every step of the way.
Buying property in Bulgaria is easy and is no more than buying in any other foreign country. One specific thing to note to be taken into consideration is that according to the Bulgarian Constitution and legislation, foreign persons currently are prohibited from owning land and can acquire only buildings but not land on which the buildings are built.
This is easily solved by forming a Bulgarian registered company with you being a sole owner and director.
This law is due to be removed before EU membership in 2007 and it is one of the main reasons that property prices are so attractive compared with Western Europe.
Setting up a company in Bulgaria is very easy and our solicitors as recommended by the British Embassy will arrange this for you. The preferred form of business is a using a corporate entity known as a Limited Liability Company (OOD). It is a commercial company with share capital owned by its members (i.e. you). One or more persons, including foreign nationals may found a private company. The minimum foundation capital is 5000 Bulgarian leva (2600 Euros). You need to open a bank account and to deposit the initial company capital and this money can be withdrawn once the company has been formed. It usually takes up to 5 weeks for a company registration however in our experience it can be as little as two weeks. You do not need to be present while your company is being registered as our solicitors will take care of this for you. All you have to do is to sign all relevant documents in English. You will be explained in details all steps and all documents that you will be signing. Charge for setting up a private company is 550 Euros which includes all state's, legal and solicitor's fees.
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