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Questions about properties in Bulgaria Questions and answers about bulgarian property market. Information how to buy or sell property in Bulgaria. Low and taxes information. Facts, tips and tricks, trends.
Pages with Questions - PROPERTIES IN BULGARIA: [1][2][3][4][5][6][7][8][9]
30. What is Currency regulations for import and export?31. When selling a property in Bulgaria, what are the laws for example on taxation and bringing your money back into the UK?32. I have bought an agricultural plot. Can I make a building there and what are the laws for building on this land?33. I have bought a house with plot. Can I make upgrade of it? What are the laws if I want to demolish current house and build new one?34. We have bought a property in Bulgaria 80 km from town of Varna. At the moment we can only visit this property once a year. Please can you advise on how we can pay rates, electricity, water and insure the property without paying out large sums for property management which we don`t really need?35. Is it better to buy off plan apartment in Bulgaria?36. What kind of tax I owe for my property in Bulgaria?37. Should I wait until 2006/2007 to invest?38. What is the local feeling towards foreigners owing property?39. What are the conditions to register a Private Limited Company in Bulgaria and how long is the process?
Pages with Questions - PROPERTIES IN BULGARIA: [1][2][3][4][5][6][7][8][9]
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Q30: What is Currency regulations for import and export?
A30: Foreigners may export and import Bulgarian banknotes and coins in circulation to the amount of up to BGN 10,000 (about 3500 GBP). Sums exceeding this amount may be imported and exported only with a permit by the BNB (Bulgarian National Bank), valid for a period of up to 90 days of its issuance date.
The foreign persons may export convertible (hard) currency in amounts that do not exceed the amount of the foreign currency they had imported and declared. They can import unlimited amounts of foreign currency, which is to be declared.
Upon crossing the state borderline of the Republic of Bulgaria passengers may import and export commodities that in type, quantities, and value are not of a commercial nature. These do not include objects the passenger carry for personal use and consumption objects.
Exchange controls are the responsibility of the Bulgarian National Bank (BNB). The Bulgarian Leva is pegged to the Euro, and enjoys local convertibility. The export of Leva is prohibited, but foreign businesses can repatriate profits and capital in foreign currency. Companies can maintain both Leva and foreign currency bank accounts. Currency exchange can be effected through either the Commercial Banks or the Bureau de Change.
Import controls - Most goods can be imported into Bulgaria without restriction. All exports to Bulgaria are subject to pre-shipment inspection.
go topQ31: When selling a property in Bulgaria, what are the laws for example on taxation and bringing your money back into the UK?
A31: It is beyond our competence (please if there is anybody who can answer - let email us at bgproperty@europe.com) but:
Foreigners may export their profit but they must declare the origin of the money and must show a document from Tax administration for paid taxes about this incoming. There are different Tax lows for individual persons and for the companies.
go top Q32: I have bought an agricultural plot. Can I make a building there and what are the laws for building on this land?
A32: The necessary actions depend of type of the building you want:
If you want to build house: First - You must change the status of the land (it is no so easy and may cost a lot). If it is a large area you can change the status of part of the land only (for example 300m2)where you want to build. Then you need permission from Municipality head architect (you must give him document for ownership, plans, schemes, etc.).
If you want to build small extensions (log cabins, etc.) you do not need any permission and changing the status of the land.
go top Q33: I have bought a house with plot. Can I make upgrade of it? What are the laws if I want to demolish current house and build new one?
A33: You need planing permissions for building (from Municipality head architect) independently of type of building project ( new building or additional storey) except in cases this is temporary building (small extensions, log cabins, etc.)
If it is repairs only (painting, change of tiles, pipes, glasses, etc. - without changing of building area) - you do not need any extra permissions from architects or government institutions.
go top Q34: We have bought a property in Bulgaria 80 km from town of Varna. At the moment we can only visit this property once a year. Please can you advise on how we can pay rates, electricity, water and insure the property without paying out large sums for property management which we don`t really need?
A34: There are no so many options:
Most of the Banks in Bulgaria support this kind of service. You must create Bank account for attendance of your communal consumptions (water, electricity, mobile and hospital phones). There are some documents required like: your last invoices and/or documents for ownership, etc. (it is depending from the Bank / service and you must ask the Bank staff about this). In this case - regular (once per month) the bills will arrive to the Bank and will be served from the your Bank account. The Government Tax for your property can be paid entire year long and you can pay it during your stay in Bulgaria. The same is for the Insurance of the property. Most of the Bulgarian Banks have Internet Banking and you can transfer to/from your bank accounts via Internet.
Via Payment Portal Epay.bg but it is in Bulgarian language. There you must register your debit/credit card(s) and then you can make payments to Electrical company, Water support company, Tax Administration, etc. It will be more difficult for you!
go top Q35: Is it better to buy off plan apartment in Bulgaria?
A35: Ordinary buying off-plan property in Bulgaria is more attractive because new apartments and houses are built to a higher standard with more facilities on the complexes that appeal to foreign buyers and holiday makers. Other reason to buy off-plan is because the new property will not be built for another 12-24 months and you are buying into a development at an early stage - it is more cheaply and in some cases buyer can require additional extras for the interior or room disposition. The prices for similar properties for sale in Bulgaria would be significantly higher, as the past trend showed a good capital growth for properties in Bulgaria.
go top Q36: What kind of tax I owe for my property in Bulgaria?
A36: Amount of taxes and fees varies from the place where the property is located in Bulgaria. For the properties owners there are 2 kinds of tax - property tax (is paid annually based on 0.15% of the property value - the valuation is made from tax department and is different from market price) and annual fee for garbage transportation (it is calculated based on value of the property and depends of place and municipality - vary from 1.6 to 5 per 1000). If you have industrial land - this mean you have registered company there in Bulgaria. In this case you must declare activity and incoming (and taxes if you have incoming) to the end of March! For more info see this Taxes I own as company
more info >> http://VisitToBulgaria.com/properties/Dir.asp?id=105
go top Q37: Should I wait until 2006/2007 to invest?
A37: Absolutely not!!! The market will show gains in 2007-2009 for sure. However, the large gains are to be made up to 2007. Then Bulgaria will be member of European Union and prices will rise to levels similar to other European countries! Follow link more info to find cheap and low priced Bulgarian Properties!
more info >> http://VisitToBulgaria.com/properties
go top Q38: What is the local feeling towards foreigners owing property?
A38: The Bulgarians are warm and friendly people in spite of difficulties in their life. Bulgarian people are very tolerant - there is not hostility between different nationality, religions or cultures. The Bulgarians are happy to see people bringing wealth and foreign investment to their communities especially if the foreigners are not stuck-up with their riches.
go top Q39: What are the conditions to register a Private Limited Company in Bulgaria and how long is the process?
A39: Private Limited Company (a limited liability company) - "OOD" - it is a commercial company with share capital owned by its members whose liability is limited to the amount of the capital subscribed. A private limited liability company may be founded by one or more persons, including foreign natural or legal persons. The minimum foundation capital is BGL 5,000 divided into shares with nominal value of BGL 10 each and at least 70% of the capital must be paid up on foundation. Contributions to the foundation capital may be paid in cash or in kind. The statutory bodies of the private limited companies are the general meeting of shareholders, which must be held at least once a year, and the managing director or board of directors.
The registration process takes approximately 15 days.
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