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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.

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    Pages with Questions - PROPERTIES IN BULGARIA: [1][2][3][4][5][6][7][8][9]
  • 40. How can I contact a Bulgarian bank to get a mortgage?
  • 41. I have bought property in Bulgaria. What kind of taxes I owe and what kind of documents I must declare in tax administration? What is the final date for this?
  • 42. I have bought house in Bulgaria but I am living mainly in UK and use it only in Summer. Who I can use who can care about my property while I am outside Bulgaria?
  • 43. How a plot of land in Bulgaria can be identified when you buy it, at preliminary contract stage? As it doesn't have an address as such. So, how I will be sure that I am actually buying the plot I think I am and everything is in order.
  • 44. I Have transferred my final payment to the developer & should be signing final contract next week. When the notary taxes need to be paid?
  • 45. I want to buy an apartment in Varna. Could you please tell me what taxes I would pay yearly on an apt. for 85000 euros? How much is an average electric bill? Water, etc...?
  • 46. What is the maximal amount of money I have bring with me when I pass the Bulgarian custom?
  • 47. Is there VAT on transactions with land and lease of property in Bulgaria?
  • 48. What is the meaning of REMI index?
  • 49. What is the sales REMI index for the last years?
        Pages with Questions - PROPERTIES IN BULGARIA: [1][2][3][4][5][6][7][8][9]

        View all 83 questions from this topic >>
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    Q40: How can I contact a Bulgarian bank to get a mortgage?
    A40: Most of Bulgarian banks are in competition for mortgages grant. See url in more info link for this question - you will find contact details for head offices of some of Bulgarian banks.
    more info >>
    http://www.sofia.com/banking/
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    Q41: I have bought property in Bulgaria. What kind of taxes I owe and what kind of documents I must declare in tax administration? What is the final date for this?
    A41: If you are company (Bulgarian land can not be owned from foreigners and you must register company there in Bulgaria if you want to by land (see this
    FAQ about owning land in Bulgaria) you must declare your incoming from your activity there in Bulgaria. In normal situation there is no activity and incoming but you must declare this to tax administration where your company is registered. You must do this till end of March. Other obligatory tax is tax for property. See link for more info about this question!
    more info >> /faq/Dir.asp?d=faq-properties&q=36#q36
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    Q42: I have bought house in Bulgaria but I am living mainly in UK and use it only in Summer. Who I can use who can care about my property while I am outside Bulgaria?
    A42: Most of Real Estate Agencies offer Care Contracts for property owners (ask your agent when you buy your property). The prices are dependent from services included in contract and Real Estate Agency but usually start from 100 EUR to 500 EUR. In Property Care Contract you can include services as:
    - represent you to Tax Administration (documents, taxes, accounting services)
    - Regular payments as electricity, water and other communal fees
    - Communication with company for security of your property, key holding, monthly photo of your property, etc.

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    Q43: How a plot of land in Bulgaria can be identified when you buy it, at preliminary contract stage? As it doesn't have an address as such. So, how I will be sure that I am actually buying the plot I think I am and everything is in order.
    A43: There are "skitsa" (literally, plan, drawing) in local municipality administration for all of plots located at the territory of municipality. Every plot of land in Bulgaria has (or should have) its own "skitsa" showing the plot location, relative to other plots, size, border measurements and immediate neighbours. These "skitsi" have a functional life of 6 months, ie when buying a plot of land you or your advisers should sight the relevant skitsa not more than 6 months old. They are issued mostly by the regional agencies for agriculture and forests (successors to the land commissions), though slowly some parts of the country are coming under the direct administration of the Cadastre Agency.
    In addition to production of a current skitsa for the plot, you (or your advisers) need to satisfy yourselves that you are dealing with a legal owner and, where there are more than one, that the one/s you are dealing with have the necessary authority from the other owners to act on their behalf in the sale of the land.
    There are other checks which should be made and documents sighted but the skitsa and seller's authority to sell are the most important aspects.

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    Q44: I Have transferred my final payment to the developer & should be signing final contract next week. When the notary taxes need to be paid?
    A44: You need to pay the notary taxes at the day of signing the final contract in front of the notary. The notary fees are fixed in BG levs and they are according to a Notary Tarriff.
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    Q45: I want to buy an apartment in Varna. Could you please tell me what taxes I would pay yearly on an apt. for 85000 euros? How much is an average electric bill? Water, etc...?
    A45: For the apartment with selling price 85 000 euro, you will have to pay 0.8% of the price of the property that is written in the sale deed. You have to options - to put the selling price in the deed or the tax estimate which is better. For water and electricity the bills are not big - in the heaviest season you pay not more than 200 euro per month. In the summer time (there is no expenses for warm) you can go mostly to 50-80 euro per month (if intensive usage).
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    Q46: What is the maximal amount of money I have bring with me when I pass the Bulgarian custom?
    A46: Please note that foreign currency more of than 4000 euros must be declared at customs offices on arrival. Failing to do so may result in confiscation. There is no limitation on the amount of money that you may bring with you, but they must be declared if they are more than 4000 Euros.
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    Q47: Is there VAT on transactions with land and lease of property in Bulgaria?
    A47: Transactions with land and lease of property for residential purposes are exempt from VAT. All other real estate transactions are subject to VAT, which is 20%. The buyer/ leaser is entitled to a VAT refund, provided that it is registered for VAT purposes.
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    Q48: What is the meaning of REMI index?
    A48: In September 2002, with the support of American Chamber of Commerce, NRPA introduced an index of real estate and investment activity of the market in Bulgaria – REMI, which is the second national economic index after SOFIX.
    Bulgaria is the first country in Central and Eastern Europe to establish a national real property index. It is considered a serious indicator of the investment activity and business development. The index is published quarterly by NRPA and is based on information submitted by its 176 member companies.
    The REMI index is public and freely accessible. The information that it contains can be used by Bulgarian and foreign investors, financial institutions, state administration, consultants in the field of real estate market and various organizations.

    more info >>
    http://www.nsni.bg/
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    Q49: What is the sales REMI index for the last years?
    A49: Sales REMI Index Sep 2002 - Jan 2006
    01 September 2002: 100
    01 October 2002: 102,11
    01 November 2002: 101,55
    01 December 2002: 102,12
    01 January 2003: 103,68
    01 February 2003: 103,93
    01 March 2003: 103,78
    01 April 2003: 104,37
    01 May 2003: 104,69
    01 June 2003: 107,22
    01 July 2003: 107,22
    01 August 2003: 110,46
    01 September 2003: 115,83
    01 October 2003: 116,81
    01 November 2003: 118,16
    01 December 2003: 118,16
    01 January 2004: 121,92
    01 February 2004: 123,80
    01 April 2004: 126,20
    01 July 2004: 139,80
    01 October 2004: 143,30
    01 January 2005: 152,80
    01 April 2005: 169,30
    01 July 2005: 174,40
    01 October 2005: 183,70
    01 January 2006: 196,10

    more info >>
    http://www.nsni.bg/
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