Just Bulgaria Properties

According to the Bulgarian Constitution foreign nationals and foreign legal entities may not directly acquire ownership rights of land. If foreigners inherit land in the country, they are obliged to transfer the ownership of the land to Bulgarian nationals or Bulgarian legal entity within three years after the inheritance becomes effective. The above restrictions, however, do not concern Bulgarian companies with foreign participation, irrespective of the percentage of the foreign participation in the company. Thus foreign persons can acquire full land ownership rights, including ownership rights on agricultural land by setting up or joining a company incorporated under the Bulgarian legislation.

PRIVATE LIMITED COMPANY (OOD – joint ownership; EOOD – single ownership) is the most common type of business organization used by foreigners to acquire ownership right over land. It is a commercial company with share capital owned by its members whose liability is limited to the amount of the capital subscribed. One or more persons, including foreign natural or legal persons, may found a private liability company. The minimum foundation capital is 5 000 LEVA divided into shares and at least 70% must be deposited on registration. The company capital could be withdrawn as soon as the company is registered.

Our fee: 400 euro

APOSTILE PROCEDURE

The Hague Convention, abolishing the requirement for Legalisation of Foreign Public Documents ("Hague Legalisation Convention") has been in force in Bulgaria since 2001. If you need to use official British documents in Bulgaria, be it for business purposes (registration of companies, trade marks, patents) or personal and family reasons such as getting married in Bulgaria, they have to be legalised at the Legalisation Office of the Foreign and Commonwealth Office in London. Once legalised by the Foreign and Commonwealth Office, such documents do not need further legalisation by the Embassy of the Republic of Bulgaria in London.

The Legalisation Office
Foreign and Commonwealth Office
Old Admiralty Building,Whitehall
London SW1A 2LG
Tel: 020 7008 1111
Fax: 020 7008 1010

Legalisation simply means confirming that a signature, seal or stamp appearing on a document is genuine. It does not mean that the content of a document is accurate or that the Foreign & Commonwealth office approves of the content.

If you are going to use British documents overseas, for business or personal reasons, you will probably be asked to have your documents stamped by the Foreign and Commonwealth Office before they can be accepted. If you are not sure what documents need to be legalised you should contact the authority who require the documents. Advice can often be found at the relevant embassy in London.

You can send your documents by post or bring them to public counter in London for a same day service. The fee for legalisation is £19.00 per document.

Source: www.fco.gov.uk/legalisation; www.bulgarianembassy.org.uk

Title Deed (Notary Act) is a standard document transferring ownership of the property. You or the person acting on your behalf with a Power of Attorney (POA) will receive it within 3-5 days from the Public Office.
According to the Local Taxes and Fees Law, 2% local tax and up to 1.5% Stamp Duty tax (defined on a regressive scale), are payable upon signing the Title Deed. These are calculated on the price written in the Title Deed.

Getting Bulgarian residence will give you all rights of a Bulgarian citizen except the right of voting. You will be able to buy land and other properties without any limitations and you will be able to enter and leave the country as many times you like without visas.
To obtain a permanent residence one must spend 5 years in Bulgaria under the long-term stay conditions and we can fully assist you in this process.
A long term stay permit is valid for 1 year and is issued each year. During each year of stay you are issued a Bulgarian Identity Card (the same ID document that each Bulgarian citizen holds.) After 5 years under long-term permit one can apply for permanent residence.

Short term Visa Type “C”. A short-stay visa is issued to an alien for a single or multiple entries into Bulgaria and a cumulative duration of the stay not exceeding 90 days within any six-month period, reckoned from the date of the first entry. A multiple entry short-stay visa may be with a period of validity not exceeding 12 months, save in so far as otherwise provided in an international treaty in force for the Republic of Bulgaria or in an act of the Council of Ministers. Note: The duration of a short stay may not exceed 90 days, reckoned from the date of entry into Bulgaria. This duration may be extended by the aliens administrative control services for humanitarian reasons.

Our fee: 200 euro

Long term Visa Type “D”. A long-term stay in Bulgaria can be continuous with a one-year leave to remain (D-type visas), and permanent with an indefinite leave to remain (permanent residence). Applications for D-type visas can be submitted to Bulgaria's consular representations abroad. Applications for permanent residence can only be submitted in Bulgaria.

Our fee: 450 euro

We can provide foreign investors owning property in Bulgaria through their Bulgarian registered companies with accountancy services to comply with the rules and regulations of the Bulgarian tax law.

Bulgarian law still does not allow foreign nationals to own land. The majority of investors are purchasing their properties through a company registered in this country. However even if your company is registered just to own a property and not actively trading, it is still subject to control and inspection by the local tax officers.

Each company is obliged to prepare an annual tax report for its business activities. The report should be submitted to the local tax office before 31st Mart each year. The companies which don’t comply with the requirements are subject to fines and penalties. Even if your company is renting properties and has rental income, it is then considered as fully operational company.

We work with company which has experience with foreign owners. They will not only prepare the necessary paperwork, but will also advise you on how to legally minimize the tax due. Your assigned accountant will issue invoices, represent your company, pay tax advances as well as all other necessary actions required.

Our fees depend on the type of the company registration, whether it is active, VAT registered etc.

We are an authorized agent of ING and we can arrange insurance for your property in Bulgaria.

We offer company property insurance and life insurance. All we need is: Title Deeds for a property, estimated value of the property in Euros, and the estimated value of the furniture or other personal items.

All paperwork is filled in and organized by us and it is not necessary to visit us in order to insure your property. Payment is made by bank transfer and you will receive your insurance policy to your Bulgarian address or directly to your home address abroad.