Buying property in Bulgaria from foreigners increased significantly for the last 5 years. I haven’t paid a serious attention to the property market, because I have always been living in a rented apartment and I like this way of living – if you want a change, just rent another apartment :).
But the situation in Sofia has changed and now I keep my eyes opened for a good property in the center of Sofia. If I had done this 5 years ago, the price of my property would have doubled by now :).
When I was in my native town for Christmas holidays I met my cousin who is a property consultant. We spoke how we are doing and I surprisingly understood that many UK residents buy properties in Bulgaria in rural regions, next to big cities. They want to assure their retirement in a calm, clean and hospitable environment and why not make a good investment in property in Bulgaria.
According to the Bulgarian law foreigners may buy a property in Bulgaria but can not own the land under it (foreign individual persons can not own agricultural land also). If you buy an apartment in a residential building this is not a problem because usually the apartment is sold excluding the underlying land anyway. This restriction is currently in force only for individuals and is not applicable for foreigners who establish a company under the Bulgarian legislation. The most common solution is to set up a Bulgarian company and this company can be the owner of land for buildings and agricultural land.
If you plan to buy a property in Bulgaria it is a good idea to hire a property consultant who will assist you to find a property for sale in Bulgaria, prepare the documentation set, help register a company (in case you want to buy land) and take care everything to go smoothly.
Before we go further, I’d like to thank my cousin Jordan Atanasov for his help putting this tour together. To find out more about him, click here.
He will also be invaluable in helping you get over the bureaucratic complications to own land and property in Bulgaria. Make sure you discuss these issues with Jordan.
Even I (I like to keep things in my own hands) don’t want to handle these issues by myself…
- establishing a Bulgarian company (it is a challenge even for the local residents, but it’s worth it)
- opening company bank account
- dealing with taxes (VAT) and fees (notary, municipal and other)
- finding reliable property attorney
- renting your apartment or house
- covering annual property taxes
- handling with the documentation
Jordan can get you around the obstacles so you can own your piece of Bulgarian paradise.
Ready for the tour? Okay let’s start our search for “the best of the best” Property in Bulgaria Tour