Why do I need to register a company in Bulgaria to buy a property?
The current law in Bulgaria states that foreign buyers can own property directly but not land. Therefore there is a system which allows company ownership by foreigners, and then the company owns the land. This law is due to change; however, in the meantime, registering a company is a perfectly acceptable method of land ownership and a commonplace practice.
How much does a Company Formation cost?
The cost for company registration is approximately Euro 600.00 including accountant’s fee.
We advise buyers to beware of this additional cost as there have been instances in the past of buyers being considerably over-charged for this service.
Please note that the government charges included within the company formation costs are liable to change.
What do I need to provide for the Company Formation?
If you are not in Bulgaria in person, you will need to present yourself to the Bulgarian embassy in London with your passport in order that they can notarise your signature. You will need to provide 5000Lv (approximately £1,800) initial company equity to be deposited into your company account for the duration of the company formation. This is refundable at the end of the formation process.
What are my additional expenses?
Generally a buyer is expected to pay:
Agents Fees
Stamp Duty
Company Formation Costs
Government Registration and Notary Fees
Solicitor’s fee (optional but advisable)
We will advice the total transaction costs for each property prior to purchase.
Do you charge for viewings?
Absolutely not. The only charge you will get from Balkan Holiday Homes Ltd is the agent’s fee at purchase. Therefore, if you don’t buy, you will not incur any costs whatsoever.
The only exception to this is that we may ask you to pay for some travelling expenses (petrol costs) if our agents do a significant amount of travelling when conducting your viewings and you do not choose to purchase a property.
How long does the purchase process take?
From placing a deposit to completing the deal takes on average four weeks, with a maximum of six. However, if you already have a company registered, you can expedite this process to take only a matter of days.
