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"R&M" Ltd.
Bulgaria
Bourgas, 8000
26 Vardar Str.,
1 floor, Office 1
Phone:+359 56 810 409
Fax:+359 56 810 409
Å-mail:
office@bestbulgarianproperty.info
office@domvbolgarii.ru
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Juridical advices
At present Bulgarian legislation is one of the liberal legislations in Europe, giving the opportunity for foreign legal and physical persons to acquire real estate on the territory of the country, with one exception - one cannot acquire direct ownership of land. This restriction is imposed by the Constitution of the Republic of Bulgaria.
"Article 22. (1) Foreigners and foreign legal persons cannot acquire ownership rights on land, except in case of inheritance by virtue of the law. In such a case they must transfer their ownership.
(2) Given the conditions defined by law, foreigners and foreign legal persons can acquire usage rights, building rights and other property rights.
Generally speaking, foreigners as persons can acquire only buildings but not land. Only Bulgarian citizens and legal persons (including such with foreign owner) can obtain the ownership of Bulgarian land. Therefore, the most popular and preferred by non-residents ways to become the real estate owners are:
As far as houses, villas, flats and limited ownership rights (the right of use, the right to build a house, etc.) are concerned, you can directly purchase them as a person.
When talking about Bulgaria real estate with land, you set up a company that will be the owner of the property. Setting up a company in Bulgaria is very easy. All you need is a good solicitor or barrister at law.
Of course, there are other ways to do it, like:
Establishing a joint venture with existing local companies;
Setting up a new venture;
Acquiring a company through privatisation;
Making a portfolio investment;
Foreign organizations have the right to open bank accounts in Bulgarian or foreign currency. There is also no limit to the company share they possess. Moreover, there is a special regime of respect towards the foreign investors on the part of the Bulgarian legislative system, which is a gesture of tolerance to those, who are interested in Bulgaria and are willing to benefit from its future. Last 2 Bulgarian governments are doing their best to attract foreign investors to our economy, inclusive such that want to buy Bulgaria real estate.
We are here to help and organize the whole process of acquisition for you from the start to the very end. The service will be undertaken by a Bulgarian lawyer, expert in Bulgaria real estate and specialists who will provide you with professional help in the field you need, including:
Registrations of mixed and foreign companies;
The best relation between price and quality of real estate achieved through professional negotiations;
Property management and real estate maintenance;
Travel arrangements when arranging viewings of Bulgaria real estate;
Own cars for visits to real estates in the country;
Advice on any topic that intrigues your attention
Our legal experts have rich long-year experience, profound knowledge and capability which allow them to be maximum helpful to you in your initiatives.
Our fees for professional legal assistance and advice are based on how much time a certain activity takes and how complicated is the posed problem, and respectively a legal advisor with what qualification takes up its solving. Taking in mind the above mentioned, we present to your attention a sample of some of the fees for the most frequent legal services connected with purchasing a property in the country by foreigners.
For the registration of a company:
Ltd. - 600 euro;
JSC - 1200 euro;
Associate companies with non-profit activity - 500 euro;
Preparation of the necessary documents about changes in an already registered company in the Commercial register in the respective court - 100 euro;
50 euro - per hour for preparing and submitting claims, requests, warrants, powers of attorney, and the like, demanded in the administrative or court procedures;
75 euro - per hour for written opinions, consultations, proposals, participation in negotiations, signing agreements, preliminary contracts, and the like, and in case the legal advisor in his capacity of a attorney, participates personally in the meetings;
The procedure of purchasing the property is the following:
Finding a property and establishing whether it is for sale, with or without the land. If the land is also to be purchased, a Ltd. should be registered.
Negotiating a final purchasing price with the owners.
After having specified the parameters, signing a preliminary contract.
Carrying out the usual checks by a lawyer - title deeds, construction permissions, certificate of the lack of any encumbrance on the property (mortgages and injunctions), plans and the like according to the case.
Certifying the deal before a notary for the transfer of the ownership rights to you or your company.
From now on until and after completion of the purchase, the lawyer will take care and assist you in all the different steps involved in the transaction. There are our excellent English-speaking Bulgarian lawyers in Bulgaria. Choosing the right lawyer is your guarantee that Bulgarian legal requirements are met, that the property is registered in the sellers name and that it is free of any mortgages, charges, encumbrances, debts or other liabilities. The terms should not be limited solely to price but should cover in detail all your requirements like the completion date, the form of payment...etc. Once we have a lawer for you he will explain the procedure involved in buying in Bulgaria and the associated costs.
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