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Copyright 2005 - SBS Bulgarian Properties Ltd., Bourgas, Bulgaria. - office@sbsbulgarianproperties.com | |||||||||||||||||||||
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| Buyng propertiesin Bulgaria | |||||||||||||||||||||
| Purchasing real estates in Bulgaria by foreign citizens and foreign companies 1.Purchasing separate objects in buildings (apartments, offices, studious, work shops and others) or a whole building without possession of the land. According to the Bulgarian legislation after the change in 2001, foreign individuals can buy any kind of real estates without land. They can only possess a building or some parts of it. The vendees may attend the conclusion of a preliminary or a final contract for purchase of the estate personally or through an attorney of theirs. In order to have the attorney’s power of representation proved, only the personal details /i.e. passport/ and a letter of attorney where the signatures of the vendees are verified by a notary /if the signatures are verified out of Bulgaria, an apostil too/ are required. After the purchase and receiving the notary deed with the name of the vendee – a foreigner, as the new owner of the property, the purchase is to be registered in the Court and in the special BULSTAT Register no longer than 5 days after the registration of the transaction. After this procedure, the foreigner receives a BULSTAT number as an owner of a real estate in Bulgaria. 2. Purchasing buildings together with the land (a house with a yard or only the plot of land): Opposite from what you have already read in 1 paragraph in Republic of Bulgaria foreign individuals or foreign legal entities can not acquire full land ownership rights, including ownership rights on agricultural land. According to Bulgarian law foreign persons are: foreign citizens or companies registered out of the territory of Bulgaria. That’s why if à foreign citizen or a foreign company wishes to possess the ownership of the land he/it should register a company on the territory of the Republic of Bulgaria. The registration is taking about 10 working days since the day of the submission of the whole required set of documents at the respective District Court where the domicile of the newly founded company is. The practice is upon submission to also leave the contact details of the lawyer who is working on the registration so that if the need arises, the judge or other authorities are able to correspond with him about any matter. If the sole purpose for the registration of the company is to obtain tangible property in Bulgaria, then this company cannot develop economic activity and does not pay taxes. The company, being registered in Bulgaria, is a Bulgarian legal entity, and the shareholder/s/ - a foreign individual or a foreign company. You may have a company registered here without coming at all, if you duly sign before a notary in your country the necessary documents, which you may receive from Bulgaria. If you are in Bulgaria the necessary documents will be prepared by a lawyer within one day and will be submitted to the Court. The charge for the registration of your company is 500 (five hundred) euro. Before submission the set of documents in the court, it is necessary to open a deposit account of the company in a bank where the capital of 3 500 /three thousand and five hundred leva/ is put. After the company is finally registered and the court decree for that is entered, then the proprietor of the capital may withdraw the money deposited in this bank account, and his request will be met immediately after he duly presents the court decree to the bank clerk. It is also possible the lawyer whom the registration of the company is assigned to, after reception of the documents signed by you and the registration expenses /this as applicable in case when the shareholders are not in Bulgaria and the registration process is accomplished from a distance/ to deposit in the bank account for the capital, funds owned by the respective lawyer’s office. For that, though, you should give him a power of attorney for withdrawing the money which he has put there, which will be used after the court decree for the registration comes out. After the company is registered in court, BULSTAT register, and Tax Administration, you company is ready to proceed with the purchase of the real estate you have chosen. The transaction may be accomplished either personally by the sole proprietor of the capital /or all the shareholders/ - i.e. you, or by an attorney explicitly authorized for that. The purchase price may be paid directly to the Vendors or by means of the Lawyer’s bank account or Real estates agents. This is what the usual procedure for purchase of a real estate is: a preliminary contract is signed and upon signing it, an advance payment of 10 % of the total price is made. Within one month after a preliminary contract is concluded, a final contract in the form of a notary deed is accomplished. For that period /1 month/ the registration of the company is done. The payments are made either in cash or by bank transfer to the account of the lawyer or the real estate agency – the choice is yours. After the advance payment is made and the documents for the registration of the company are signed, you may leave the lawyer a power of attorney to finalize the transaction. Should you decide to buy real estate without any land, the transaction follows the order described above, and you do not have to wait the period provided otherwise for company registration. In spite of that, considering the necessity of transferring the funds to Bulgaria, and the time it takes them to come to Bulgaria, it is good to leave at least 2 weeks between the preliminary and the final contract, so that the purchase is finalized in a normal and guaranteed way.
About SBS Bulgarian Properties The national agency SBS Bulgarian Properties Ltd. is a prestigious and quickly- developing company, with a young team of highly qualified and ambitious specialists. Our company is one of the most perspective intermediates on the property market in Bulgaria. The agency was registered in the Bourgas County Court under BULSTAT No 102933218, Internal Revenue Council No 4020036627, and address of registration: Main Office- 13 Alexander Veliki Street, entrance 1, floor2, 8000 Bourgas, Bulgaria. The chief executive officer is Mr. Stoyan Surmov. As a national company with a fast- growing network of offices all over the country, SBS Bulgarian Properties Ltd. are able to satisfy the specific requirements of our present or future customers, by offering a wide range of properties in every part of Bulgaria. The most important thing for SBS Bulgarian Properties Ltd. is to offer the best quality of service to our clients. In attempt to reach a more competitive placement of SBS Bulgarian Properties Ltd. on the Bulgarian property market, we are now pleased to offer our clients: A WIDE RANGE OF SERVICES 1. Market analysis – especially for you we will provide the latest information on the supply and demand in the property market in Bulgaria; we will advise you what are the most appropriate time and place for buying a property that satisfies your individual specifications as investor. 2. Detailed analysis of the current legal and economic situation in Bulgaria - we will provide to you professional counsel for all the tax cuts preferences related to the process of purchasing a property in Bulgaria. 3. Expert evaluation of properties - independent licensed property experts will make for you this evaluation, accompanied by a full and professional report for every single property you select. 4. Our interior designers and building consultants will be glad to present to you a complete offer for the service you need at the most reasonable prices and as soon as possible, if you just present to them your ideas about reconstructions, renovations or even building your own property in Bulgaria 5. For those interested in rent of their property, as well as in long-term lease, our economic consultants will give their professional advice where to invest and what property to buy. 6. For the period of one year, we will provide security and housekeeping, every time you are away from your property in Bulgaria. PROPERTY MANAGEMENT As a property management company we are tasked with the responsibility of managing the multiple aspects which come along with the ownership of real estate. An important role ours is that of acting as mediator between the owner and the tenant. Our duties as a property management company include accepting rent, responding to maintenance issues, advertising vacancies for owners, and doing credit and background checks on tenants. We also manage construction, development, repair and maintenance on a property. Our agency keeps current with new laws and practices. This service includes: 1. Arranging accommodation in the property you purchased with the help of SBS Bulgarian Properties. 2. We will take care of the timely payment of all expenses (accommodation, electricity, water, insurance coverage, county taxes, etc.) 3. Providing seasonal occupation of various properties in summer and winter resorts in Bulgaria, purchased with the help of our team. We do this for you to achieve long-term cash inflow. 4. Our best building consultants and professional interior designers will heartily assist the owner and make the most favorable offer for renovation or reconstruction at lowest expenses and for the shortest terms. 5. We provide special teams that will take care for the maintenance of your property in Bulgaria. This includes all repairs, cleaning of the common parts of the property and repairs of all the systems in the Bulgarian property you’ve purchased. In attempt to save the embarrassment of our customers, as well as their precious time, means, we will make sure that there is a specialist to every single property, purchased through us- this will enable the owner of the property to get in touch with the housekeeper in time that is convenient for him.
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INVESTMENT OPPORTUNITIES IN BULGARIA | |||||||||||||||||||||
For investors that have substantial involvement in their own business, willing to explore new investment fields without taking great risks, we offer surely profitable investment opportunities in Bulgaria. Recently, a number of actions have been made to lure foreign investors to Bulgaria, by providing necessary tax preferences and incentives (in particular for investments exceeding 5 000 000 USD, investment in a region with high unemployment or creation of about 100 new jobs). Getting closer to the due date of the Bulgarian entry in the EU, a great change has been has been noticed in the Bulgarian property market. The last several years there was an increasing demand for Bulgarian properties not only along the Black Sea coastline, but also in mountain resorts, as well as plots in the big Bulgarian cities and towns and large plots of agricultural land. The goals are to acquire property for:
National agency “SBS Bulgarian Properties” Ltd. offers to realize the investor's control with the help of our highly-qualified teams, which will undertake the following steps: 1. We will make a schedule for the most important actions, coordination every detail with the contractor and making sure all deadlines are met. Preliminary inspection of the necessary documentation for the construction of a property will also be made, as well as correcting errors. 2. Inspection of the quality and the right quantity of the used materials, their storage and warehousing, as well as the use of proper machines and equipment. 3. You don’t need to bother about the fulfilment of all the statutory prescriptions for labour safety, technical and fire safety because we will arrange that for you. 4. We can offer you professional consultations for the proper furnishing of the buildings, made by our prospective interior designers. 5. The service “Management of properties” is offered by our company for those who want to lease or rent a renovated or reconstructed property. Bulgarian real estate market - investment opportunities Over the past few years Bulgaria has become an extremely popular destination and it’s not surprising that the Bulgarian property market has been such a success with foreign buyer and investors. Since the fall of communism in 1989 economic conditions have been steadily improving as a result of Bulgaria’s transition towards a functioning market economy, the presence of the IMF, NATO membership and the pending EU accession. This string of positive changes has influenced greatly the Bulgarian property market, which has seen a great expansion with an increased supply and demand of properties as well an average rise of prices by some 25%. Despite all of this, Bulgarian properties remain at very competitive, affordable prices in comparison with offers in Western Europe and even in the rest of the Central and Eastern European states. Moreover the Bulgarian property market and the high interest it is attracting is expected to remain given the favourable conditions that already exist for foreign buyer and investors. The harmonization of national legislation in accordance with EU requirements and the favourable European Commission report of September 2006, recommending entry to the Union on January 1, 2007 is yet another clear sign of the stable economic and political conditions, making Bulgaria and the extremely profitable Bulgarian real estate market a sound investment. The increased demand for real estate in Bulgaria by citizens and foreign nations alike, the lending trends and current (as well as predicted) interest rates add to the popularity of the country and the highly stable and promising conditions of the Bulgarian real estate market. This can be seen as a natural continuation of a promising survey carried out as early as 1998, pointing out to the great potential of the tourist industry in Bulgaria. With a concrete Marketing Strategy and Action Plan for the tourism sector designed to modernize and extend the recreational facilities and tourist accommodation, investing in the Bulgarian property is a wise move. With four distinct seasons, increasing resort quality and capacity and a steady increase of foreign tourists at a time when significant drops were observed in other major European tourist destinations underlines the obvious attraction of investing in real estate in Bulgaria. With a developing and very promising real estate market, favourable economic and geopolitical conditions and increasing property process investing in the Bulgarian real estate market is expected to guarantee good returns. Our Services: Personalized and Professional Service: Exclusive access to Bulgarian properties Arranging inspection trips | |||||||||||||||||||||
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