Nice Places in Bulgaria. Bulgaria Guide.

Office For rent, city of Sofia, in Borovo, Blvd Bulgaria


A detailed inspection of the construction is carried out by a civil engineer and you can order a complete construction survey if you are purchasing a very old property or if there is some doubt about the parameters of the land the building has been erected on. A municipal tax, which is basically the UK equivalent of stamp duty, is also compulsory. After the deposit has been paid the remaining amount of the purchase price needed for completion can easily be transferred to a Bulgarian bank account from your country. At present, a foreigner can purchase a building but not land as an individual. Bank fees for servicing the accountin Bulgaria are approximately E 1 per month. Expenses for setting up a company are generally between E 600 and E 900. How do you pay for it?Your first option is totransfer the money directly from your bank account totheBulgarian bank account of the seller/ developer in the case of expressedconsent on their part. However, these costs are negligiblylow compared to those in Western Europe. However, this period is negotiable if the buyer has reasons to require his newly purchased property vacated earlier. If you are buying an apartment and it is still occupied by the owners, you should not expect them to move out immediately- it usually takes a month. If you make the decision to purchase a property while in Bulgaria and you still have to leave, you can have the preliminary agreement signed by appointing a lawyer to represent you through a power af attorney. If you wish, you can set up a Bulgarian bank account and authorize the agency to act on your behalf. In addition, we offer organizing your arrival and stay in the country, accomodation and presentations of properties, transportation and translation, legal advice and consulting, property management and after-purchase renovation solutions. In Bulgaria "tax value" differs from "purchase price" in that tax value is much lower than the actual transaction price for reasons of taxation. In case you have purchased an apartment, local taxes are still due, together with annual maintenance and management fees fixed by the developer or the managing agent. Internet banking is available at some, however not all, Bulgarian banks. It has always proved useful to refer this matter to your estate agency and be assisted in any negotiations with the seller. It is wise to keep all time limits realistic since failure to comply with them spells considerable penalties and may even lead to loss of the property. Mirela estate agency jealously defends the rights of its clients and offers them high-quality properties and services. Most Bulgarian property owners insist on keeping the tax value written in the title deed to avoid paying heavier taxes on the property transfer. Normally the cost for viewing the property is included in the estate agency's commission. Note, however, that you cannot have the date fixed back in time, so it is imperative that finances are available by the stipulated dates. Please, notethis amountis not the cost of setting up the company.It can be used immediately either for costs incurred during your visit or for any required deposits.The real estate agency can form a limited liability company on your behalf. Rates for employing builders differ widely but as a guide, building work corresponds approximately toone third of what it will cost in Western Europe. RENOVATION AND RESALEBuilding costs are comparatively low in Bulgaria against the backgound of European construction.An average Bulgarian wage is currently E 150 per month. RESTRICTIONS ON FOREIGNERSCurrently there are still restrictions on foreigners buying land in Bulgaria. The agency counsels and assists the client in choosing the property, prepares the set of ownership documents and provides legal assistence until the day of the issuance of the notarial deed.Please, note thatthe above-mentioned services are included in the agency' remuneration. The amountof the latter ranges from E 15E to E 25 per year. The bank document certifying the deposition of minimumcapital is presented to Court for obtaining a registration, along with other company documents which have to be prepared. The final contract is finally prepared and signed by both buyer and seller at the public notary's office. The notary charges a fee around BGN 37 (E 17). The only additional tax you are required to pay is garbage tax; this varies depending on the location and the size of the property. The Preliminary contract is then sent to your home country, containing the completion date (previously agreed upon) specified by the developer and the amount of the penalties he will owe in case he fails to meet the deadline. The tax is currently two per cent of the purchase price. These costs are normally based on the size of the apartment. They are incredibly low in comparison to Western Europe- e.g. This covers the insurance of the building, plus maintenance of the public areas such as communal gardens and swimming pool (if there is one), caretaking and security. This type of survey usually involves a geologist taking soil samples to analyse the condition of the land and the building's foundations. Two copies of the company documents are produced, one in Bulgarian and one in English. What is more, you can even compare the average real estate property prices in different areas and quarters. When buying a house, in addition to these property- related costs, there is also the cost of setting up a limited liability companythrough which landcan be purchased. When buying an apartment, remember to take into account the additional cost of annual maintenance and management fee. You are guided through the Articles of association word by word in a detailed explanationinvolving all issues oncompany management.LOCAL TAXES Once you have assumed possession of a property,there are local annual taxes to pay. You can fully rely on your estate agent to accompany you to a local notary office (chosen by you or recommended by the agency), where the notary public has to attest your signature on the company documents. You canclick on a selected property and see all details about it. You do not have be present in person provided you have authorized an attorney to represent you.The whole purchasing process usually takes a month to be finalized.Once a date for the final completion is agreed upon, it is possible to realize the deal sooner. You need to sign an annexstating you agree to let the agency operatewith the deposited amount in its accountat Bulgarian Post bank for the purpose of concluding the deal. You should expect to receive the title deed a couple of weeks after the final completion date. Your choice will give you all the safety you need while investing in a foreign country.