Own Property In Bulgaria


Own Property In Bulgaria 

At the present moment and in prior times, only Bulgarian nationals were allowed to own property in Bulgaria. There is however, a way around this law and many non Bulgarian nationals used it to own property in Bulgaria. The method is to start (organize) a Bulgarian company and then to purchase any property through the company’s ownership. This method is effective although it has some hidden effects.

The greatest disadvantage is that the company is required to file an annual company tax return and, of course, pay any taxes that may be due. Most such company’s do not actually trade and consequently, no taxes are actually due. Nevertheless, the tax return must be filed and associated filing fees paid. If the tax return is not files on a timely basis the company is subject to financial penalties.

To own property in Bulgaria therefore, one would have to first set-up a Bulgarian company. In order to accomplish company set-up, outsiders (not speaking or reading the Bulgarian language) would need to hire someone to accomplish this task for them. While there is no real established rate for this service, most such charges range from 300 to (in some cases) 800 Euros or Pounds Sterling depending on your choice of representative. Most real estate agents in Bulgaria offer such a service, but the funny thing is that they quote prices in either Euros or Pounds Sterling when the Bulgarian government charges in Levs (the current Bulgarian currency).

Real estate agents also offer to handle the company’s annual tax filing, for a fee of course. These fees are generally quoted anywhere between 150 to 300 (Euros or Pounds Sterling), when again, the Bulgarian government charges fees in Levs.

As a matter of interest, we at Bulgarian Properties For Sale also offer these same services. We do not pretend to offer assistance for legal or accounting matters. Instead, we have professional and qualified Bulgarian lawyers and accountants who perform these services for our clients. The average cost to set-up a company is 500 Levs (the equivalent of 253.55 Euro or 221.62 Pounds Sterling), while our staff accountants charge (for a non-trading company) less than 100 Levs (the equivalent of 50.71 Euro or 44.32 Pounds Sterling).

Can you handle these processes yourself. Of course you can. That is, if you can read and write Bulgarian and happen to be well versed in Bulgarian law.

The great news is that as of January 1, 2012 a Bulgarian company will no longer be required in order to own property in Bulgaria. In essence, you will be able to own property in Bulgaria in your own name or jointly with other real persons. This change will also eliminate the need to file an annual company tax return. Although this is a great reason to wait until after January 1, 2012 to purchase property in Bulgaria, it would not be a good idea to let a prize cheap property slip through your fingers while you wait!

For those who already own a company that is the owner of their currently held property, they will have to make a decision as to whether to dissolve their non-trading company and transfer ownership to themselves, or continue as they have been, remembering to file their return annually. This article can not at present make any recommendations in this matter since, to date, the mechanism and costs involved in such a procedure have not been made public. We are however, checking into the matters involved and will report back in another post.

It will be a great investment to own property in Bulgaria. Contact us with your requirements!

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Own Property In Bulgaria 

At the present moment and in prior times, only Bulgarian nationals were allowed to own property in Bulgaria. There is however, a way around this law and many non Bulgarian nationals used it to own property in Bulgaria. The method is to start (organize) a Bulgarian company and then to purchase any property through the company's ownership. This method is effective although it has some hidden effects. The greatest disadvantage is that the company is required to file an annual company tax return and, of course, pay any taxes that may be due. Most such company's do not actually trade and consequently, no taxes are actually due. Nevertheless, the tax return must be filed and associated filing fees paid. If the tax return is not files on a timely basis the company is subject to financial penalties. To own property in Bulgaria therefore, one would have to first set-up a Bulgarian company. In order to accomplish company set-up, outsiders (not speaking or reading the Bulgarian language) would need to hire someone to accomplish this task for them. While there is no real established rate for this service, most such charges range from 300 to (in some cases) 800 Euros or Pounds Sterling depending on your choice of representative. Most real estate agents in Bulgaria offer such a service, but the funny thing is that they quote prices in either Euros or Pounds Sterling when the Bulgarian government charges in Levs (the current Bulgarian currency). Real estate agents also offer to handle the company's annual tax filing, for a fee of course. These fees are generally quoted anywhere between 150 to 300 (Euros or Pounds Sterling), when again, the Bulgarian government charges fees in Levs. As a matter of interest, we at Bulgarian Properties For Sale also offer these same services. We do not pretend to offer assistance for legal or accounting matters. Instead, we have professional and qualified Bulgarian lawyers and accountants who perform these services for our clients. The average cost to set-up a company is 500 Levs (the equivalent of 253.55 Euro or 221.62 Pounds Sterling), while our staff accountants charge (for a non-trading company) less than 100 Levs (the equivalent of 50.71 Euro or 44.32 Pounds Sterling). Can you handle these processes yourself. Of course you can. That is, if you can read and write Bulgarian and happen to be well versed in Bulgarian law. The great news is that as of January 1, 2012 a Bulgarian company will no longer be required in order to own property in Bulgaria. In essence, you will be able to own property in Bulgaria in your own name or jointly with other real persons. This change will also eliminate the need to file an annual company tax return. Although this is a great reason to wait until after January 1, 2012 to purchase property in Bulgaria, it would not be a good idea to let a prize cheap property slip through your fingers while you wait! For those who already own a company that is the owner of their currently held property, they will have to make a decision as to whether to dissolve their non-trading company and transfer ownership to themselves, or continue as they have been, remembering to file their return annually. This article can not at present make any recommendations in this matter since, to date, the mechanism and costs involved in such a procedure have not been made public. We are however, checking into the matters involved and will report back in another post. It will be a great investment to own property in Bulgaria. Contact us with your requirements! Related articles
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  46. Eric Kneller says:

    Hi,
    Am I write in saying that individuals buying land in BG in 2012 can do so as long as the property is not for residential purposes. That is to say if the property in BG is your only property and you own no other property you still have to set up a company and buy land in BG.

    • lastdrifter says:

      Hi Eric…Sorry…You are not correct…Before December 31st, 2011 it was necessary for all non-Bulgarian nationals to set-up a company in order to own any property in Bulgaria…This was because of Bulgarian law which was changed due to the Treaty of Accession which Bulgaria signed in order to join the European Union…Annex 6 of the Treaty, however, allowed Bulgaria to keep their national law for 5 years with regard to residential properties and 7 years with regard to agricultural or forestry properties. The treaties 5 year period expired on January 1st, 2012…Subsequentl to that date, any EU citizen should be able to purchase a residential property without the requirement (need) to set-up a “company”…As of January 1st, 2014 EU citizens will be able to purchase agricultural and forestry land without this same requirement…

      Unfortunately, most real estate agents operating in Bulgaria have made massive over-rides for helping clients set-up companies to comply with old laws…Many insist that such a requirement still exists in their efforts to protect their incomes…However, unless Bulgaria withdraws from their desire to join the European Union, the country is stuck with the treaty provisions…We suggest you understand the treaty provisions and suggest that any agent who advises you differently should create in you a notice of self-interest and not that of his/her client…YOU!!!

      Hope this clarifies things for you…If not…please correspond directly with our website owner (who is a lawyer) and remains open to assisting with any problems you encounter…You can reach him at: admin@bulgarianproperties4sale.com…All The Best!

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