Tag Archives: Bulgarian Properties For Sale

Bulgaria’s unrealistic position…

Bulgaria accused of ‘appalling hypocrisy’ because it BANS foreigners from buying land just days after its citizens get the right to work anywhere in Europe

In October 2013, rebel MP’s in the Bulgarian parliament enacted a law which prohibits non-Bulgarian nationals from purchasing agricultural property. This law was to become effective in January 2014, the very time the old prohibition was due to expire. The legal problem for Bulgaria is that when they signed the Ascension Treaty which allowed them to join the EU the terms of that agreement stated that such a ban could only be enforced for seven years, expiring in 2014. Nevertheless, the congress has passed a bill which extends the ban until 2020. Parliamentarians fear the cheap cost of agricultural property in Bulgaria (approximately 10 times cheaper than elsewhere in Europe) would create an influx of foreign investments leaving little to its national citizens.

The bill is being challenged as unconstitutional and it is now up to Bulgaria’s constitutional court to decide the bill’s fate.

In the interim, as of January 2014, Bulgarian nationals now enjoy the option of living and working anywhere in Europe. Bulgarian president Rosen Plevneliev does not support the ban, describing it as ‘wrong’ and has admitted the move could cause ‘serious problems’ for the country’s image in Europe (reports The Mail Online newspaper).

It is reported that other EU countries are furious at the continued ban and there will surely be hefty fines imposed on the Bulgarian government by the EU as long as the ban continues. The legal question is can one sign-up to an agreement (including conditions) that allows one privleges (such as EU membership) and change their mind about he conditions after receiving the implied benefits.Of course it is a different set of parliamentarians in power today than those who made the original agreement, but these same parliamentarians should have seen these situations coming and properly planned for them.

Firstly the bill extending the ban should be struck down by the constitutional court after consideration, and we would expect that anyone who can prove a financial loss due to the enactment of the bill will have a good case in the European courts.

 

 

Bulgaria accused of 'appalling hypocrisy' because it BANS foreigners from buying land just days after its citizens get the right to work anywhere in Europe

In October 2013, rebel MP's in the Bulgarian parliament enacted a law which prohibits non-Bulgarian nationals from purchasing agricultural property. This law was to become effective in January 2014, the very time the old prohibition was due to expire. The legal problem for Bulgaria is that when they signed the Ascension Treaty which allowed them to join the EU the terms of that agreement stated that such a ban could only be enforced for seven years, expiring in 2014. Nevertheless, the congress has passed a bill which extends the ban until 2020. Parliamentarians fear the cheap cost of agricultural property in Bulgaria (approximately 10 times cheaper than elsewhere in Europe) would create an influx of foreign investments leaving little to its national citizens. The bill is being challenged as unconstitutional and it is now up to Bulgaria's constitutional court to decide the bill's fate. In the interim, as of January 2014, Bulgarian nationals now enjoy the option of living and working anywhere in Europe. Bulgarian president Rosen Plevneliev does not support the ban, describing it as 'wrong' and has admitted the move could cause 'serious problems' for the country's image in Europe (reports The Mail Online newspaper). It is reported that other EU countries are furious at the continued ban and there will surely be hefty fines imposed on the Bulgarian government by the EU as long as the ban continues. The legal question is can one sign-up to an agreement (including conditions) that allows one privleges (such as EU membership) and change their mind about he conditions after receiving the implied benefits.Of course it is a different set of parliamentarians in power today than those who made the original agreement, but these same parliamentarians should have seen these situations coming and properly planned for them. Firstly the bill extending the ban should be struck down by the constitutional court after consideration, and we would expect that anyone who can prove a financial loss due to the enactment of the bill will have a good case in the European courts.    
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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 … Continue reading

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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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Bulgarian Properties For Sale

Bulgarian properties for sale is a website devoted to bringing you a wide variety of property listings throughout Bulgaria. We list properties in villages, towns and cities catering to a wide variety of tastes and allowing our clients to pick-and-choose … Continue reading

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[caption id="attachment_10" align="alignright" width="150" caption="Welcome to Bulgaria"]Bulgaria Coat of Arms[/caption] Bulgarian properties for sale is a website devoted to bringing you a wide variety of property listings throughout Bulgaria. We list properties in villages, towns and cities catering to a wide variety of tastes and allowing our clients to pick-and-choose their desired locations. BulgarianProperties4Sale.com is our Internet vehicle for displaying these Bulgarian properties to people from all walks of life who may be located anywhere in the world. Our website endeavours to display the most current photos, videos and information concerning any property listing. Our staff are quick to answer questions and remains available on weekdays and most weekends. As you wonder through our pages, you should be able to get an extremely current view of life in Bulgaria and the very low overhead costs associated with Bulgarian life. In essence, we do not just list properties, but instead, try to provide you an overview of the surrounding area where a property is located. We bring you all the good's and bad's, holding nothing back, so you are able to make a considered decision before buying. We do not just sell you a building! We attempt to provide you a home and complete information on your purchase. We are not the average "real estate agent" found throughout Bulgaria. We offer a complete buying package at very reasonable costs. We have our own in-house construction facility which enables us (when necessary) to remodel, renovate, re-construct, tear down and rebuild as you desire. Our staff includes lawyers, accountants, architects, and other professionals to insure your purchase is legally binding and in your best interests. Although we are a new website to the Internet, we have been buying, renovating, building and selling in Bulgaria for many years. Want a finished holiday home ready to move right into? You will find these types of facilities on our pages. Are you a DIY person looking for a bargain to fix up yourself to your own standards? These listing are also found on our pages. Perhaps you're looking for a permanent dwelling for year round comfort with a view towards residency? Such listings are also found within our website! Use the menu at the top of this page to get familiar with the Bulgarian way of life, its history, countryside, citizens, village life, towns and cities, economy, and of course, Bulgarian Properties For Sale. If you would like to receive continuing and updated information, just provide us your name and email address using the form in the upper right corner of our website and you will begin to receive our monthly Newsletter. We hope you will enjoy your visit with us; will come back and visit us often; and wish you - All The Best!

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