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1. After choosing the properties you like send us enquiry for more information.
2. Arrange your travel to Bulgaria. Inform us which properties you want to view, how long you have planned to stay – to be able to plan your beneficial viewing trip (we can wait for you at the airport, provide interpreter, arrange your accommodation etc.)
3. We recommend you to plan your trip between 3-5 days according to the properties you want to view. We will guide you to the complete viewing and buying process.
4. When you choose a property which suits you requirements and decide to buy you sign a preliminary contract. The preliminary contract is similar to "Sold subject to contract" in UK and is needed to reserve the desired property. It will be signed by the seller and a person authorized by you.We advise you to sign this contract and pay 10 % of the asking price of the property in order to be removed from the market.
5. Company registration – according to the Bulgarian laws, foreigners can buy buildings but not land for that reason the most common practice is to register your own Limited Liability Company which will possess the land or the whole property. We can help you with the documents required to establish your company and list it with the National Tax Register.
The process goes like this:
- With our help and support you will set-up your Bulgarian company. You may do this in person or by authorizing us through a Power Of Attorney.
- 5000 BG Lev need to be deposited into a company bank account - this is the starting capital of your company. It stays there until registration – for about 4-5 days. After that the 5000 BG Lev can be withdrawn and used as part of the payment for the property.
- 600 Euros are fees for the setting up of the limited company, these fees include lawyers’ fees who prepare all the documents for the company, go to different services to register it and arrange all procedures and documents, plus all papers officially translated and stamped into English and posted back to you.
- 100 Euros - bank fees and charges to open, to close and to withdraw payment from your account.
6. The next step is to sign Final Contract of Purchase – the fees should be paid are formed on the basis of the selling price:
- fee for the tax service which amounts up to 2% of the property price
- fee for a notary
(Land tax, Notary fee is dependant on the declared value of property, which by mutual agreement between buyer and seller can sometimes be different from the price entered on document of sale. If both buyer and seller agree, it’s quite common for a lower declared price to be entered on the Contract of Sale. This can lessen the Capital Gains Tax liability for the seller and save the buyer a considerable amount in Land Tax, especially on the more expensive properties.)
Our commission is not included in this expenses!
After this 6 stages you are officially owner of a Bulgarian property.
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