Bulgaria property news and articles

At present time, most people currently buying a property with land in Bulgaria still do so via a company-irrespective of the new rights of EU citizens.
The company is owned by the shareholders (you) and the company owns the property. It is a perfectly legal procedure and costs a bout €300-750 (£200-500) to register the company (including all the state taxes and legal fees).There can be more than one shareholder. You will have to decide on a name for the company, deposit in a bank at least 3,500 leva (€1,800) as initial start-up capital (the bank account is called a capital-raising account), sign many documents and wait about two weeks for the process to be completed. Your lawyer or estate agent would be able to arrange this on your behalf in your absence by using power of attorney (which is discussed in full below, see p.117).Apart from identifying the shareholders, you will need to decide who the manager(s) will be.The manager(s) are able to represent the company and sign documents. In most instances you should appoint yourself and anyone else you are buying the property with as managers, so that any of you can signChanges to the Company Registration ProcedureSince Bulgaria joined the EU, there have been some important changes to the procedures for registering companies, which will result in speedier registration and the requirement that all companies need to be recorded into a national database organised through the Registry Agency. All companies that were registered before these changes have been given just three years to re-register themselvesh the Registry Agency – so previous company owners take note!
The company is owned by the shareholders (you) and the company owns the property. It is a perfectly legal procedure and costs about €600 to register the company (including all the state taxes and legal fees). There can be more than one shareholder. You will have to decide on a name for the company, deposit in a bank at least 2 leva (€1,1) as initial start-up capital (the bank account is called a capital-raising account), sign many documents and wait about two weeks for the process to be completed. Your lawyer or estate agent would be able to arrange this on your behalf in your absence by using power of attorney.

Until recently, Bulgarian banks would only lend to Bulgarian citizens, but recently these restrictions have been relaxed. Not all Bulgarian banks will lend to foreign citizens, however, so you will have to shop around. Bulgarian Mortgages are not generally available if you are buying land alone. You might decide to use the services of a local mortgage broker, who can assist with the process of applying for and finalizing of the mortgage.