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Buying Process Bulgaria Life are on hand to offer a full pre & post buying service for customers who choose to invest in Bulgaria Please see below for an overview of the buying process: Apartment purchase: (Always ask if VAT is included in the price) 1. Deposit of between 1000-5000 Euros (none refundable), this is paid to take the property off the market, usually for a period of 2 weeks. A deposit receipt in both English & Bulgarian should be requested 2. Payment plan - This depends on the progress of the project, typically if the project is "off plan" then the payment schedule will be flexible and discounts offered, typically a payment plan would be 30%, 60%, 10%, the final payment is usually paid after the customer has inspected the property and prior to signing the notary deed 3. Taking ownership - This is a fairly straightforward process which takes place at a local Notary office, the fees for transfer of ownership are usually between 2 - 3% of the DECLARED value of the property, however the deeds for the property usually take around 2 weeks to produce so you MUST give permission for someone to collect the deeds on your behalf, the reason is that the property MUST be registered for BULSTAT/Annual property tax within 1 week, if the property is not registered then the owner will probably incur a fine. House/Villa/Land purchase 1. The process is the same as above for the purchase of the building, the only difference is that the purchase price will need to be paid almost immediately after the initial deposit to secure the property 2. Most Houses/Villas come with a plot of land, currently foreigners are not allowed to own land, only through a LTD company 3. In summary the building can be owned by a individual but the land must be owned by a Bulgarian registered LTD company 4. It is important to remember that if you choose to open a LTD company then you will have to submit an annual tax return, again if this is not done then there is usually a fine Before entering into any contract it is advisable to have all paperwork checked by a qualified Bulgarian lawyer, this usually costs around 500 Euros. Bulgaria Life can offer all services which the propspective buyer may need, from LTD company set up to annual tax returns, the benefit to you the customer is that you only have one point of contact from initial enquiry through to completion. Use the "Contact Us" button to request further information Happy Hunting!!!! |
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