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General Facts Direct flights from UK take 2.5 hours to Sofia Currency fixed against the Euro Bulgarian economy developing fast Property prices now rising Property price levels still well below other comparable countries The Procedure of Buying Property in Bulgaria Bulgaria has a very liberal foreign investment laws.The Bulgarian Constitution and legislation read that foreign persons and companies can purchase real estate in Bulgaria either personally or through a local legal entity. Foreigners as persons can acquire only buildings without land. If you are a foreigner and want to purchase a house or a flat with limited ownership rights, you can directly buy them as a person. However if your aim is to be an owner of real estate together with land, first you have to set up a company in Bulgaria. The process will take from 14 to 30 days. The price of the procedure is 600 Euro and the capital needed is 5000 BGN. It will be easy for you to find the property you are looking for because we offer a great variety of real estates for every taste.After the negotiations, we sign up the preliminary contract which includes a deposit of 10 - 15 %. Right after that we take the property off market. Then our company does legal check of property, check for number of owners, for mortgages and others. Follows the notary need and then - CONGRATULATIONS!- You are a happy new settler! Usually the old owners of the property move out of it one month after the sale. However if you are anxious to enter your new home, a shorter term could be negotiated. In Bulgaria there are two terms you have to be familier with when buyng a property in our country. The terms are "tax estimation price" and "purchase price". The "tax estimation price" is for real estate taxation. It is much lower than the actual selling (purchase) price so it should not be a problem for you. Mortgages and Equity Mortgages are now available for foreign buyers. The details are as follows: Based on the valuation or purchase price, whichever is the lower applicants may borrow up to 70% for purchases. Please note that if the property is for an apartment being built funds are not available until the apartment has been legally registered in your name. The same applies to new houses/villas in cases if the land is already purchased and registered in either your name or a Bulgarian Company. Stage payments may then be available. For all loans there is a minimum loan of 25 euro, no maximum, available from 5-20 years up to the age of 70. Current interest rate as at 31st August 2005 is 7.0% euros All applications will need to be supported by a minimum requirement of proof of income, if employed the last 3 months payslips, last 3 months bank statements and latest P60. If self-employed 3 years audited accounts, last 3 months personal and business bank statements. The lender will not take into account proposed rental income. VISA information UK passport holders do not require a visa in order to visit Bulgaria for a period of 30 days within each period of 6 months. A visa is only needed if your stay in Bulgaria should exceed 30 days or if you require multiple entry for a longer period of time(90 days)or a long term type D visa. Multiple entry visas can only be obtained from the Bulgarian Embassy in the country in which you live. Extended stay - To stay longer than 30/90 days a "D" type 90 day single entry visa should be applied for (this takes a minimum of 30 days). This can only be done at the Bulgarian Embassy in London. The fee is required and relevant documentation to support the application (proof of means of support etc). Single entry allows one trip back to Bulgaria to obtain a residents permit obtainable from the regional authority. Again relevant documentation is required (a reference letter from a Bulgarian Bank confirming means of support, passport and Birth Certificate), and a passport photograph. A fee of 200 leva (?70) is payable and the process takes a couple of weeks. You cannot leave Bulgaria until this process is complete; otherwise another "D" type has to be applied for back in London. For further information contact the Bulgarian Embassy in London on 020 75849400 or check www.bulgarianembassy.org.uk The British Embassy in Bulgaria also provides information at www.british-embassy.bg For Irish citizens contact the Bulgarian Embassy in Dublin on 003531 6603293. Visa Collection Service Once you have applied in person at the Bulgarian Embassy you then have to wait 14 days for the visa to be processed and then collected. With our visa collection service a courier appointed by yourselves will collect the visa on your behalf. This service only extends to the North West area of England. The price for this service is ONLY £150. |