Why Invest?

Bulgaria is rich in historical and cultural attractions for the tourist, but in comparison with many other European destinations, it is still relatively new and unspoiled. It is a country with an extremely low cost of living, rate of taxation, and annual inflation.

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Market Report

We forecast that the property prices in the country are expected to rocket even more quickly than at present with yields rising to 12% and capital gains remaining impressive at 36%.

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Economic Overview

Industry is of great importance for the economy. Although Bulgaria is not very rich in reserves of coal, oil, and gas. The country is a major producer of electricity and the most important exporter in the whole region due to the Kozloduy Nuclear Power Plant with a total capacity of 3,760 MW. A second plant, the Belene Nuclear Power Plant with a capacity of 2,000 MW is under construction.

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Visa/Residency Issues

Bulgarian visas are issued by the embassies and consulates of the Republic of Bulgaria abroad. The processing of visa applications can take up to 10 working days, as confirmation in each case has to be obtained from the Ministry of Foreign Affairs of the Republic of Bulgaria in Sofia.

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Getting to Bulgaria

Approximate flight times from London to Sunny Beach are 2.5 hours. Sunny Beach resort is situated on the southern Black Sea coast and 75 miles south from Varna Airport and about 20 miles from Bourgas Airport.

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Fees & Taxes

• The owner of a building or a plot is obliged to pay a real property tax.
• Apart from corporate tax, no other direct taxes are levied on the transfer of real property.
• Transactions with land and lease of property for residential purposes are exempt from VAT.
• Capital gains tax for companies in Bulgaria is added to the regular income.
• The annual income tax declaration is due by April 15 each year, and must be paid within 30 days of the submission of the tax declaration.

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Bulgaria

Basic Information

Bulgaria Overview

Bulgaria in Eastern Europe is bounded to the north by Romania, to the east by the Black Sea, to the south by Turkey and Greece, and to the west by Serbia and Montenegro and the Former Yugoslav Republic of Macedonia. Bulgaria has a large number of travel destinations, but independent travel is not really common, although there are relatively few restrictions and costs are very low.

Average Property Prices

Buying Process

• When you have agreed to purchase your broker will draw up a Preliminary or Primary Contract setting out all the agreed details and stating the initial deposit amount to be paid (normally 10%).
• Upon signing the Preliminary Contract it should be made conditional that the property is removed from the market.
• Verbal Agreement to purchase this pre-empts the drafting of the Preliminary Contract. You also need to check on title deed document, licensees and permissions, debts on the title, terms of the contract.
• Confirm in front of the Notary Public the agreement to buy the property. This is the final stage when both buyer and seller meet with the Notary Public and complete the transfer and pay the state and Municipal taxes due on the transfer.
• Don't forget to take out Insurance against normal insurable risks just as you would at home.