Information
 Bulgaria
(Bulgaria)Bulgaria is a part of the Balkan Peninsula in south-east Europe. The country’s total territory is 111,000 sq. km (43 000 sq. miles).It has common borders with Greece and Turkey to the south, Macedonia and Serbia and Montenegro to the west, Romania to the north and to the East Bulgaria touches the Black Sea, which links it also to Russia, Ukraine, and Georgia. The Black Sea borderline is 378 km (240 miles) long of which more than 200 km (125 m) is sandy beach.
Half of the country’s territory is occupied by Bulgarian mountains .They are easily accessible, and attractive places for many tourist activities - skiing, hiking, fishing, canoeing. The major mountain ranges are Rila, Pirin, Rhodope and Stara Planina. Mussala peak in the Rila mountain range is the highest point on the Balkan peninsula ( 2 925m/9596 ft).
(The Climate) The climate of Bulgaria is temperate continental. There are four seasons, with warm summer and snowy winter. The average temperature over the year is about + 30 °C in spring and summer and average temperature: 0 °C in winter with usual for that time of the year snowfalls. Along the Black sea cost, due to the influence of the sea, the winter temperatures are higher and the summer temperatures are lower than the average which makes it a favourite place for spending holiday and sport activities.The soft transitional Mediterranean climate and the fertile soils are very suitable for growing lots of vegetables and fruits considered organic - excellent quality and praised from all over the world.
(Famous For) Bulgaria is also famous for producing wine, yoghurt and white cheese. The well-known rose oil has been a valuable material for perfumery and medical products for centuries and the red rose became a symbol of Bulgaria
(Advantages)The incredibly low cost of living in Bulgaria makes the country one of the most desirable destination for investing and it guarantees highly profitable returns. The country has a lot to offer. Economically and politically stable, as a member of NATO and a potential member of European Union in 2007, Bulgaria became a promising God-chosen place of undiscovered, endless potentials and the fastest growing real estate purchase market in Europe. There are still a lot of properties for sale in Bulgaria waiting for their owners.
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Why Bulgaria Bulgaria is located in South Eastern Europe , situated in the centre of the Balkan Peninsula .It boasts with outstanding mountain and coastal scenery, weather similar to Spain and other holiday destinations but cost of living and properties is significantly lower than in other European countries. This makes Bulgaria one of the most desirable destination for investing and it guarantees highly profitable returns.
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Why should I invest in Bulgaria?
A few important reasons : - Economical, political and social stability made foreign investors choose Bulgaria .
- Bulgaria is a full member of NATO and will join the EU in 2007.
- 55 treaties for avoidance of double taxation
- 52 agreements on mutual protection and promotion of foreign investment
- Bulgarian laws are changing in accordance with the laws in the countries of the European Union.
- Stable and predictable business and political environment
- Bulgaria has one of the most liberal foreign investment laws in the region.
- Fastest growing real estate purchase market in Europe.
- Lowest real estate prices in Europe
- The currency (Lev) is pegged to the Euro, making it stable . Most property can be bought and sold in Euros.
- The cost of living is lower than other European countries. You can buy lunch costing about 5 euro (app. £2,5 ), pint of beer for 0,70 euro (50p), hire gardener or cleaner for 150-200 euro per month.
- Buying real estate property in Bulgaria and renting it guarantees highly profitable rental returns.
- Great natural resources and varied landscape - clean Black Sea coast with more than 200 km (125 m) beaches covered with fine sand, high mountains indented by hundreds of ponds and caves.
- Mixture of untouched by urbanization quiet villages and modern cities vigorous atmosphere
- Excellent weather conditions for all summer and winter sports. Over 1700 hours of sunshine from May to October. Guaranteed snow falls in winter providing great opportunities for skiing.
- Huge tourism potential
- Excellent food - a delicius mixture between Mediterranean and Oriental cuisines cooked with local organic products and fresh meat.
- Industrial goods traded duty free between Bulgaria and the EU, EFTA, CEFTA and Turkey
It is right time to invest in property because:
In the last two years property prices have risen by over 50% in some regions and is expected to grow even more with Bulgaria entering EU in 2007. Search for properties for sale in Bulgaria via “Bulgarian Attractive Property”!
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Buying property/agricultural land
Buying Properties for sale in Bulgaria is a great asset and а good stroke of business. Property prices are much lower compared to other European countries. Nature resources, brilliant weather conditions for living and favourable business environment makes buying property in Bulgaria- a long-term investment.
By choosing “Bulgarian Attractive Property” for your partner you choose high quality real estate agency service - vision and professionalism.
“Bulgarian Attractive Property” is ready to help you to choose your property following your requirements, budget and concept for future development and exploitation. We undertake the task to:
- Book your tickets to come to Bulgaria, meet you at the airport, arrange your stay and accommodation
- Help you establishing your company in Bulgaria. Read more about Ownership of Real Estate in Bulgaria…(link)
- Arrange your trip and viewings by company transport (0,20 euro/km.) in the areas where you would like to look for buying property
- Provide smooth liasation between buyer and seller of the property
- Negotiate with the sellers of the property/ agricultural land for the best price according to the property condition, location etc.
- Arrange all the documents needed for you
- Help you with the management, maintenance, renovation, furnishing of the real estate property
- Co-operate to find company to renovate, rebuild or build your house/building etc.
- Co-operate to find tenants for property purchased by you through Bulgarian Attractive Property and offering an advertisement in our web-site.
- Take care for the management of the property and recruit staff for its maintenance – e.g. gardener, cleaner, ensure year round security and payrolls of the staff
- Ensuring that local taxes, insurances and rental taxes are paid on time.
We should note that buyer of Bulgarian Property/Land should be informed that in Bulgaria there is term like “tax estimation price” which is for taxation purposes and is much lower to the real selling price. Usually property owners would like tax estimation price to be written down in the title deed. If you would like by all means the selling price to be noted in documents we are happy to negotiate with the property seller.
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Things you should know about ownership of real estate:
Bulgarian Act on Foreign Investment:
According to the Bulgarian Act on Foreign Investment foreign nationals and foreign legal entities may not directly acquire ownership rights on land. They can buy buildings but not land. It does not apply to Bulgarian companies with foreign participation. By setting up a company - foreign persons can acquire full land ownership rights, including ownership rights on agricultural land. The cost for setting up a company is under 1000 Euros and we can help you set it up. The law is to be changed within short period of time with Bulgaria’s entry into the European Union.
Our suggestions for foreign investors to establish a company are as follows:
· Limited Liability Company
· Joint Stock Company
These business types exist as separate legal entities and offer their shareholders limited liability.
Limited Liability Company
Limited liability companies may be composed of natural persons or legal entities and consist of at least 2 partners. A single-member limited liability company is a limited liability company which capital is owned by one person. The overall share capital must be a minimum of 5000 BGN and the minimum capital contribution by each shareholder (the amount of each share) is 10 BGN. Shares held in a limited liability company are non-negotiable and may be transferred only with the approval of the other partners. Limited liability companies are also prohibited from engaging in banking or insurance business .Administrative costs (payable to the state & registration court) are 250 leva (just over ¦pound;70). Once the entire share capital has been paid up these funds can be accessed and withdrawn..
The following documents must be available at the time of the submission of registration application to the district court.
1. Articles of incorporation;
2. Memorandum for appointment of Director/ Directors;
3. Proof that each shareholder has paid at least one third of its interest, but not less than 10 leva;
4. Proof that at least 70 per cent of the registered capital has been paid.
Joint Stock Company
Joint stock company is a commercial company owned by minimum two shareholders(persons or legal entities) with its own trade name and with share capital own by its members .The liability of the shareholders is limited to their capital. The minimum required capital is BGN 50, 000 and the minimum capital contribution by each shareholder is 1 BGN. The shares may be issued in registered or bearer form.
The structure and organisation of joint stock companies are subject to regulation by the Commercial law.
The capital of a joint stock company is divided into shares of equal value which are treated as negotiable commercial paper. The shares may be issued in registered or bearer form. Both of them might be preference shares. Registered shares are transferable by means of endorsement and must be recorded in the registered stockholders register. Other conditions for the transfer of registered shares might be stipulated in the company's articles of association. Bearer shares are freely transferable by means of delivery.
Decision making in a joint stock company is by majority vote. There are certain provisions for protection of the minority interests.
The process of forming your company can take anywhere between a few days to a few weeks. We are ready to register the company you choose to establish in Bulgaria – a limited liability or joint venture.
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Frequently Asked Questions
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Do we need a visa to travel to Bulgaria and how long can we stay?
UK passport holders do not require a visa in order to visit Bulgaria for a period of 30 days. Long-term visa (D) can be obtained from the Bulgarian Consular service in London. For further information please contact the Bulgarian Embassy in London on 0207 584 9400 or check www.bulgarianembassy.org.uk. The British Embassy in Bulgaria also provides information at www.british-embassy.bg.
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What are the living costs in Bulgaria?
Living in Bulgaria is cheaper than Eastern Europe. The food is twice as cheaper as in UK. A meal costs an average 5-7 EURO, a bottle of beer costs less than 1 EURO. The average salary in Bulgaria is 200 EURO and petrol prices are a little cheaper than Ireland.
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How big is Bulgaria?
Area – Land :110,550 sq km (per capita) :0.01 sq km per person
Area - Total:110,910 sq km
Area – Water :360 sq km
Coastline:354 km
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What is the Bulgarian currency?
The currancy is Bulgarian lev (BGN).
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What religions are there?
Bulgarian Orthodox 82.6%, Muslim 12.2%, Roman Catholic 1.7%, Jewish 0.1%, Protestant, Gregorian-Armenian, and other 3.4%.
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How do we travel to Bulgaria?
Direct international flights are available to the capital of Bulgaria- Sofia. Direct charter flights to the Black Sea (Varna/Burgas) are available during the spring/summer months and can be booked through local UK travel agents.
International airports: Sofia (SOF) (website: www.sofia-airport.bg) is 10km (6 miles) east of the city (travel time – 20 minutes). Buses run approximately every 10 minutes to the city centre during the day and every 20 minutes between 2100-0030.
Varna (VAR) is 9km (5.5 miles) from the city. A bus service to Varna city centre departs every 20 minutes. Taxes are also available.
Bourgas (BOJ) is 13km (8 miles) from the city. A bus service departs every 20 minutes to the city centre. Taxes are also available.
Airlines serving Bulgaria: Bulgaria Air, Aeroflot, Air France, Alitalia, Austrian Airlines, British Airways, El Al Israel Airlines, KLM, LOT Polish Airlines, Lufthansa, MALEV Hungarian Airlines, Olympic Airlines and Swiss.
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Can a foreign investor own land or property in Bulgaria?
According to the Bulgarian Act on Foreign Investment foreign nationals and foreign legal entities may not directly acquire ownership rights on land. They can buy buildings but not land. It does not apply to Bulgarian companies with foreign participation. By setting up a company - foreign persons can acquire full land ownership rights, including ownership rights on agricultural land. The cost for setting up a company is under 1000 Euros and we can help you set it up. The law is to be changed within short period of time with Bulgaria’s entry into the European Union.
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Which are the preferred types of business organizations with foreign investment?
· Limited Liability Company
· Joint Stock Company
These business types exist as separate legal entities and offer their shareholders limited liability.
Limited Liability Company
Limited liability companies may be composed of natural persons or legal entities and consist of at least 2 partners. A single-member limited liability company is a limited liability company which capital is owned by one person. The overall share capital must be a minimum of 5000 BGN and the minimum capital contribution by each shareholder (the amount of each share) is 10 BGN. Shares held in a limited liability company are non-negotiable and may be transferred only with the approval of the other partners. Limited liability companies are also prohibited from engaging in banking or insurance business .Administrative costs (payable to the state & registration court) are 250 leva (just over ¦pound;70). Once the entire share capital has been paid up these funds can be accessed and withdrawn..
The following documents must be available at the time of the submission of registration application to the district court.
1. Articles of incorporation;
2. Memorandum for appointment of Director/ Directors;
3. Proof that each shareholder has paid at least one third of its interest, but not less than 10 leva;
4. Proof that at least 70 per cent of the registered capital has been paid.
Joint Stock Company
Joint stock company is a commercial company owned by minimum two shareholders(persons or legal entities) with its own trade name and with share capital own by its members .The liability of the shareholders is limited to their capital. The minimum required capital is BGN 50, 000 and the minimum capital contribution by each shareholder is 1 BGN. The shares may be issued in registered or bearer form.
The structure and organisation of joint stock companies are subject to regulation by the Commercial law.
The capital of a joint stock company is divided into shares of equal value which are treated as negotiable commercial paper. The shares may be issued in registered or bearer form. Both of them might be preference shares. Registered shares are transferable by means of endorsement and must be recorded in the registered stockholders register. Other conditions for the transfer of registered shares might be stipulated in the company's articles of association. Bearer shares are freely transferable by means of delivery.
Decision making in a joint stock company is by majority vote. There are certain provisions for protection of the minority interests.
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What services does “Bulgarian Attractive Property” offer?
- Book your tickets to come to Bulgaria, meet you at the airport, arrange your stay and accommodation
- Help you establishing your company in Bulgaria. Read more about Ownership of Real Estate in Bulgaria…(link)
- Arrange your trip and viewings by company transport (0, 20 euro/km.) in the areas where you would like to look for buying property
- Provide smooth liasation between buyer and seller of the property
- Negotiate with the sellers of the property/ agricultural land for the best price according to the property condition, location etc.
- Arrange all the documents needed for you
- Help you with the management, maintenance, renovation, and furnishing of the real estate property
- Co-operate to find company to renovate, rebuild or build your house/building etc.
- Co-operate to find tenants for property purchased by you through Bulgarian Attractive Property and offering an advertisement in our web-site.
- Take care for the management of the property and recruit staff for its maintenance – e.g. gardener, cleaner, ensure year round security and payrolls of the staff
- Ensuring that local taxes, insurances and rental taxes are paid on time.
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What are our commissions?
Agency commissions: It covers full liasation between the buyer and seller, preparation of all documents and contracts needed , title deed and legal service. The notary fees, stamp duty, plot and taxes for purchasing property we charge 3% of the price.
Transport taxes: We charge 0, 20 euros/km if we use company cars which is equal to the price of taxi companies.
Managing property: We charge 20 % of the rental profit. We offer rent advertisement in our website for properties which have been purchased through Bulgarian Attractive Property.
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