How to buy property in Bulgaria (by Kasteli Consult ltd.)

Pursuant to the Commercial Code of the Republic of Bulgaria, foreign citizens can buy real estate property in Bulgaria freely, except for land, which can be bought only through a company registered in the country’s territory. The registration of a company is also required when the real estate property includes land, which is most often the case.With a view of offering you a full range of services, our consultants are specialized in company and real estate law and will consult and assist you in the preparation of the documents and, if need be, in the registration and management of your company that will be the owner of the respective real estate in Bulgaria.When purchasing property in Bulgaria, you should bear in mind the following:1. Legal requirements regarding the acquisition of land by foreign citizens in Bulgaria:In order to acquire land in Bulgaria a foreign citizen should register a company in his/her name. Our company provides a full range of services and assistance regarding registration of companies. It should be noted that the share capital of such companies is of at least 2,500, which must be deposited in a bank account pending the company’s registration. Upon completion of the registration, such amount is released from the bank and can be used in the framework of the real estate purchase transaction. 2. Commissions:The costs of company registration amount to 500 euros.The agency charges a commission of 3% of the real estate purchase price from the purchaser. This commission does not include taxes and disbursements, which are charged separately. In addition, it should be noted that transfer or real estate in Bulgaria is accomplished through a notarized deed. On transfer of the real estate, the purchaser and the seller are obliged to pay notary taxes in an aggregate amount of 3% of the purchase price. Such taxes may be shared between the purchaser and the seller. They may also be paid exclusively by the purchaser or by the seller, if the parties agree to do so. The costs of translation and certification of all documents related to the transaction, including the preparation of a notarized deed of ownership in your name (but excluding the notary taxes as mentioned above), should not exceed 150 euros. Please, do not hesitate to contact us should you have any questions regarding the legal aspects of purchase of real estate in Bulgaria.

Bulgarian properties
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