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Buying a Home in Bulgaria
Property Ownership
Under the Bulgarian act on Foreign Ownership, foreigners are not allowed to own land but may own buildings. Foreigners however can own land by setting up a Bulgarian company to hold the property for them.
Visa/Travel requirements
As a UK resident, you will automatically receive one month stay. This period can then be extended locally. Visa control has been recently relaxed between Bulgaria and the UK following their request to join the EU and existing restrictions are very likely to be more relaxed making longer stays simpler to arrange.
Long term economic prospects
The law for purchasing property in Bulgaria is set to change with the anticipated entry into the EU in 2007. Meanwhile, in the short term, the EU is investing millions of pounds in upgrading the country’s infrastructure to airports, roads etc and the Beautiful Bulgaria Project has been set a task of refurbishing the historical architecture and tourist resorts.
Property information
Not only is buying a property in Bulgaria a great investment as the prices are steadily increasing but the properties are considerably lower in price than those elsewhere in Europe. Bulgaria has a wide variety of properties available from country homes and mountain chalets to seaside apartments. A seaside apartment can be purchased for around £25,000GBP
Based on a property price of £50,000, the following costs will apply:
Legal fees c £300
Country Tax (Stamp Duty) £1,000
Notary Fees, translation fees £250
Taxes for each property depend on its price. The combined state and local taxes will usually be around 3.5% of the purchase price.
Mortgage Finance
Finance is not yet available to foreign nationals and mortgages are generally impossible to obtain in Bulgaria for non-Bulgarian citizens.
Language
The majority of Bulgarians speak English as their second language and they welcome the British tourists with open arms.
Currency
The currency in Bulgaria is the Lev which is now linked to the Euro. Most transactions nowadays are done in Euros.
Standards and cost of living
The cost of living in Bulgaria is very low, one of the lowest in Europe. The cost of a 10 minute taxi journey will be around £1 GBP. A day out to the museum or theatre will cost around £2 GBP and a meal for 2 including wine will cost no more than around £7 GBP. Bulgarian restaurants cater for all needs from local dishes to gourmet cuisine and pizzas to McDonalds. The summer temperatures in Bulgaria match a perfect English summer’s day from around May through to October. For those with a little more energy, why not try the ski resorts located in the panoramic Pirin, Rila and Radopi mountains. Perfect for all tastes. The crime rate is very low in Bulgaria and compares favourably with all other European destinations.
