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BULGARIA | Essential Guide | Buying Property in Bulgaria
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Buying Property in Bulgaria | Essential Guide | Bulgaria
Conveyancing Costs in Bulgaria
Stamp duty, notary taxes and certified translation of documents amount to approximately 3% of the purchase price of the property.
If the property is a house on its own land or a building plot, then currently this can only be purchased by forming a company in Bulgaria. This would involve a further cost of £500 to £800.
Solicitors’ fees are typically 1% of the purchase price.
All properties are bought freehold
Bulgarian Taxes
No direct taxes are levied on the transfer of real estate. However, the transfer is subject to the notary fee and municipal fee which are calculated on the value of the property, as outlined above. The notary fee is currently capped at 1,750 Euros and the municipal fee is 2% of the market value.
Annual Costs
Local Taxes and Rates
The owner of a building or a plot is obliged to pay a real property tax of 0.15% of the book value of the property.
Do I have to pay any tax if I sell my property?
There is no Capital gain tax to pay on the profit when you or your company sells the property, only the standard corporate tax at 15%.
Will I need a will
If you do not have a Bulgarian will your inheritors will need to direct the case to the British authorities which will make the process long and expensive. If you have a Bulgarian will the process will take place in Bulgaria and will generally be simpler and cheaper.
Can I get a mortgage in Bulgaria?
This situation is very fluid and you should check for changes at the time of purchase. Currently, mortgages are available using the Bulgarian property as security. You may borrow up to 70% of the property value subject to a minimum of 40,000 Euro’s and a maximum term of 15 years. Interest rate is typically 7.5%.
Do I need to become a resident?
UK passport holders do not require a visa to visit Bulgaria for a period of 30 days. Long-term visas can be obtained from the Bulgarian Consular service in London.
Should you wish to become a resident you will need to permanently reside in Bulgaria for 5 years under the long term stay conditions. A long-term stay permit is renewed every year during this time and each time you are issued with a new ID card.
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.
Can I drive my car in Bulgaria?
UK registered cars can be driven only for 6 months in Bulgaria before they have to be registered with the Bulgarian authorities.
Can I take my pet with me?
Yes. Requirements are quickly becoming standardised across Europe though you should always check with your local DEFRA office close to your intended travel date.
How do I get medical coverage here?
The UK has a reciprocal healthcare agreement with Bulgaria, which enables travellers to receive, free or low cost emergency care. You will need your passport and NHS medical card and this will normally cover you for free hospital, medicine and dental treatment. You will only have to pay for medicines supplied by the public pharmacy. However as things are continually changing it is strongly advised that you have private medical cover.
How do I open a bank account?
All you need is a valid passport and some funds to deposit into the account.
How do I transfer money into my overseas account?
You can make transfers direct from your UK bank to your bank account in Bulgaria. Or you can use a commercial foreign exchange company who may be able to offer you more competitive rates and quicker transfer times.
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