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Post by TheTravelBug on Apr 21, 2010 15:09:25 GMT
There has been much discussion and mis-information about whether non-Bulgarians still need a company to purchase and own land in Bulgaria and the simple answer is yes you do!
According to the Bulgarian Constitution, foreign individuals can buy buildings but not land (this is rumoured to have come about to stop Turks from buying up loads of property along the southern borders and then trying to make that area re-join Turkey - how true this is I am not sure). So if you are buying an apartment, you do not need a company, although there maybe tax reasons to do so. But anyone buying a village house with land will need to set up a Bulgarian company as a legal identity for owning the land. You will of course be owner, share holder and manager of this company.
The law changed with the entry of Bulgaria into the European Union in January 2007. This is where much confusion started.
Current amendments to the constitution will allow EU citizens to have the right to buy land in 2014. Although this date is not set in stone and there is the chance it could happen sooner.
In the meantime a company is still required for land ownership.
If you do not have European Union nationality and wish to buy a holiday home In Bulgaria you have to apply for permission from the Bulgarian Government before completely a purchase.
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Post by TheTravelBug on Dec 13, 2010 14:24:41 GMT
The capital required to start a company is now only 2 levs (1 Euro) though, much better than the 5000 levs you used to need!
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Duke
Junior Member
have a nice day..
Posts: 56
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Post by Duke on Mar 17, 2011 15:10:03 GMT
OK, kind of with you on that, so how DO you exactly go about setting up a Company ? Lets say for instance I buy my house in Kladentsi (yes, that's where it is) in Tervel,(Dobrich) and it has land (about half an acre) upon which I want to put 2 chalets, while converting the house to a B&B , for me to live in and work from.
I decide I'm going to call it, oh I don't know, Balkan B&B LTD for example.
Where do I then go to register this new Bulgarian business and pay my fee, and how long does it all take ?
Is this something my Solicitor will do at the same time as handling my purchase of said house and land that goes with it ?, and therefore nothing to be concerned over ....
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Post by TheTravelBug on Mar 30, 2011 8:36:10 GMT
First before you buy your house where ever it is, you need to set up your Bulgarian company. It does not matter what your future plans are as such as the company will be general purpose to allow you to do all legal activities. The agent or lawyer you are using should help you or you can do it independently. It is basically a paper exercise - you need your passport details, couple of company names in case first choice is taken, address your company will be registered at (your Bulgarian house if you intend to live there or your agent or lawyer's office otherwise). You will need to give someone POA to complete the registration. Costs vary between around 220 Euros and 500 Euros - takes anywhere from 2 to 8 weeks depending on how busy the particular trade registry is you are using.
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Duke
Junior Member
have a nice day..
Posts: 56
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Post by Duke on Mar 31, 2011 15:51:10 GMT
Ok, thanks for that...well, heading out in July...so I'll experience it all then I guess.
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Post by TheTravelBug on Mar 31, 2011 19:52:32 GMT
Just make sure whatever lawyer you intend to use as notice as much of Bulgaria on holiday in July and August so means things involving courts and registries could take much longer - for example some courts shut all through August.
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Duke
Junior Member
have a nice day..
Posts: 56
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Post by Duke on Apr 2, 2011 10:33:28 GMT
Ok, well that's useful to know, I'm intending to use the same one as the guy I'm buying from, he reckons his Lawyers Wife is the Mayor as well, so if thats true, I intend to make friends with them...could be useful to have the Mayor as your friend....and an English speaking one at that.
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Post by TheTravelBug on Apr 2, 2011 12:51:02 GMT
Not very independent then! Better to have an independent lawyer for checking all paperwork, but good to have mayor on your side and very useful if they speak English.
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Duke
Junior Member
have a nice day..
Posts: 56
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Post by Duke on Apr 4, 2011 16:35:17 GMT
Yes, hope so, but surely lawyers are lawyers...each client is a client ? I don't know, they must have some sort of code of practise, but if you really feel it's an issue, then so be it. Whoever it turns out to be, they'll need to speak at least a little English...because I'll be rubbish at Bulgarian. I just really don't want to get it wrong (in the legal sense).
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Post by TheTravelBug on Apr 5, 2011 6:50:40 GMT
Yes, hope so, but surely lawyers are lawyers...each client is a client ? I don't know, they must have some sort of code of practise, but if you really feel it's an issue, then so be it. Whoever it turns out to be, they'll need to speak at least a little English...because I'll be rubbish at Bulgarian. I just really don't want to get it wrong (in the legal sense). ummmm......this is Bulgaria! Code of Practise - LOL! |
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Duke
Junior Member
have a nice day..
Posts: 56
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Post by Duke on Apr 5, 2011 9:58:11 GMT
surely the whole country can't be bent..maybe it is, in which case I need to be one step ahead..
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Post by TheTravelBug on Apr 5, 2011 15:53:37 GMT
Easiest to go on assumption everyone will be out to screw you over and then if you find someone who doesn't its a bonus!
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Duke
Junior Member
have a nice day..
Posts: 56
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Post by Duke on Apr 6, 2011 16:02:29 GMT
Yeah, I guess, I can't suppose everyone is on the level like me. I just want to go out and do my thing, make some good friends and try and help those around me where I can. I really believe in 'what goes round, comes round'.
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