Post by TheTravelBug on Mar 30, 2011 10:19:06 GMT
In order to legally own land in Bulgaria you need to set up a Bulgarian company. The government has passed a bill to say this requirement for foreigners will be re-pealed but not for a couple of years. So for now you still need to go through the paper exercise to get a Bulgarian company. There are basically 3 options:
1. Go to Bulgaria, visit a lawyer there and start the process by choosing a company name, registering this name (small fee), signing company paperwork like articles of association and memorandums and then go to a notary and give the lawyer power of attorney to set up your company. This route should cost you around 220 Euros, plus maybe a little extra for a translator if required by the notary. Once started, it will be around 2 to 4 weeks until your company is set up. It is also an idea to give the lawyer power of attorney to deal with the purchase of your house at the same time to save time, hassle and costs. Then everything else can be completed in your absence.
2. It can all be done by post. The lawyer in Bulgaria will prepare all the paperwork and send these documents to you by email. You need to print these off. Bulgarian costs are 220 Euros. A couple of the documents need to be signed before a notary in the UK which will incur further fees, maybe another £80 to £100. You then need to send these documents to the foreign office in London for apostiling. Again will incur a further charge, used to be around £40 but think it is much more now. Also takes a while. Over-all looking at probably an 8 week time scale to get company set up.
3. Easiest route, especially if on shorter timescales or not coming to Bulgaria or simply do not want the hassle of hours in a lawyer's office and notaries office is to buy an off the shelf company. Cost is £400. You just need your passport details, UK address and choice of company name. A company is then set up for you by the agency and takes about 2 to 4 weeks. This company is in trust for you. When you decide to go to Bulgaria and can really be any time over the following 12 months, you just need to sign one piece of paper at the notaries and you are all done. This route also means that the agency can sign for your house transfer as they set up the company and are the signature for it (until such time as you visit Bulgaria and change this).
1. Go to Bulgaria, visit a lawyer there and start the process by choosing a company name, registering this name (small fee), signing company paperwork like articles of association and memorandums and then go to a notary and give the lawyer power of attorney to set up your company. This route should cost you around 220 Euros, plus maybe a little extra for a translator if required by the notary. Once started, it will be around 2 to 4 weeks until your company is set up. It is also an idea to give the lawyer power of attorney to deal with the purchase of your house at the same time to save time, hassle and costs. Then everything else can be completed in your absence.
2. It can all be done by post. The lawyer in Bulgaria will prepare all the paperwork and send these documents to you by email. You need to print these off. Bulgarian costs are 220 Euros. A couple of the documents need to be signed before a notary in the UK which will incur further fees, maybe another £80 to £100. You then need to send these documents to the foreign office in London for apostiling. Again will incur a further charge, used to be around £40 but think it is much more now. Also takes a while. Over-all looking at probably an 8 week time scale to get company set up.
3. Easiest route, especially if on shorter timescales or not coming to Bulgaria or simply do not want the hassle of hours in a lawyer's office and notaries office is to buy an off the shelf company. Cost is £400. You just need your passport details, UK address and choice of company name. A company is then set up for you by the agency and takes about 2 to 4 weeks. This company is in trust for you. When you decide to go to Bulgaria and can really be any time over the following 12 months, you just need to sign one piece of paper at the notaries and you are all done. This route also means that the agency can sign for your house transfer as they set up the company and are the signature for it (until such time as you visit Bulgaria and change this).
