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Buyers Guide - Property with Land

Buying a property with land

EU citizens can now own Bulgarian land directly and perosnally, however non EU citizens must set up a limited company as a vehicle to acquire Bulgarian land on their behalf. Apartments without any land involved can be owned personally regardless of nationality.

The standard solicitor's charge for buying any property (with or without a company) is approximatley 400 Eur which includes; setting up a limited company owned by you if required, registering the company or your personal purchase with all the necessary government departments, due diligence on the property and its documentation, representing you before the notary in your absence (if you are not presnet in Bulgaria for the purchase), paying the notary fees and taxes, applying for a new title deed to be issued in your name.


Fees for buying a house in Bulgaria


We do not charge any commissions to buyers, we are paid by the vendor and not by you the buyer. Should you purchase a property there are some additional standard charges that you should be aware of:

• Legal fees approx 400 Eur

• Municipal tax, which is similar to the stamp duty tax in the UK, payable upon completion, normally 2% of the "taxation estimated price" ;

• Notary preparation and execution fee - around 0.5% each.

• Property registrar entry fee - 0.1%

• Other small fees and charges – around 65 Eur. These include: bank withdrawal fees, currency exchange charges, bank account opening fees etc

• Annual property tax is payable each year, the total amount is 0.15% of "taxation estimated price" click here for details;


EXAMPLE of the purchasing of a house for 15 000 Eur


1. Choose the house.

2. Pay the deposit of 10% - EUR 1,500.

3. Pay the legal fees -  400 Eur 

4. The solicitor prepares a set of documents that you need to sign in front of a Bulgarian Notary.

5. The company formation (if required) takes approximately 10 days, a new bank account is set up to which you send the balance of funds.

6. You solicitor or Power of Attorney representative arranges an appointment to conclude the exchange in front of a government notary who monitors and oversees the deal and its legitimacy.

6. The notary fees and taxes are paid in full at the point of exchange to the Notary, the vendor signs over the title deeds on the basis that full payment is received simultaneously

7. Your solicitor or Power of Attorney representative then initiates a bank transfer from your company account to the vendor for the full balance of funds.

8.The property is then yours and within 2-3 weeks the new title deeds will be produced in your name.

 

Summary of Costs:

  • 1,500 Eur Deposit
  • 400 Eur legal fees
  • 13,500 Eur balance for the property within 30 Days of deposit
  • 220 Eur Notary Fees & Taxes
  • 70 Eur for title deed preparation and execution (35 x 2)
  • 7 Eur for registrar entry fee
  • 65 Eur for other petty expenses


Total 15,762 EUR

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