Property Acquisition - Right of foreigners to acquire property in Bulgaria

There's no other place like it anywhere else! From its sandy beaches to its stunning mountains, Bulgaria is blеssed with amazing natural resources. Beautiful in nature, unique historically, rich culturally, and hot economically, Bulgaria has quickly emerged as one of the most exciting investment locations in Europe today.

Bulgarian legislation allows foreigners to acquire real estates such as buildings, apartments, garages, houses, shops, etc. by transactions or through inheritance. Foreign acquisitions of land is limited and depends on the person nationality and the type of land.

Citizens of countries-members of the European Union (EU) or the countries-parties of the Agreement of the European Economic Area (EEAA), may acquire ownership over land if they are residents in Bulgaria. This means those who have permanent residence in the country can acquire land. EU citizens not residing permanently in Bulgaria can acquire land for a second residential property after 01.01.2012.

Agricultural land may be acquired by foreigners, citizens of EU and Member - EEAA after 01.01.2014. One exception, if you are established in Bulgaria, being permanently resident in Bulgaria as self-employed farmer under BULSTAT Act, may acquire ownership of agricultural land and forestry for agricultural use before 01.01.2014.

Persons who are not citizens of EU or Member - EEAA, cannot acquire land in Bulgaria. 

Foreign citizens can legally inherit land in Bulgaria. Law on ownership and use of agricultural land / ZSPPZ / limits the ability of statutory heirs who are not European Union citizens to exercise their right of ownership of agricultural land. According to Art. 3b ZSPPZ those persons shall within three years from the opening of succession to transfer ownership of agricultural land to persons who are entitled to acquire such property. For foreign nationals who are not citizens of the EU and who has been restored ownership of agricultural land, the three year period for the transfer of ownership runs from the time of its recovery.

In case of failure to comply with the legal requirement to transfer land to eligible persons within a three-year period, the state may buy agricultural land at prices set by ordinance of the Council of Ministers.

If you do not respond on the requirements to acquire property in Bulgaria, because you are not a resident in Bulgaria, or the desired property is not second home for you, if you want to invest in more than one Bulgarian properties as people all over the world focus on Bulgaria - the country famous with its nature, which despite the immense foreign interest still keeps the lowest prices in Europe, if you want to start up business in the country considering investment opportunities, then you shall need to form a Company in Bulgaria. 

Bulgaria Tax Guide

     

                                                            Doing Business in Bulgaria

                                                            Accountancy fees 

                                                            Tax Rates

                                                            Corporate tax

                                                            Divident Tax

                                                            Withholding tax

                                                            Personal Income Tax

 

 

 

                                                            Value Added Tax (Goods and Services Tax)

                                                            Excise Duty

                                                            Property Taxes

                                                            Transfer Tax

                                                            Inheritance Tax

                                                            Tax Administration

                                                            Tax Calendar

                                                            Avoiding Double Taxation Treaties 

Annual Report Filing at Bulgarian Commercial Register - Official Company Register at the Registry Agency

Companies operating in Bulgaria are registered in the Central Commercial Register at the Registry Agency of the Ministry of Justice.

Under Article 40 of the Bulgarian Accountancy Act, traders under the Commercial Law must publish their Annual Financial Report - by filing it in the Commercial Register. The Sole Traders whose reports need independant financial audit have to publish accounts by May 31 next year. All Limited Companies are obliged to announce reports by 30 of June next year, others - by July 31 next year.

Please Note: This applies even to limited companies that are not operational during the reporting period. They should publish an 'empty income statement'.

In fulfillment of this obligation within the time stated, the laws provide strong sanctions. Under the Accountancy Act fines ranging from 1000 to 3000 lev, and under the Commercial Register Act - percentage of the net revenue. 

We offer our assistance in submitting Annual Financial Statements (AFS) in the Commercial Register. We shall prepare the necessary protocols for the adoption of AFS, profit-sharing and competently fill in the application forms for declaring the act. You are required to provide us certified by the Management Board Annual Financial Report for the year or we will be pleased to prepare the report for you.

State fee for publicating is 40 lev for manually submitting and 20 lev - electronically.

To do this for you, your accountant needs legalized at Notary Public Power-of-attorney.
If you have questions or would like to use our service, please contact us on: +35952615224 +359879615224 +359899134270 or visit our website http://www.balances-bg.com/en/index.html

Useful web links of Bulgarian authorities

http://www.nap.bg/ National Revenue Agency - Bulgaria
http://www.brra.bg/ Registry Agency, Official Company Register - Bulgaria
http://www.nsi.bg/ National Statistical Institute - Bulgaria

http://www.noi.bg/ National Social Security Institute
http://www.bnb.bg/ Bulgarian National Bank

Power of Attorney and requirements for authorization

In order your accountant to represent you before the National Revenue Agency,
Registry Agency, Municipality, you need to notarize duly Power of Attorney. Can do this at the nearest Notary Public offices. If you are foreigner not speaking Bulgarian, shall need a legal translator to accompany you.

  

           Need a certified legal translator?

Tax Calendar - Reporting Dates and Payment in Bulgaria

If you have a Company in Bulgaria, it is compulsory to file an annual balance sheet with the tax authorities. The tax year in Bulgaria is the year ending on December 31st. Limited Companies file an Annual Financial Report and Tax Declaration by March 31st. An individual must file an Annual Tax Declaration by April 30th. The term for promulgation the Financial Acts into the Registry Agency is May 31st for the Sole Traders whose Annual Financial Statements need independant financial audit, June 30th for the Limited Companies, July 31st for all others.
Important to know is that your accountant needs a notarized Power of Attorney to represent you before the Republic authorities.

 

Price For New Company - How much will it cost to form a new Limited Liability Company in Bulgaria?

Time to start something new?

The price for setting up new Limited Liability Company in Bulgaria depends on the Bulgarian Registry Agency tariff for filing the registration documents and the lawyer's fee. Also it depends on the way of submitting, manually on paper at the regional offices of the Registry Agency or electronically. The price contains the fees as follows:

Upon  application for Limited Liability Company circumstances registration (A4) in amount of 160 BGN for manually submitting / 80 BGN electronically.
Upon application for company name reservation (D1) in amount of 50 BGN  for manually submitting / 25 BGN electronically.
Lawyer' s service. We can offer you highly competent lawyers for a fee of 200 BGN.

Take in mind how much will be your Company' s registered capital! The minimum is 2BGN.

If you need our assistance, please contact us on: +35952615224 +359879615224 +359899134270 or visit our website http://www.balances-bg.com/en/index.html Would be glad to advise you!