Bulgarian company setup for purchase of property with land

A foreigner cannot own land in Bulgaria, that is, not directly, this was probably to protect the country's interests in the previous years, but the law has now been relaxed - It wont we until 2015 that a foreigner can own land directly. A Bulgarian company can own land, and this is the way that you as a foreigner can purchase a property.

So, to buy a house with land in Bulgaria, a Bulgarian company will have to be set up.

We offer TWO options for setup of your Bulgarian company:
1. Remote setup option. If you are not able to appear in Bulgarian Notary in person - our solicitor will prepare company paperwork and you will need to sign it in Bulgarian Embassy in your home country. Please, note: ALL co-owners should appear in Embassy in person.
2. Company setup in person. Setting up a Bulgarian company is easy on your part, basically you turn up in Bulgaria and pay the fees associated with setting up the company, whats more We can set this company up for you.

The Company Formation!

Unless you already own a company then you are soon the become director of your own Ltd. Company!

You require a Ltd. Company to be set up for the purchase of properties with land, if you don't already have one we are pleased to offer this service using a fully qualified English speaking Solicitor.

Since the introduction of new stricter legislation and a centralized database (similar to Companies House in UK) Company formation can now take up to thirty working days.

Should you be unable to wait for your company to be formed you may assign a Power Of Attorney (no extra cost) to be able to buy on your behalf. Please note that we will generally only accept Powers Of Attorney to buy on behalf of your company in order to complete the sale/s. We cannot accept Powers Of Attorney to sell, or otherwise manage your company without prior agreements.

As part of the company formation process and as stipulated by Bulgarian law, every new company being formed must deposit 5000lev (€2564)  as seed capital into the company registration account. This amount can be withdrawn in full after the company has been set up. Assistance in opening the bank account and withdrawing seed capital is included in our price for company formation.

Company formation is a one time only procedure. Once your company is set up you are then free to buy as much land and as many houses as you wish.

Please note that if you are buying an apartment with no land then you do not require to set up a company.

Costs:
€650   Company formation fee payable to solicitor
€5       Tax payable to bank for new account opening
€2564  Seed Capital (withdrawal in full after company is set up)

Please, note: If you setup your company remotely, additional charges will apply in the Embassy for paperwork verification (approx. €45) and bank transfer fee (approx .€41) in case you wish Seed Capital being trasnfered back to your home country after company is formed.

The Notary!

This is where all legal transfers of ownership take place, the Notary is the person who oversees and ensures all is above board!

Once your company is formed we can then transfer your property into your company's ownership. The process will be carried out in front of a Notary local to your property.

If you are able to attend in person then we can provide you with a licensed translator of English or most major languages (please give as much notice as possible for non-English translation).

If you are unable to attend in person it is possible to complete through Power Of Attorney at no extra cost.

A 3% Purchase Tax must be paid to the Notary on the day of the transfer of ownership. The percentage is based upon the sale price of your property. We are unable to under declare the property price, doing so is both illegal and not recommended.

Costs:
€300 Notary and Legal Fees, documentation preparation, new notary act, declarations etc.
€15   Licensed Translator (only required if you are attending the Notary in person)
3%   Purchase Tax based on property price

Please note: that all costs are in Euro, we regret that we are unable to accept Pounds Sterling. Euro is tied to Lev and cannot fluctuate, therefore by paying in Euro we guarantee that all Prices quoted are exact and will not change. NO CREDIT CARDS. Please note that Credit / Debit cards are still not widely accepted in Bulgaria.

With the exception of Notary / Legal Fees and Purchase Tax, all the stated costs are not mandatory. There is no obligation to use our services.