Basic Facts - Buying Process - Costs
Visa / Residency - Health

Basic Facts

Population: 7.5 million
Capital: Sofia
Native Language: Bulgarian
Currency: leva (BGN)
Dialling Code: +359
Emergency Services: 150
Embassy in UK: www.bulgarianembassy.org.uk

Buying Process

• Buying in Bulgaria is straightforward, however, while foreigners can purchase buildings or property they are not currently allowed to buy land. This is expected t change once Bulgaria becomes part of the EU in 2007.
• Once a buyer has selected a property, either a preliminary purchase or a reservation contract is drawn up and signed. The preliminary purchase contract is legally binding, whereas a reservation contract is not.
• Your solicitor will now conduct all the necessary checks, after which the preliminary contract is signed, committing both buyer and seller. This contract outlines all details of the sale and a 10% deposit is paid at this point by the buyer.
• The balance of payment is paid on final exchange, when a final purchase contract is signed by both parties in front of a notary. New ownership can then be registered.

Cost

• If land is being purchased, then the buyer will need to set up a company: GBP500 approximately
• Property purchase tax: 2%
• Legal fees: 3% approximately
• If you use an estate agent, fees vary from 3% to 10%.
• Most charges are subject to VAT at 20%

Visa / Residency

Currently in a 6 month period a UK citizen can spend 30 days in Bulgaria without a visa. Beyond this a Type C visa is required from the Bulgarian Embassy in the UK. Anyone obtaining a Type C visa must also obtain a foreign identity card, which is obtained through local authorities.

Health

UK residents can receive free health and dental treatment, although the standard of state medical facilities is not good and it is recommended all foreigners have private medical insurance.

 

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