|
|
|
LEGAL ADVICE:
|
GETTING POSSESSION:
INVESTMENTS:
A foreign investor can invest in properties in Bulgaria either directly or through a local entity. Only Bulgarian-resident individuals and entities can acquire title to land, while non-residents may acquire only buildings and limited rights (e.g., leasehold and construction rights) to land. In some limited cases, acquisition of immovable property by non-residents requires prior permission of the Ministry of Finance.
Foreign investors are guaranteed full repatriation of profits resulting from an investment in Bulgaria. The transfer abroad can be made only after the bank effecting the transfer is presented a certificate proving payment of all Bulgarian taxes due.
Bulgaria has one of the most liberal foreign investment laws in the region. Foreign investment typically assumes one of the following forms: establishing a joint venture with existing companies, state-owned or private; acquiring a company through privatization; setting up a new (green field) venture; or making a portfolio investment. Portfolio investment has been minimal given the relative lack of development and inefficiencies of the capital markets.
The most common type of organization for foreign investors is a limited liability company. Other forms are companies limited by shares (joint stock companies), joint enterprises, business associations, general partnerships, limited partnerships, and sole proprietorships.
The law does not limit the extent or amount of foreign participation in companies. Foreign companies have the right to open deposit accounts in hard currency and Bulgarian leva (BGL).
PROPERTY TAXES:
Transfer taxes:
The transfer is subject to notary and municipal fees. The notary fees are paid on the higher of the market price or the book value of the property at varying rates, specified in a special chart. In addition, 2% of the market value of the property is paid to the municipality where the real property is located.
Value Added Tax (VAT):
Transactions with land and lease of property for residential purposes are exempt from Value Added Tax. All other real estate transactions are subject to VAT at the uniform rate of 20%. The buyer/lessee is entitled to a VAT refund, provided that it is registered for VAT purposes.
|
|
|
|
|
Bulgaria is a piece of heaven. It impresses with the beauty of azure, warm sea and the magnificent mountains covered with snow.
Although Bulgaria occupies only 2% of the territory of Europe it is generously gifted with natural landmarks and diversity of landscape, mild moderate climate, rich variety of flora and fauna, and abundance of curative mineral springs
Very beautiful and picturesque are the mountains of Rila, Pirin, Stara Planina, and the Rhodopes with their old forests, numerous caves, magnificent gorges, waterfalls and lakes.
|
|
|
|
|
Along the Black Sea coast there are also many opportunities for ecological tourism: the natural reserve of Kamchia near Varna, Atanasovo lake and Mandra lake near Bourgas and etc.
In Bulgaria there are numerous ecologically clean places, which have preserved their traditional appearance and genuine spirit. There one has the opportunity simultaneously to enjoy the marvelous Bulgarian nature and to share the preserved rich Bulgarian traditions and folklore. Elena and its region, Shiroka luka and its region, Melnik, Tryavna, Rupite, Kotel, Zheravna, Bozhentzi, Arbanassi, Kovachevtzi, Koprivshtitsa are only some of those places.
|
|
|
|
|
Page Up