FAQ 1. How to organise a trip to Bulgaria?
2. What flights are available to Bulgaria? 3. Do
UK citizens need a visa to travel to Bulgaria? 4. Are their
any limitations on how many properties a foreigner national can buy in Bulgaria?
5. What is the procedure of registering a Bulgarian company?
6. Is it better to buy off plan apartment in Bulgaria? 7.
How long does it normally take to complete the purchase of the property
in Bulgaria? 8. What happens if one of the parties pulls
out of the sales contract at any stage? 9. Are there any
limitations on renting the properties and repatriating the rental income from
Bulgaria? 10. What is the time difference with UK?
1.
How to organise a trip to Bulgaria? You
can contact "Balkan Holidays" http://www.balkanholidays.co.uk/
on 0207 543 5551 (for flights only) or 0207 543 5569 (for tailor made holidays).
Good bargain flights can also be picked on http://engb.lastminute.com/ Please
get in touch with us and let us know the date of your arrival, so we can meet
you at Bourgas airport, if you are looking to buy an apartment in Sunny Beach.
We can provide some assistance with the hotel on arrival, if you have not booked
it in advance. The
itinerary could be prepared for prospective buyers, looking to buy a property
in other areas of Bulgaria. Please contact us with your property requirements.
Top of Page 2.
What flights are available to Bulgaria? The
easiest way to come to Bulgaria is by air. Direct flights can be booked from most
of the airports in UK to Sophia. You can then book a flight to Bourgas (about
40 minutes), if you are travelling to Sunny Beach. In
summer there are direct flights to Bourgas and Varna, the most popular holiday
resorts in Bulgaria.
Top of Page 3.
Do UK citizens need a visa to travel to Bulgaria? No,
like most Western European visitors you will be granted entrance visa on arrival.
All foreign nationals require registering within 48 hours upon arrival with local
authorities, but this is done at the reception of every hotel or Bulgarian estate
agent if you are staying at a private apartment, rented through the agency.~
Top of Page 4.
Are their any limitations on how many properties a foreigner national can buy
in Bulgaria? There
are no limitations on how many properties a foreign national can buy in Bulgaria,
which opens the possibilities of buying several of plan properties and then re-sell
them closer to the completion. The prices tend to go up significantly, when the
project is close to completion. Sunny Beach apartments represent such opportunities
at the moment. However,
if you are looking to buy a property in Bulgaria with land, you would have to
register a local company. This rule might change in the near future, as the government
is trying to abolish this procedure to comply with the EU regulations.
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5.
What is the procedure of registering a Bulgarian company when buying a property
with land? It
takes about 14 working days to register a company in Bulgaria if you are buying
a property with land. According to Bulgarian law the share capital should be 5,000
Bulgarian Levs (at least 70% paid of), which after registration is transferred
into a company bank account and it can be used to pay for the property purchase.
There are also registration fees, including solicitors and Government fees. We
can assist with that, please refer to Our Services page for commission rates.
Top of Page 6.
Is it better to buy of plan apartment in Bulgaria? Yes, it is better
to buy of plan in Bulgaria most instances. The prospective buyers do not have
to do a surveying of the property, pay the solicitors fees or register a company.
The quality and standards of construction have improved in recent years significantly
and meet European standards. Also, buying of plan offer more opportunities for
capital growth, as the prices tend to go up closer to the time of completion of
the projects.
Top of Page 7.
How long does it normally take to complete the purchase of the property in Bulgaria? The
purchase of property in Bulgaria depends if you are buying off plan or resale
property. The title deeds could be transferred in one day after the complex of
newly built apartments is completed and the full payment is made. However it is
important to make an appointment in advance, as the Notary Public could be fully
booked. We can assist with that. The customers need to be in Bulgaria to complete
the sale, as it is required by law. However it is possible to complete the sale
through a solicitor, if the client issues him with a Power of Attorney. It
could take longer to finalise the sale of a re-sale property in Bulgaria as it
might take time to locate the sellers.
Top of Page 8.
What happens if one of the parties pulls out of the sales contract at any stage? Unlike
in UK, the rights of the sellers and the buyer are protected by Bulgarian law
if the preliminary contract is signed. The buyer would lose a deposit paid after
signing a preliminary contract, the seller would have to pay the deposit back
and some penalties for breaching the contract.
Top of Page 9. Are there
any limitations on renting the properties and repatriating the rental income from
Bulgaria? There
are no limitations whatsoever to repatriate income from renting a property in
Bulgaria.
Top of Page 10.
What is the time difference with UK? It
is two hours ahead of British Standard time.
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