“THE MOUNTAIN PARADISE” in BANSKO (BULGARIA)
WHO CAN BUY?
After finding the most appropriate property you have to determine whether the sale is with land or not because according to the Bulgarian Constitution and legislation the foreigners as persons can acquire only buildings but not land. Only Bulgarian citizens and legal persons (including such with foreign owner) can obtain the ownership of Bulgarian land.
As far as houses, villas, flats and limited ownership rights (the right of use, the right to build a house, etc.) are concerned, you can directly purchase them as a person.
To buy a real estate property together with the land on the territory of Bulgaria you have to settle up a commercial company. Setting up a company in Bulgaria is easy and takes about a week.
Of course, there are other ways to do it, like:
* Establishing a joint venture with existing local companies
* Setting up a new venture
* Acquiring a company through privatization
* Making a portfolio investment
Foreign organizations have the right to open bank accounts denominated in a Bulgarian or foreign currency. There is also no limit to the company stake they possess. Moreover, there is a special regime of respect towards the foreign investors on the part of the Bulgarian legislative system, which is a gesture of tolerance to those, who are interested in Bulgaria and are willing to benefit from its future.
There are mortgages available in Bulgarian and Foreign banks for buying Bulgarian property, but interest rates are rather high –about 7%-14 % per year.
We would always advise that you use a lawyer to complete your purchase and we can provide the names of lawyer recomended from the British Chambre of Commerce: Manev &Partners, Mr.Kostadin Manev, tel+359 2 9813713,gsm +359 888 935 847, e-mal:firstname.lastname@example.org
He will prepare a Contract that will detail your property, type, etc together with the price agreed, payment method and any extras or alterations you may require. This Contract Agreement is binding in Bulgarian Law and will be in both English and Bulgarian.
After receiving an initial contract of sale (similar to “Sold subject to contract” in the UK), do the standard checks on the property using a reputable Bulgarian solicitor and sign the Notary Act (contract of purchase) in front of a Bulgarian Notary.
Please note that the final Notary Act is not signed until the building is completed in the case off plan developments.