What is the law on foreigners owning a property?
Under the Bulgarian act on Foreign Ownership, foreigners are not allowed to own land but may own buildings. Foreigners however can take ownership of land by setting up a Bulgarian company to hold the property for them. This is a simple and inexpensive process which is normally undertaken by your lawyer. This is expected to change in January 2014.
Bulgaria Purchase Process
Once you have found your property it is normal to give your best offer on the asking price. Once a price is agreed the process is as follows:
- Reservation agreement is signed by you and a reservation deposit is paid (Typically â‚¬2000).
- Lawyers are instructed who will check the deeds of the property and any taxes due
- Once satisfied lawyer will set up a Power of Attorney so that they can sign your deeds and carry out the exchange.
- The final balance is made to the lawyers client monies account
- On the day of exchange the lawyer will transfer the balance to the seller and receive your deeds.
Thats it..you are then the new owner of a property in bulgaria.