What is the law on foreigners owning a property?
Since 1 January 2012 all EU and EEA (European Economic Area) citizens are allowed to buy land in Bulgaria. This applies to houses with gardens, all plots that are within the zoning of the settlements, apartments coming with shares of the land, offices and other commercial properties.
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:
- Buyer Identification – Verify your identity
- Reservation agreement is signed by you and a reservation deposit is paid (Typically €2000 -10%).
- 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.
- Caadastral scheme and tax evaluation certificate is requested for the property. Checks are made into any owing taxes or encumbrances.
- Once ready an appointment is made at the local notary.
- The final balance is paid to the lawyers client monies account or to the notary account direct
- On the day of exchange the lawyer will transfer the balance to the seller, sign your deeds and conclude the deal.
Thats it..you are then the new owner of a property in bulgaria.
