Buy Land in Bulgaria - Support for Foreign Citizens and Investors (2024)

FAQs

Can US citizens buy land in Bulgaria? ›

Bulgarian law allows foreigners to own property in the country, but, however, there are some restrictions. A foreigner can buy a property in their own name, provided that the property doesn't come with the land it is built on. In most cases, apartments in Bulgaria are sold without land.

Bulgaria has proved to be a preferred destination for many international buyers. It offers the best property prices in Europe and a variety to choose from - beach and ski resorts, vibrant cities and beautiful countryside for holiday or relocation.

The agreement was signed at the beginning of 2007 and contains provisions about the avoidance of double taxation with respect to the income tax and prevention of fiscal evasion. The Bulgaria-USA double taxation agreement only applies to individuals residents of the contracting states.

US, Canadian, and UK citizens may apply for a Bulgarian retirement visa for several reasons. Bulgaria offers a relatively low cost of living compared to many Western countries, which can be particularly appealing to retirees who are looking to stretch their retirement savings.

Americans traveling to Bulgaria don't need to apply for a visa if they're staying for fewer than 90 days. However, if you're planning to move, you'll need a residency permit and a Type D visa. To be considered for a residency permit, you need to apply for a Type D visa first.

If you are looking for permanent residence, the best choice are the big cities. Such as the capital of Sofia, Burgas, Varna, Plovdiv where life is in full swing throughout the whole year. If you prefer quiet living, you can buy a home in small towns like Nessebar, Pomorie, Sozopol or Aheloy.

Exchange Traded Funds (ETF)

ETF is one of the most preferred options by our clients. And this trend is expected to strengthen in 2022. One of the reasons for this: a candidate for Bulgarian citizenship by investment, who has bought ETFs in March 2021, would now be pocketing a profit of more than 100,000 EUR.

Entry, Exit and Visa Requirements

U.S. citizens traveling on regular tourist passports cannot stay more than a total of 90 days in Bulgaria within a 6 month-period without a Bulgarian visa. This law is strictly enforced.

Do you pay property tax in Bulgaria? ›

Last but not least, do not forget that after you become an owner of your dream home in Bulgaria, you are obliged to pay annual property tax to local council (municipal authorities). The tax rate is different in different regions of the country, very cheap in rural districts and a bit higher in bigger cities.

June 22 (SeeNews) - The average price of agricultural land transactions in Bulgaria increased by 14.4% year-on-year in 2021, reaching 1,192 levs ($641/610 euro) per decare, with higher prices in all six regions, the country's statistical office said on Wednesday.

Significant human rights issues included credible reports of: violent treatment by police, including abuse of freedom of assembly; arbitrary arrests; serious problems with judicial independence; serious restrictions on free expression, including violence and threats of violence against journalists, and corporate and ...

A minimum investment of BGN 1 million (about $558,000) is required to secure permanent residence in Bulgaria.

All property owners in Bulgaria pay an annual property tax. The current annual tax rate for a house is 0.15% of the tax evaluation ( the value of the property as estimated by the state body) of the property.

Non-resident individuals are taxed only on their income from sources in Bulgaria. The tax rate is 10%. Dividends and liquidation quotas paid to resident or non-resident individuals are subject to 5% tax.

The import tax charged on a shipment will be 20% on the full value of your items.

Do I still need to file a U.S. tax return? Yes, if you are a U.S. citizen or a resident alien living outside the United States, your worldwide income is subject to U.S. income tax, regardless of where you live.

As a non-resident, can I open a bank account in Bulgaria? Yes, all you need is your passport and your address which will be used upon registration. You can open a bank account in Bulgaria as a non-resident quite easily.

Dual citizenship is not tolerated in Bulgaria and for that reason, the applicant to Bulgaria citizenship has to provide evidence that he/she has either been released from foreign citizenship or is currently undergoing such procedure.

Can a US citizen have dual citizenship with Bulgaria? ›

Dual citizenship (also known as dual nationality) is permitted in Bulgaria only for native-born citizens. This means that naturalized citizens are required to give up all other nationalities.

A state-issued U.S. driver's license is valid in Bulgaria only when carried and presented in conjunction with an International Driving Permit. This requirement is strictly enforced.

A number of foreign languages are spoken in Bulgaria. Russian is the most commonly spoken foreign language in the country. 35% of the country's population claim to possess a workable knowledge of this language. English is the second most common foreign language in Bulgaria.

A family of four estimated monthly costs are 2,035.4$ (3,717.1лв) without rent. A single person estimated monthly costs are 580.9$ (1,060.8лв) without rent. Cost of living in Bulgaria is, on average, 45.5% lower than in United States. Rent in Bulgaria is, on average, 79.4% lower than in United States.

The average home in Bulgaria has an area of 79.7 sq. m., the data also show. People living in the cities have slightly larger homes than the people living in the villages, National Statistical Institute data reads.

Reasons why in Bulgaria cheap property, a few: The consequences of the 2008 crisis and the sharp drop in demand, causing prices have fallen by 40%. Lower purchasing power of the population compared to an average level. The socialist heritage of the country.

Bulgaria is affordable for everyone. So you can have a comfortable retirement at a low price and have one of the best experiences of your life. Rich history and culture.

Foreign entrepreneurs who were able to make a minimum investment in Bulgaria can obtain permanent residence permits and, in time, acquire citizenship. There are several manners in which this option is possible and the key is the type of investment, in real estate or otherwise, the entrepreneur is willing to make.

Bulgaria's geo-strategic location as an entry point into Europe and persistent problems with the rule of law make the country a significant source of money laundering. This is exacerbated by the large, cash-based gray economy and high levels of corruption.

Bulgaria aims to gain capital and grow its population; most foreigners in Bulgaria can easily obtain permanent residency and even citizenship without going through any rigid and complicated procedure.

How many months can a U.S. citizen stay out of the country? ›

Absences of more than 365 consecutive days

You must apply for a re-entry permit (Form I-131) before you leave the United States, or your permanent residence status will be considered abandoned. A re-entry permit enables you to be abroad for up to two years. Apply for a re-entry permit.

You can travel to Bulgaria for up to 90 days in any 180-day period without a visa. This applies if you travel as a tourist, to visit for family or friends, to attend business meetings, cultural or sports events, or for short-term studies or training.

Turks and Caicos is one place where you will owe no property taxes. And there are no restrictions on foreigners purchasing real estate. This Caribbean archipelago is a British Overseas Territory which also levies no income or capital gains tax.

The transfer of Bulgarian real estate is subject to a transfer tax @2% plus a State Entry fee of 0.1% of the purchase price (Notary Deed price).

The real estate market in Bulgaria looks fantastic this year! There are plenty of inquiries, viewings, and volume of deals being made at a level similar to last year, but with significantly increased prices. This provides excellent opportunities for those looking to sell their property!

In order to apply for a permanent residence permit in 2022, a foreign citizen must first obtain a Bulgarian extended residence permit. Bulgaria also has an Investment Promotion Act through which foreign investors may apply for a residence permit.

The National Statistical Institute pointed to the low birth rate, high mortality rate and migration as key factors in Bulgaria's demographic decline.

Bulgarian organised crime groups are involved in a wide range of activities, including drug trafficking, cigarette smuggling, human trafficking, prostitution, illicit antiquities trafficking, extortion (often under the cover of ostensible security and insurance companies) and the arms trade.

What is the main source of income in Bulgaria? ›

This statistic shows the share of economic sectors in the gross domestic product (GDP) in Bulgaria from 2011 to 2021. In 2021, the share of agriculture in Bulgaria's gross domestic product was 4.37 percent, industry contributed approximately 20.85 percent and the services sector contributed about 62.27 percent.

After The Application For Extended Residence Permit

This type of card is issued for a maximum period of up to 1 year and must be renewed every subsequent year. After 5 years, if the residence has continued without interruptions beyond the permitted period, the foreigner can apply for a permanent residence permit.

Bulgaria has proved to be a preferred destination for many international buyers. It offers the best property prices in Europe and a variety to choose from - beach and ski resorts, vibrant cities and beautiful countryside for holiday or relocation.

Bulgarian Government has moved to scrap its citizenship by investment program(CBI) granting golden passports to international investors amidst EU pressure to ban golden passports and to further pursue its schengen and US visa waiver ambitions.

sign a pre-sale agreement and make an advance payment to secure the transaction; complete the transaction by transferring the remaining amount of money to the account of the seller; register the property with the Bulgarian Land Register and obtain the title deed.

Bulgaria recorded the highest annual growth in housing prices among EU countries in Southeast Europe (SEE) in the third quarter of 2022, of 15.6%, followed closely by Slovenia with 15.4%, Eurostat said on Tuesday.

Payments can be made in cash at the local tax department for your respective municipality, by bank transfer, at a virtual POS terminal, as well as at any of the Easy Pay offices. According to Bulgarian law, local taxes such as property tax, vehicle tax, and bin collection fee can be paid in two installments.

the applicant must be at least 18 at the time of the application, he or she must apply for a residence permit for Bulgaria, the applicant must make proof of the funds to invest in the chosen field, pass the medical examination and due diligence process.

Dual citizenship (also known as dual nationality) is permitted in Bulgaria only for native-born citizens. This means that naturalized citizens are required to give up all other nationalities.

For those who prefer beach holidays, we recommend buying an apartment in Sunny Beach, Pomorie, Sozopol, Chernomorets, or St. Vlas in the south of Black Sea, as well as in Golden Sands and Albena in the north.

What is the property tax in Bulgaria? ›

Foreign investors can obtain permanent residency in Bulgaria in exchange for an economic investment. After a period of five years as permanent residents, visa holders become eligible to pursue Bulgarian citizenship.

Make Your Investment. If you're eligible for Bulgaria's citizenship by investment program, you can then begin the process of CBI by making your investment. In Bulgaria, your only option is to invest €512,000 – or 1 million Bulgarian Lev, which is pegged to the Euro – in a government bond.

A family of four estimated monthly costs are 2,035.4$ (3,717.1лв) without rent. A single person estimated monthly costs are 580.9$ (1,060.8лв) without rent. Cost of living in Bulgaria is, on average, 45.5% lower than in United States. Rent in Bulgaria is, on average, 79.4% lower than in United States.