GENERAL INFORMATION AND RESTRICTIONS
Bulgarian law allows foreign persons to buy property in the country but with some limitations. All foreign natural or legal persons can buy apartments in Bulgaria on their own names, provided that the apartments don't come with ideal parts of the land on which the apartments were built. Most of the apartments for sale in Bulgaria are sold without land, so we may say that in most of the cases you are able to buy an apartment without any limitations, no matter which country you come from.
When buying a house with a garden or a plot of land you must know that land cannot be sold to foreign persons and can only be bought by registering a Bulgarian company on the name of this company.
Important notice: Exceptions to this rule are applicable to EU physical and legal persons. They are allowed to buy houses with gardens and regulated plots of land in Bulgaria on their own names. This applies to all plots that are within the zoning of the settlements, apartments coming with ideal parts of the land, offices and other commercial properties. The same regulation applies for citizens of countries from the European Economic Area (EEA).
For all other foreign persons who are not citizens of EU or EEA countries, including the UK after Brexit on 1.01.2021, the overall restriction to buy land in Bulgaria is still valid, which means that they need to register a Bulgarian company.
Read more about buying agricultural land in Bulgaria
STEP-BY-STEP BUYING PROCEDURE
▪ To begin with, browse through our website and find the property/properties which you like. After that contact the estate agent responsible for the listings and they will advise you on any issue related to buying a property in Bulgaria and will tell you what you want to know about Bulgaria. All this will help you navigate through the great number of offers on the site.
▪ Then choose the date of your viewing trip to Bulgaria so that you can see the properties you chose. We are always ready to help you organize your trip to Bulgaria.
For your convenience and due to travel restrictions during the COVID-19 pandemic, we are able to organise virtual viewings online over Skype or other video chatting services. Contact the agent and request this service.
▪ In Bulgaria you will be met by one of our colleagues who will show you around the properties you wish to view, will answer all your questions and will help you choose.
After you have made your choice the purchase process starts. It consists of the following steps:
1. The chosen property needs to be reserved and taken off the market. After the unit is selected as a rule the buyer has to pay a deposit to the amount of 2,000 EUR. Only after that will the property be marked as reserved on the site and will be no longer available for sale.
2. After paying the deposit a preliminary agreement with the owner is signed within 30 days. The agreement settles the basic conditions which will later be copied to the Notary Deed. The conditions include a description of the property, the price, conditions and terms of payment, and for off-plan properties the term for finishing the property.
3. Drawing up of the Notary Deed (Title Deed) which is considered the legal document certifying the ownership of the property. It is drawn up by the local notary public in the presence of the buyer and the seller.
4. The notary public certifies the deed and registers it with the Registry Agency and from that moment the ownership is transferred to the buyer.
5. Only for legal persons: a week after receiving the Notary Deed the lawyers of BULGARIAN PROPERTIES enter the legal person - buyer of the property - in the system of the Bulgarian National Statistics Institute. The property owner (legal person) will then receive a card with a unique number (EIK number) under which all issues related to the property will be accounted. The registration of the property in the tax office is automatic when the ownership is transferred.
PROPERTY TAXES AND OTHER EXPENSES
After buying a property in Bulgaria as an owner you must start paying annual property taxes. There are usually two property taxes to be paid: property tax and garbage collection, which are paid at the local municipality.
You will also have to pay their monthly utility bills.
If you bought a property in a gated development, you will also probably have to pay fees for security, maintenance, management, etc. called maintenance fee. It is paid annually in most of the vacation complexes and monthly in the cities.
FAQs
All foreign individuals, whether natural or legal, are permitted to buy houses in Bulgaria under their own names. You should be aware that land cannot be sold to foreigners and may only be purchased by creating a Bulgarian company when purchasing a home with a garden or a block of land.
Can a foreigner buy real estate 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.
Can Americans own real estate in Bulgaria? ›
The most important thing to consider is that as a foreigner you cannot buy land in Bulgaria, but you can acquire a house with a plot if you are an EU or EEA citizen. If you are not citizens of these countries, you can access the golden visa scheme that has certain advantages.
Can foreigners get mortgage in Bulgaria? ›
Mortgage loans for foreign citizens in Bulgaria are available in EUR only. Typically, the maximum amount which the banks allow is up to EUR 250000 and the term of the loan cannot exceed 25 years.
What are the pitfalls of buying property in Bulgaria? ›
The most common mistakes made when buying a property in Bulgaria can be summarized as:
- Paying a deposit to reserve a property.
- The seller insists that a lower price is put on the title deed (tax evasion).
- Feeling that you are the weak party when you are the market maker.
Visa to Bulgaria for property owners
The procedure of obtaining a visa for property buyers and owners is much simpler. The real estate owners can get a 3-year visa. At the same time they can stay in the country 180 days a year. There are no strict requirements t flats, houses.
What do you need to buy a property in Bulgaria? ›
signing the pre-sale contract is a usual step in the purchase procedure; drafting the Notary Deed, also known as the Title Deed, a document confirming the property's ownership; having the Title Deed certified by a public notary who will also register it with the Bulgarian Land Register.
Does Bulgaria have a tax treaty with the US? ›
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.
Can a US citizen retire in Bulgaria? ›
To retire and to live in Bulgaria, first, a visa type-D is required. In order to apply for visa type-D, the applicant should be present in the Bulgarian embassy/consulate in his country, with the following documents: Filled-out visa type-D application form. Two identical passport photos.
How long can a US citizen stay in Bulgaria? ›
Entry, Exit and Visa Requirements
Your U.S. passport must be valid for at least three (3) months from the expected date of departure from Bulgaria. 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.
Yes, a non-resident can open a bank account in Bulgaria. However, you will need to provide your passport, residence permit, proof of address, and other necessary documents to open a bank account. Additionally, you may be required to provide proof of your financial standing, such as income and financial assets.
Where is the best place to buy property in Bulgaria? ›
Varna, St Vlas, Sunny Beach, Lozenets and Burgas are the hotspots, and whilst you can get a small apartment from around £17,000, there are more expensive areas such as the Belle Époque Ambelits Beach in Lozenets where luxury apartments cost €55,000.
What is the property law in Bulgaria? ›
Bulgarian law allows for limited ownership rights over real estate, such as the usufruct right and the right to build. The latter allows the owner of a piece of land to grant to a third party right to construct a building on the land, in which case the third party becomes the owner of the constructed building.
What is the average price of a house in Bulgaria? ›
A three-bedroom house tends to be the most popular type of dwelling when it comes to properties available for sale in Bulgaria. The average price of such homes comes to approximately 32,000 euros, and it works out at about 7,000 euro more for an extra bedroom. Meanwhile, the 2-bedroom property costs about 25,000 euros.
What is the annual property tax 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. for rural property and about GBP100 per year for apartments in city centers.
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.
Can I get residency in Bulgaria if I buy a house? ›
The purchase of real estate, worth at least BGN 600,000 (EUR 307,000), is another way to gain permanent residency status, according to the new law.
Is Bulgaria a good place to invest in real estate? ›
Is Bulgaria a good place to buy a property? Yes. Real estate in Bulgaria is a liquid asset: the price of residential real estate increases by an average of 1,9% quarterly.
Is it a good investment to buy property in Bulgaria? ›
The capital city, Sofia, and some of the other big cities, such as Varna, Plovdiv, Ruse, and Burgas, are among the other preferred investment locations. The annual return on investment varies between 3% and 6% on average, but it strongly depends on the type of property, the exact location, and other factors.
Is Bulgaria a good place to buy a property? ›
Bulgaria also offers fantastic value for money, with a low cost of living and affordable property prices. If you're dreaming of a move to Bulgaria, we're here to help. Read on for our essential guide on how to buy property in Bulgaria as a foreigner, including average house prices, legal info and much more.
GENERAL INFORMATION AND RESTRICTIONS