Recent real estate developments in Bulgaria, show a rising real estate market ahead of the country's expected EU entry in 2007.
Since 2003, real estate prices in Bulgaria have risen 30% across the board.
Sofia is expected to match its peer European capitals by 2007 on a price/sqm basis.
Sofia's geographic location within Bulgaria is such that is favored by investors, as it is located on a motorway - the motorway from Belgrade to Istanbul.
Bulgaria is only an hour's flight away from some of the best holiday destinations in the world like Croatia, Greece and Turkey.
The conditions for investment in the real estates sphere in Bulgaria have never been better. Bulgaria is a country of unlimited possibilities and you must take fast decisions, because now is the time to be first. Bulgaria is the newest hot destination for the real estate market in Europe. Its nature is beautiful and various. The Bulgarian people are hospitable and friendly, there are many opportunities for investment.
IS IT SAFE TO INVEST IN BULGARIA?
Political and economic data:
Territory – 110,994 sq km
Population – 7.85 million
GDP, 2003 – $ 19.9 billion
Political system: parliamentary republic Stable political environment & low country risk - NATO member since May 2004; EU entry expected in 2007
Consistent record of macroeconomic stability - 2003 real GDP growth of 4.3% - 2003 year-end inflation of 2.3%
Strategic geographic position as a bridge between Europe and Asia
Highly educated and skilled work force - 2nd in international IQ tests (MENSA International) - significant percentage of English speakers
Europe's most competitive wage levels - monthly average gross salary of ˆ 149
Free movement of capital
No restrictions on after-tax repatriation of profits
Free trade opportunities within a market of over 550 million consumers - EU, EFTA and CEFTA countries, Macedonia, Turkey, Estonia, Lithuania, Latvia and Israel
Lower operational costs for water supply and construction works compared to other CEE countries
Major investment incentives:
Corporate tax rate – 19.5% (down to 15% in 2005) and 0% in areas of high unemployment VAT exemption for imports for investment projects over ˆ 5 million Annual depreciation rate of 30% for machinery & equipment & 50% for software and hardware Substantial asset discount prior to the EU membership compared to the rest of Europe Opportunity to buy land through a company registered in Bulgaria with up to 100% foreign ownership Institutional support for priority investment projects Adoption of International Accounting Standards 51 treaties for avoidance of double taxation 55 agreements on mutual protection and promotion of foreign investment
MORE INFORMATION REGARDING WHY TO INVEST IN BULGARIA...
Our legal experts have rich long-year experience, profound knowledge and capability which allow them to be maximum helpful to you in your initiatives.
Our fees for professional legal assistance and advice are based on how much time a certain activity takes and how complicated is the posed problem, and respectively a legal advisor with what qualification takes up its solving. Taking in mind the above mentioned, we present to your attention a sample of some of the fees for the most frequent legal services connected with purchasing a property in the country by foreigners.
For the registration of a company:
Ltd. - 450 euro;
JSC - 800 euro;
Associate companies with non-profit activity - 450 euro;
Preparation of the necessary documents about changes in an already registered company in the Commercial register in the respective court - 100 euro;
50 euro - per hour for preparing and submitting claims, requests, warrants, powers of attorney, and the like, demanded in the administrative or court procedures;
75 euro - per hour for written opinions, consultations, proposals, participation in negotiations, signing agreements, preliminary contracts, and the like, and in case the legal advisor in his capacity of a attorney, participates personally in the meetings;
The procedure of purchasing the property is the following:
Finding a property and understanding whether it is for sale, with or without the land. If the land is also to be purchased, a Ltd. should be registered.
Negotiating a final purchasing price with the owners.
After having specified the parameters, signing a preliminary contract.
Carrying out the usual checks by a lawyer - title deeds, construction permissions, certificate of the lack of property burdens (mortgages and injunctions), plans and the like according to the case.
Certifying the deal before a notary for the transfer of the ownership rights to you or your company
