Buying property in Bulgaria as a foreigner – purchase of property by foreign individuals and legal entities. What is the procedure for purchasing real estate? What properties are foreigners entitled to acquire in Bulgaria?
What Real Estate are Foreigners Entitled to Acquire in Bulgaria?
If you are a foreigner or a foreign legal entity, according to the Property Law in Bulgaria, you have the right to acquire:
1. ownership rights to buildings and limited rem rights to real estate in the country. What are limited property rights? – right of use, right of construction, etc.
2. right of ownership of land – Citizens of the member states of the European Union, or of the member states of the Agreement on the European Economic Area, may acquire the right of ownership of land subject to compliance with the requirements established by law, in accordance with the conditions of the Treaty on the Accession of the Republic of Bulgaria to the European Union.
According to the Law on the Ownership and Use of Agricultural Lands, foreigners or foreign legal entities may acquire the right of ownership of agricultural land under the terms of an international treaty ratified in accordance with Art. 22, para. 2 of the Constitution of the Republic of Bulgaria, promulgated and entered into force, and foreigners – also in case of inheritance by law.
According to the Law on the Ownership and Use of Agricultural Lands, citizens of the member states of the European Union – self-employed farmers who wish to settle and permanently reside in the Republic of Bulgaria and are registered in this capacity in accordance with the BULSTAT Registry Law , can acquire the right of ownership of agricultural and forest properties for agricultural use from the day of entry into force of the Treaty on the Accession of the Republic of Bulgaria to the European Union.
According to the Law on the Ownership and Use of Agricultural Lands, natural or legal persons who have resided or been established in the Republic of Bulgaria for more than 5 years may acquire the right of ownership of agricultural lands.
3. limited property rights on agricultural land under the conditions and procedure defined in the Law on the Ownership and Use of Agricultural Lands.
Before buying property in Bulgaria as a foreigner, the buyer should visit the property in person or should authorize a trusted person to do this for him. If you do not have the opportunity to visit the property in person, you can contact your friend in Bulgaria, who will send you real photos or a video of the inspection, so that you can build a real idea of the property you are interested in. Do not just rely on the photos you see in the real estate agency ad, because in most cases they show only the positive aspects of the property.
Procedure for Buying Agricultural Land from a Foreigner in Bulgaria
According to the Law on the Ownership and Use of Agricultural Lands, when concluding the transaction for the acquisition of the right of ownership of agricultural land, the purchasers – natural persons, present to the notary a declaration on the origin of the funds, and legal entities – a document proving the origin of the funds.
Buying Property in Bulgaria as a Foreigner – necessary documents
In order to purchase real estate in Bulgaria, you must obtain the following documents:
1. Document certifying the seller’s ownership right;
2. Sketch, diagram or certificate of location of the property;
3. Tax assessment;
4. Certificate of no encumbrances on the property;
5. Document certifying the legality of a given building (Act 16);
6. Set of documents according to the model provided by a notary;
7. Latest receipts for paid electricity, water, heating and others.
Obligation of the Owner after the Purchase of Real Estate
1. Within two months of the acquisition of the property, you must go to the relevant tax office at the location of the property and declare the right of ownership
2. To change the registration of the electricity and water lots in your name
3. To pay an annual fee for the property – real estate tax and household waste fee
If you need:
– a comprehensive analysis of real estate before the purchase;
– to establish the owners of the property;
– to prepare a preliminary contract for the buying property from in Bulgaria as a foreigner;
– to prepare a final contract;
– to draw up a notary deed;
– for representation before the relevant state and municipal offices;
contact lawyer Slavyana Ilieva on phone +359 895 071 410 or through the contact form on the website and make an appointment for a consultation.