There has never been a better opportunity to invest in Bulgaria, with recent times having seen record property sales registered. Property selling prices in Bulgaria's Black Sea and Mountain Ski Resorts have increased by up to 20% in the previous 12 months. Forecasters expect prices will continue to increase for a number of years especially now that Bulgaria’s accession into the E.U has been granted since Jan 2007. Property owed for more than 5 years is exempt from Capital Gains Tax.
Bulgaria’s tourism sector is well established and has recently become one of the fastest growing tourist destinations in Europe. The number of tourists visiting Bulgaria is expected to reach 4.4m in 2005 and as tourism continues to grow exponentially, rental opportunities for the right property are high.
Yes, foreign nationals are free to own as much property in Bulgaria as they wish, without restrictions. However, if you purchase land, you are currently required to incorporate a business in Bulgaria and own the land as an asset of the company. C & N specialize in this aspect and accompany clients on each stage of this process.
Bulgaria’s socialist party has taken drastic and speedy measures to qualify its infrastructures for accession to the European Union in 2007.
Today GDP stands at an encouraging 5.5 per cent and the international community now views Bulgaria in a very favourable economic light. Efforts to reduce inflation have succeeded (currently around 0 per cent) and privatisation plans are being driven forward at a great pace. The World Bank director for Bulgaria & Romania has claimed Bulgaria as “a good place for investment”, highlighting the fact that in just 3 years, the country has risen from being the World Bank’s lowest rated country in this Eastern region, to being the highest.
Today, foreign investors are focusing their attention on some of the very exciting real estate prices still on offer in Bulgaria as investments in the right locations are fetching high capital returns. An enormous increase in tourism has helped create a healthy economy in Bulgaria and prompted many foreigners to invest here. Early investments will prosper as following EU membership in 2007, prices are predicted to soar.
Budget airlines have been running peak season flights to the Black Sea hubs of Burgas and Varna for a few years already and British Airways has just joint them and begun direct flights to Varna.
Flights arrive at one of four international airports: Sofia (SOF), the largest of the airports, Varna (VAR), Ploudiv (PDV) for charter flights to the ski resort of Pomparovo, and Burgas (BOJ) for domestic flights and for summer charter flights to the Black Sea resorts
Obviously you will need your passport, but also some Euros if you want to place a deposit immediately. (You can bring up to 4000 Euros each into Bulgaria without declaring it.). We would suggest you bring appropriate clothing depending on the time of year.
You will need to pay a deposit (normally ˆ2000 ) which is non refundable. This ensures that the property is removed from the market and not sold to anyone else.
Contact us by phone or in person at our offices to inquire more about the property.
Arrange inspection trip.
Be greeted over there, travel to hotel accommodation, view property in the days following. Have a free day to relax and enjoy the trip.
Decide on your new property investment, negotiate price and terms
Make a preliminary contract and pay reservation deposit of ˆ2000.
Legal checks on title deeds of contract etc. A C & N approved lawyer will manage this paperwork for you
Title deed (an act in front of a notary), transfer funds and the exchange title deeds
Take ownership of the property
Guaranteed Rental Income.
Developments with guaranteed rental scheme are normally available.
These schemes are applicable to both the mountain and coastal resorts.
The guaranteed rental can come from the developer or a management rental company. The rental income amount is normally based on the net purchase price.
As with most complexes there is a maintenance fee to be paid. It usually works out around ˆ50 per month and this includes the cleaning and the general upkeep of your apartment.
There is no easy answer to this question.
Some investors prefer the skiing regions of Bansko, Borovets, and Pamporovo as they provide a reliable and “upmarket” clientele.
Other investors prefer the popular and expanding regions of the Black Sea Coast i.e. Sarafovo, Sunny Beach and Golden Sands.
Another option to consider is Sofia, where you can acquire a new apartment for a very modest amount considering that you are purchasing in a European capital city
It is also possible. of course, to spread the investment by purchasing in each of these regions.
It's not possible to compare living costs in Bulgaria and Western Europe. Living costs in Bulgaria are extremely low! For example the food is generally twice cheaper than UK. House insurance: around 100-200 ˆ EURO per year depending on the type of house, together with the belongings and furniture inside. For a property of price 30,000 ˆ EURO insurance against theft, flood and fire costs about 125 ˆ EURO per year with a decent insurance company. Gas: the gas system network is not developed in Bulgaria yet. People here mostly use electricity to cook. For heating: there are central heating systems in the big cities: monthly costs for a 2-bedroom apartment around 120 ˆ EURO. In the small places people use charcoal and wood, which is even cheaper way to heat a house. For electricity, when used for cooking, light or hot water one pays about 30 ˆ EURO per month. Local and national taxes for owning a property: depending on the place where the property is located, the most expensive area is the capital Sofia, where the annual taxes of 2 bedroom apartment are around 150 ˆ EURO per year, but the rest of the country is around 80 ˆ EURO per year.
Driving a car in Bulgaria: There are few annual fees that must be paid every year to drive a car in our country:
Driver responsibility insurance: 35 ˆ EURO per year
Road tax (depending on the engine power): around 55 ˆ EURO per year for a car of 2000 cc sm. engine.
MOT: 12 ˆ EURO per year
Fuel prices: petrol: 0.85 ˆ EURO/L, diesel: 0.80 ˆ EURO/L, LPG: only 0.50 euro/l. Most of the cars in Bulgaria are equipped with LPG systems, so cars are mostly fueled with the non-pollutant and very cheap propane gas. There are many petrol stations everywhere, many garages to service the cars (very cheap though). The insurance for a brand new car is around 800-1500 ˆ EURO per year, depending on the price of the car.
When looking to buy a property in Spain, firstly choose a reputable agent such as C & N Foreign Investments Newry, Co.Down. C & N will help you search to buy a property in Spain by helping to shortlist suitable properties based upon your chosen criteria.
Secondly, arrange a visit to look at property in Spain. If you see something that you like and decide to purchase, you will need to pay a reservation deposit. This places the property OFF the market and FIXES the price. This is crucial in the rising Spanish property market.
We always advise you to seek the help of an English speaking lawyer in Spain. The lawyer will guide you through the process in two ways. Firstly, before signing contracts for your Spanish property, the lawyer will ensure that the property you intend to buy is free of any debt and that the property (or land on which the property will be built) is legally owned by the vendor. Secondly, the lawyer will check that you purchase the actual property that was described in your contract. This removes any doubt or confusion at the time of completion.
During the buying process, you will be advised by your lawyer and C & N to send funds to pay for the purchase of your property in Spain. With off-plan purchases, the payments may be spread over many months.
When you buy a property in Spain, we advise you to send your funds through to the lawyer?s client account. By doing this, you are giving an element of control to the lawyer, but also allowing him/her to thoroughly check all the paperwork before handing over any of your hard-earned cash to a developer or vendor. Only when you and the lawyer are entirely happy to proceed with the purchase of your Spanish property, will the funds be transferred.
When you buy off-plan property in Spain, your lawyer will need to check that the developer has bank guarantees in place. Although this is now a legal requirement in Spain, you still need to check. Effectively, the bank guarantee is an insurance policy so that in the event of the developer going bankrupt or disappearing with your funds, you have a legal remedy to recover those funds plus interest.
Yes. Some buyers insist on trying to manage their own conveyancing. This can be difficult enough in your home country, but when buying property in Spain, we really wouldn't advise it.
Some buyers of Spanish property choose to use a firm of lawyers based in their home country. We have found that this can be expensive, especially if that lawyer is simply going to ask for the help of a lawyer in Spain to do the work. In effect, you could end up paying twice for the same service.
We can provide you with a list of local English speaking lawyers in Spain that have helped many clients in the past. They are independent of agents and developers, and you are welcome to use the lawyer of your choice.
Lawyers in Spain operate in a completely different judicial system to the one that you are probably familiar with at home. This doesn?t mean that it is any better or any worse....it's just different.
The lawyers can check all of the paperwork before sending your funds to a developer or vendor, they can negotiate critical elements of a Spanish property purchase and alert you to any problems or matters that need urgent attention.
When you buy a property in Spain, you will need to pay for the purchase in euros. If you are transferring money from a sterling account, it is obviously in your interests to try and obtain the very best conversion rate possible. Many people believe that they can obtain the best rate from their banks, but the most competitive rate often lies elsewhere, for example with a specialist foreign currency provider. C & N can provide you with details and put you in touch with these companies, and the process is thereafter relatively straightforward.
You will need to provide details of how much money you are looking to transfer to Spain for your Spanish property purchase, the details of the destination account, and you will then be given the best rate available and asked to transfer the sterling equivalent to the exchange company. You may even be able to specify a rate that you are looking for, and instruct the exchange company to deal only once that rate is reached. In addition, you can order currency for future payments at a pre-determined rate, thereby safeguarding against any future exchange rate fluctuations.
Buying property off-plan in Spain simply means that you secure your property purchase before it is actually built. There are several advantages to buying Spanish property in this way:
In a rising market like the Murcia property market, it normally means that you pay a cheaper price than somebody who buys a similar property in Murcia on the day of completion.
In popular areas of Spain, there is often a rush to secure the best units on the best developments, so by buying off-plan you can normally secure the properties with the best locations, views etc.
When you choose to buy property off-plan in Spain, you can spread your payments. Rather than having to find all of the purchase price in one instalment, the price of the property can be paid in staged payments during the course of construction.
The property will be brand new when it is completed, ready for you to enjoy.
Yes it is, but you need to tread very carefully. Many people in the past have made large sums (over 100% return within 2 years) by buying Spanish property off-plan and then re-selling prior to completion. This is done by paying a small percentage of the purchase price prior to completion, but benefiting from the rise in the ENTIRE price of the property during construction. Many of the costs of completion are also avoided.
There are no guarantees that you will be able to re-sell your property in Spain prior to completion, so you will need to choose your investment location very carefully. Once you have done this you will need good advice on which unit(s) to purchase (i.e. to be able to re-sell). A number of factors will need to be considered, such as position, orientation, number of bedrooms etc. You should also be looking to invest at the lowest possible price point on a particular development and you should also be looking for the very best payment terms available. These financial factors should provide you with sufficient margin to offer flexibility when it comes to determining the price when you choose to re-sell your property in Spain.
Feel free to turn up, but it?s highly unlikely that you will be able to stay in your property in Spain at that stage. The day of completion is that day on which you legally become the owner of the property by signing the title deeds. However, the water and electricity supply has to be connected, and this can only be requested once you have your title deeds. Therefore, there is very often a short delay before your Spanish property becomes properly habitable. Wait for your lawyer or C & N to give you the go-ahead.
You do not have to appear in person to sign the title deeds for your Spanish property at the Notary?s office. You can arrange for your lawyer to do this on your behalf by arranging a power of attorney from your home country. This is often a blessing in disguise, as completions rarely take place at the exact time appointed.
If you buy a property in Spain that forms part of a community of owners (i.e. if you buy a villa or apartment within a development with communal areas, such as pools, gardens, pathways etc) you will need to pay community fees.
The cost of running and maintaining everything within the community (but outside of your own property) is shared between the owners on a proportionate basis. So if you own a 3 bed penthouse with 200m2, you will pay twice as much as me if I own a property with 100m2.
Charges vary, depending upon expensive items such as security and the number of properties sharing the cost. The community fees for an owner on a development with 30 apartments employing 24 hour security guards are going to be substantially higher than an owner on a development of 250 apartments with no guards and no pools.
Spanish property developers hand over a community to the new owners and then the owners have a meeting to determine the following years budget. Everything is done democratically, a president and vice-president are elected, and everyone has a right to vote on the issues, either in person or by proxy.
Don?t worry too much about this. Often these matters can sound daunting when you are hundreds of miles away. Normally, your lawyer will be able to do all of this on your behalf. Direct debits can be arranged for the utility contracts and insurance for your property in Spain, and bills can be sent to your home address.
We always recommend that you draw up a Spanish will, as this will offer you and your loved ones protection of your Spanish assets in the event of death. Your lawyer should be able to help with this for a reasonable fee.
Your homeland will should cover global assets, but the process will be far faster and less contentious if you also have a will in place for your property in Spain.
It is relatively straightforward to arrange a Spanish mortgage. Currently, mortgage interest rates in Spain are very low, although there are certain costs that should be taken into account when you take out a mortgage in Spain, such as stamp duty and notary fees for the mortgage itself, as this requires a separate deed.
The mortgage market in Spain was relatively unsophisticated until recently. The competition for business has seen the introduction of a number of new Spanish mortgage products such as interest only, fixed term, self-cert etc which are proving very popular with investors. Take a look at the mortgage calculator on this site for illustrations of capital and interest repayment mortgages.
For non-residents looking to buy property in Spain, most lenders in Spain will advance between 70% and 75% of the VALUATION of the property at completion. In a rising market, and by buying off-plan property in Spain, buyers can sometimes effectively secure close to 100% financing at completion due to the rise in value of the property during construction.
If you require a personalised quote, or would like detailed information on Spanish mortgages or equity release in the UK, simply drop us an email, and we will get our mortgage advisor to contact you.
As a rule of thumb, allow for between 10% and 11% of the purchase price of your Spanish property as costs. These are as follows:
IVA - 7% - payable with each staged payment
Stamp Duty - 1% - payable on completion
Notary & Land Registry Fees - 2% - approximate, payable on completion
Legal Fees - 1% - Half payable with first staged payment, and half due on completion
There are additional fees if you require a mortgage in Spain. Please enquire for details.
Clients have made considerable amounts of money by investing wisely in property. The general growth trend in certain areas of the Costa del Sol property market has been between 15% and 25% year on year since 1999, though many experts are predicting that this growth will cool to single digit levels.
C & N chose to establish a presence in a second region of Spain, Murcia was the natural choice. The area is showing the fastest economic growth in Spain, there is massive investment already made in the region?s infrastructure, most of the major low-cost airlines e.g. Ryanair (direct from Dublin) now fly to the local airport of San Javier, a new airport at Corvera is planned for 2007, and Aer Lingus fly direct from Dublin to Alicante airport which is only a 35 minute drive .
Add to that the mix of superb beaches, glorious weather, year-round activities and the cosmopolitan feel, and it?s easy to see why the Murcia area should grow in popularity. Several experts are predicting growth in Murcia property of around 20% year on year, potentially replicating the effect that we have seen in the Costa del Sol during the last decade.
Yes there are many Irish & British people buying property in Turkey . After the amendment in the constitution of Turkey regarding the selling of property to foreigners in February 2002, the number of Irish & British people buying property in Turkey has increased dramatically. The main reason for this is because the property prices in Turkey are substantially cheaper than that of the UK & Ireland; moreover the climate, friendly people and the lovely culture are some of the many attractive reasons for buying now in Turkey.
If you purchase through C & N Foreign Investments, we can manage the sale for you. Once the contract has been agreed and signed you would only need to come over to Turkey once.
Potentially, purchasing a property in Turkey is a great investment opportunity because prices are much cheaper than those in Europe. Since 2002 the average property price has increased already. Turkey is expected to enter the EU in the next few years, after this happens, we anticipate that the prices will increase even further.
The price of the property depends on many different factors such as location or the type of building. Currently prices start from around ₤30.000 up to ₤100.000+. As for the quality of the property, this is dependant on the individual builder and the property. There are government controlled regulations that builders are obliged to build to and progress of the building is regularly checked by government surveyors, much as in the UK. At C & N, we will point out all these factors to you and assist you in making the right choice of property for your needs.
No, this does not give you immediate citizenship or rights to citizenship. A residency visa will be required upon entry to Turkey. A three month residency visa is available at the entry airport, or for longer periods of time a one to five year residency permit can be applied for from the Turkish Consulate in London prior to entry. Once in Turkey, you will have to apply to the Aydin Police Headquarters for your residency permit to be ratified.
The biggest advantage is of course price. The prices of the properties in Turkey are much cheaper than the prices of the rest of Europe. Moreover the cost of living in Turkey is extremely low. So your money tends to go much further, combine this with Turkey’s fantastic climate and it’s a winning combination.
In the tourist areas of Turkey the season usually runs from May until October and this is the most popular time to take a holiday. However, it is possible to visit all year round if you wish to do so. In the winter months the climate is much warmer than Europe but it may rain heavily and frequently.
There are no NHS hospitals in Turkey. There are both government and privately owned hospitals. The private hospitals are generally 40% cheaper than their European counterparts, and the medical services are good with one to one patient care. You can also obtain private health insurance in Turkey if you are a permanent resident. Healthcare insurance is available in the UK for extended periods of time whilst you are here on holiday.
C & N have fully trained personnel, both Turkish and English who would guide you through the complete purchasing process anticipating any major problems and dealing with them immediately. We advise our clients that should any difficulties arise which we cannot deal with; they would have the support of their lawyer and the legal contract, which would be drafted with a clause to protect them in any such event.
No, it is not an essential requirement when purchasing a property as everything can be done through the local land registry office, but at C & N, we only sell properties in conjunction with a lawyer to ensure all your legal rights under the guarantee.
A lawyer will represent your interests throughout the entire purchase of your property. A contract is drawn up between the seller and the buyer, which is checked thoroughly by both parties before signing.
Most of the locals are very accepting of foreigners and they are keen to have a foreign neighbour. As it is known in all around the world, Turkish people are very famous for their hospitability and generosity.
There are some taxes that you have to pay in Turkey. The first one is buyer’s property tax. This is 1.5% of the whole price written on the title deed certificate and is payable when the title deed is passed to you. There is a community tax which is now incorporated into your water and electricity bills and property tax which is based on 0.5% of the property value and paid annually.
There is usually an annual charge for the properties located in a complex for maintenance of the pool, and regular property maintenance. This charge would vary from complex to complex. C & N would advise you of any additional charges if you decide to buy a property on a site or complex.
The tap water is drinkable but not recommended due to its high mineral content. It is recommended that you buy bottled water which is available everywhere in varying sizes and is very cheap to buy.
Yes this is very common in Turkey. There are many to choose from, generally you can buy a system that provides channels in English. There are also monthly subscription packages at reasonable prices available from the major Turkish suppler, Digiturk. C & N can advise you and help you choose a system specific to your needs.
Mobile phones work in exactly the same way as in the UK. You can choose “pay as you go” or a monthly subscription. Your British mobile will work perfectly well but for extended periods of time it is advisable to buy a Turkish SIM card. On some sophisticated phones it may be necessary to change the WAP settings in order for your UK mobile phone camera and email to work fully.
Yes, you can open bank accounts in Turkey. Your passport will be required for this transaction. It is very easy to transfer funds from the UK to your Turkish account. Turkish interest rates are much higher than in the UK and you can get a very good return on any investment you make.
Yes you can transport your own furniture to Turkey. There are many international removal companies that can handle this for you. Anything you import will be subject to customs checks and import tax and this can be quite expensive on telecommunications equipment such as TVs and stereo equipment.
If you are planning to permanently reside in Turkey it is possible to bring your pets with you. There are extensive rules and regulations governing this.
On all new properties, a survey is not strictly necessary as there are regulations in place to protect buyers and all the buildings are guaranteed when new. On older resale property, C & N can arrange for an independent surveyor on request.
By contacting C & N Foreign Investments. We can organize your flights, accommodation, airport transfers etc. When you arrive in Turkey we will arrange transportation to your Hotel for you to relax. The following day can be used to view any potential developments while using the evening to discuss it over dinner. The following days can then be used for a second view if required or for you to sample the local cuisine, beaches and the various facilities on offer.
You can also visit our property pages on our website, if you find anything you like there, please contact us and we can make all the necessary arrangements. Either one of our experienced staff members from our office in Newry will accompany you on this trip or one of our staff members will meet you upon arrival. We look after everything down to the very finest detail ensuring your trip is relaxing, enjoyable and stress-free.
The legal system in Latin-based and similar to that in France and Spain .Clients should allow foraround 5 % of the purchase price.
This is made as follows:
Registration fees 2.5 %
Notary’s Tax 0.5 %
Notary’s Fees 1.0 % to max of ˆ 437.50
Land registry 1.0%
Sundry expenses ˆ 350
The system is that the buyer will open a Euro account with a bank in Morocco and will transfer Sterling
or Euros to this account- all properties will be freehold and the VAT on the property purchase is
included in the price.
The maximum mortgage is 70-75 % of the purchase price. The usual maximum period of the loan is
15 years but this is negotiable. But the term cannot extend beyond normal retirement age. Interest
again is negotiable at around 5.5 percent.
Proof of income is required and all loans are STS.
Garbage Collection Tax – There is a 5 years exemption from the garbage collection tax, after this
period tax is charged
at 10% of the property’s annual rental value.
Capital Gains Tax – Capital gains tax is charged at 20% of profit with a minimum of 3% of the sales
price if the property is sold within 5 years.
If the property is sold before 10 years, capital gains is charged at 10% and 0% after 10 years.
Capital gains tax is based on the sale price less the purchase price.
Inheritance Tax - There is 0% inheritance tax for family members providing they have a Moroccan
Will, but it is essential that you make a Moroccan legal will and seek professional tax advice.
The UK and Morocco share a double tax treaty that ensures investors do not suffer Capital Gains tax
in both countries.
On exchange of contracts, 10% of the purchase price is payable (less the initial holding deposit).
This is followed by 18% in three months, 8% in December 2007, 8% in March 2008, and the balance
on completion.
For this particular development, we do not recommend using any solicitors .however, we can forward
you the details of a solicitor if you still wish to use one.
Investors from UK looking to operate a “Buy to let” strategy with their Morocco based property
investment will be required to pay tax on this generated income. Investors can be exempt from paying
tax for the first 3 years but there after would be required to pay tax on 60% of their generated income
at between 22% and 44%
There is a double tax treaty between the UK and Morocco to ensure that Capital Gains Tax (TPI) is
not paid in both countries .In Morocco, TPI is 20% of the profit with a minimum 3% of the sale price.
If you sell your property after ten years of ownership, you are fully exempt from TPI.
Owners who sell their property after five years but within ten years are subject to TPI of 10% of any
capital gain over 1million DRH (ˆ'80 65,000). There are no death duties as long as the property stays
within the family (however, it is advisable to seek professional tax advice as individual circumstances
and company purchases of property can alter your tax liabilities).
You can sell your property to a third party once the initial 28% instalment has been paid. You may
be liable for an administration charge of approx 1.5%-5% plus VAT from the sales agency.
Selling on your investment is very easy via a transfer contract organized by your solicitor.
F.A.Q. - Bulgaria
F.A.Q. - Spain
F.A.Q. - Turkey
F.A.Q. - Morocco
There has never been a better opportunity to invest in Bulgaria, with recent times having seen record property sales registered. Property selling prices in Bulgaria's Black Sea and Mountain Ski Resorts have increased by up to 20% in the previous 12 months. Forecasters expect prices will continue to increase for a number of years especially now that Bulgaria’s accession into the E.U has been granted since Jan 2007. Property owed for more than 5 years is exempt from Capital Gains Tax.
Bulgaria’s tourism sector is well established and has recently become one of the fastest growing tourist destinations in Europe. The number of tourists visiting Bulgaria is expected to reach 4.4m in 2005 and as tourism continues to grow exponentially, rental opportunities for the right property are high.
Macroeconomic stability:
Top tourist destination:
ONE AND A HALF MILLION TOURISTS IN 2006
Booming real estate sector:
Yes, foreign nationals are free to own as much property in Bulgaria as they wish, without restrictions. However, if you purchase land, you are currently required to incorporate a business in Bulgaria and own the land as an asset of the company. C & N specialize in this aspect and accompany clients on each stage of this process.
Bulgaria’s socialist party has taken drastic and speedy measures to qualify its infrastructures for accession to the European Union in 2007. Today GDP stands at an encouraging 5.5 per cent and the international community now views Bulgaria in a very favourable economic light. Efforts to reduce inflation have succeeded (currently around 0 per cent) and privatisation plans are being driven forward at a great pace. The World Bank director for Bulgaria & Romania has claimed Bulgaria as “a good place for investment”, highlighting the fact that in just 3 years, the country has risen from being the World Bank’s lowest rated country in this Eastern region, to being the highest. Today, foreign investors are focusing their attention on some of the very exciting real estate prices still on offer in Bulgaria as investments in the right locations are fetching high capital returns. An enormous increase in tourism has helped create a healthy economy in Bulgaria and prompted many foreigners to invest here. Early investments will prosper as following EU membership in 2007, prices are predicted to soar.
Budget airlines have been running peak season flights to the Black Sea hubs of Burgas and Varna for a few years already and British Airways has just joint them and begun direct flights to Varna. Flights arrive at one of four international airports: Sofia (SOF), the largest of the airports, Varna (VAR), Ploudiv (PDV) for charter flights to the ski resort of Pomparovo, and Burgas (BOJ) for domestic flights and for summer charter flights to the Black Sea resorts
Bulgaria is only a 3.5 hour direct flight from Dublin or Belfast to Sofia. It takes between 2.5 to 3 hours traveling from the UK.
Obviously you will need your passport, but also some Euros if you want to place a deposit immediately. (You can bring up to 4000 Euros each into Bulgaria without declaring it.). We would suggest you bring appropriate clothing depending on the time of year.
You will need to pay a deposit (normally ˆ2000 ) which is non refundable. This ensures that the property is removed from the market and not sold to anyone else.
Easy step by step C & N process
Guaranteed Rental Income.
Developments with guaranteed rental scheme are normally available. These schemes are applicable to both the mountain and coastal resorts. The guaranteed rental can come from the developer or a management rental company. The rental income amount is normally based on the net purchase price.
As with most complexes there is a maintenance fee to be paid. It usually works out around ˆ50 per month and this includes the cleaning and the general upkeep of your apartment.
There is no easy answer to this question. Some investors prefer the skiing regions of Bansko, Borovets, and Pamporovo as they provide a reliable and “upmarket” clientele. Other investors prefer the popular and expanding regions of the Black Sea Coast i.e. Sarafovo, Sunny Beach and Golden Sands. Another option to consider is Sofia, where you can acquire a new apartment for a very modest amount considering that you are purchasing in a European capital city It is also possible. of course, to spread the investment by purchasing in each of these regions.
It's not possible to compare living costs in Bulgaria and Western Europe. Living costs in Bulgaria are extremely low! For example the food is generally twice cheaper than UK. House insurance: around 100-200 ˆ EURO per year depending on the type of house, together with the belongings and furniture inside. For a property of price 30,000 ˆ EURO insurance against theft, flood and fire costs about 125 ˆ EURO per year with a decent insurance company. Gas: the gas system network is not developed in Bulgaria yet. People here mostly use electricity to cook. For heating: there are central heating systems in the big cities: monthly costs for a 2-bedroom apartment around 120 ˆ EURO. In the small places people use charcoal and wood, which is even cheaper way to heat a house. For electricity, when used for cooking, light or hot water one pays about 30 ˆ EURO per month. Local and national taxes for owning a property: depending on the place where the property is located, the most expensive area is the capital Sofia, where the annual taxes of 2 bedroom apartment are around 150 ˆ EURO per year, but the rest of the country is around 80 ˆ EURO per year.
Driving a car in Bulgaria: There are few annual fees that must be paid every year to drive a car in our country:
Fuel prices: petrol: 0.85 ˆ EURO/L, diesel: 0.80 ˆ EURO/L, LPG: only 0.50 euro/l. Most of the cars in Bulgaria are equipped with LPG systems, so cars are mostly fueled with the non-pollutant and very cheap propane gas. There are many petrol stations everywhere, many garages to service the cars (very cheap though). The insurance for a brand new car is around 800-1500 ˆ EURO per year, depending on the price of the car.