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Purchasing Property

  A Brief Outline

The process for purchasing property in Bulgaria is simple provided that persons engage a qualified professional legal advisor. Foreigners are entitled to purchase ‘Freehold Title’ property in Bulgaria in the way of completed structures.

Under Bulgarian Constitution and legislation foreign individuals are currently prohibited from owning land. However this is overcome as entitlement and purchase of land can be achieved by forming a Bulgarian Registered Company.

The preferred form of business is a Limited Liability Company with the share capital owned by its members whose liability is limited to the amount of the capital subscribed. With this undertaking the purchaser is therefore, liable for the company’s obligations to the value of his/her shares in the company’s registered capital and also governed by legislative jurisdiction in Bulgaria.

One or more persons, including foreign nationals may found a private limited liability company. The minimum foundation capital is 5000 Bulgarian leva /2600 Euros.

A Bulgarian Bank Account is required to be opened for the deposit of the initial Capital.

Rafael Developments’ legal consultants are qualified professionals on hand and available to advice our clients on all detail of Bulgarian law and property purchasing procedures; thereby simplifying the process of purchasing property in Bulgaria and performing all facets of property conveyancing along with legislative taxation and advice on all business and family legal matters.

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