Buying Process

When purchasing with Tamara Properties you can let us arrange your viewing trip to view the Properties of your choice in Bulgaria.

Guideline Summary What To Expect

• The majority of prices are inclusive of VAT, but we would ask you to check with us prior to purchasing.
• It is possible to purchase property without paying the full VAT (20%). By doing so you will have the local municipality Tax Valuation detailed on the Notary Act, which will be a lesser amount than the purchase price paid. This method is legal and common practice within the Bulgarian Law. It is though your responsibility to check this with your Solicitor or Tax Advisor prior to purchase.   
• Currently under Bulgarian Law a foreigner cannot own Land. If you wish to purchase Land or a Property with Land, then you can circumvent this Law by setting up a Bulgarian Company. The Land or Property with Land will then be owned by the Company and a foreigner can own the Company outright. The setting up of the Company, complete with Capital into the Company will not cost more than €2500. Once the Company is set up you are at liberty should you wish to withdraw the Capital from the Company. Generally with Off Plan Apartment Developments, there is no need to set up a Company as you are not required to own Land, due to the nature of the Development. We will assist you in every step of setting up a Company.
• We can provide you with a list of respectable and professional Solicitors to assist you to ensure that your purchase goes through smoothly and risk free, which will give you peace of mind.
• Should you wish to finance your purchase with a Mortgage from a Bulgarian Bank, then we can provide you with professional brokers and a list of Banks that offer Mortgages to foreigners.
• We always advise you to use a Solicitor when purchasing re-sale Property and Land.

Purchase Process

• Having selected the Property of your choice please contact us. We will then check that the Property or Land is still available.
• Upon confirmation from us that the Property is available, we will forward to you the Property Reservation Form for completion and signature.
• We will endeavour to Reserve the Property of your choice for 48 hours, until you return the completed Property Reservation Form and instruct your Bank / Building Society to transfer the Reservation Fee.
• If the Property comes with Land, or you are buying Land then a Bulgarian Company must be set up.
• Upon receiving the completed Property Reservation Form and Reservation Fee, the property of choice will be reserved for 30 days.
• At the end of the 30 days Reservation period it will be necessary for you to have entered into Contract (checked by your Solicitor), and make payment, or in the event of an Off Plan Development, pay the first instalment as set out in the Contract.
• Further instalments paid as set out in the timescales of the Contract for Off Plan Developments.
• The Notary Act is then signed in front of a Bulgarian Notary, either in Bulgaria or in the Bulgarian Embassy. For Off Plan Developments the Notary Act is signed once the building is complete.

Note – Some of the above timescales and procedures may vary depending on the type of purchase

Tax

We are not qualified to provide Tax advice, therefore we suggest you contact a professional Tax specialist to assist you.

You can though click on the following link from PriceWaterhouseCooper to learn more about taxation in Bulgaria. http://www.pwcglobal.com/extweb/home.nsf/docid/F26C7078D92F232780257180004128E0