Frequently asked questions:
How do we search for property?
Have a look at the properties on the 'search properties' link and decide which properties you like, send us an email with any questions you might have about the properties using the ?contact us? box located under the photos on every offer. For viewings you need to arrange a trip to Bulgaria. If you call our office we can arrange for you to take advantage of the low cost inspection visits.
What about the economy and political situation?
Since 1996, Bulgaria has experienced macroeconomic stability and positive growth after the introduction of the currency board in 1997. The country has a stable parliament and public consensus on key social and economic issues. The country has seen economic growth of 4.5% (one of the highest in Europe) and inflation at 3.8%. The tourist industry is one of the fastest grow areas of the economy growing some 10% a year. Bulgaria has a highly skilled workforce and one of the lowest cost centres in Europe.
What do we need to bring with us on our first visit?
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).
How do we reserve a property?
You will need to pay a deposit (normally about 3000 Euros) which is non refundable. This ensures that the property is removed from the market and not sold to anyone else.
Can we pay by credit card or travellers? cheques?
Travellers cheques are cashed only in the big towns and they charge high commissions on them. You can pay us using your credit or debit card for your property. Normal cheques take about 4 weeks to clear and they are not suitable for payments.
Is it possible to buy without coming to Bulgaria?
Yes, this is possible and often chosen as an option. However if you have time it is better to come to Bulgaria for a couple of days and sort everything out there. As a plus you will be able to see the property!
Will we get ownership documents for the property?
Yes, you will have title deeds in your name, or if you are buying through a company, your company name.
If I buy a house, does this mean that I own the land too?
Yes, if you become the owner of some property having first registered a company who are the legal owner of the plot. Subsequently you are entitled to do as you wish with the property including renting it out, selling, etc.
Do I have to register a company if I want to buy an apartment
No, foreign individuals can own property but not the land, a company will need to be formed if you want to buy the freehold.
What if we want to have renovations carried out on our property?
No problem, our agents can recommend a complete range of professional tradesmen who will work to the budget that you set them. You just need to tell them your requirements and negotiate the different options with them.
What about our company tax returns?
Every year you have to submit your annual tax return, the same as in the UK. We have accountants that can do this for you. Our after sales package will include this service as one of the options available to you.
Do we need a visa?
At the moment EU citizens can stay in Bulgaria for 90 days in any 6 months. Any more than that and you need to apply for a ?type D? visa from any Bulgarian embassy.
What about the cost of living there?
Compared with UK prices, this is extremely cheap. A loaf of bread should be about 20 pence, a pint of lager about 55 pence, a packet of cigarettes about 70 pence. A litre of petrol is about 60 pence. It's not possible to compare living costs in Bulgaria and Western Europe. A few examples: House insurance is around 100-200 ? Euros per year for buildings and contents (depending on the type of house). For a 30,000 ? Euros property, insurance against theft, flood and fire costs about 125 ? Euros per year with a decent insurance company like Allianz. For heating, there are central heating systems in the big cities: monthly costs for a 2-bedroom apartment around 100 ? Euros. In the towns and villages, people use charcoal and wood, which is a cheaper way to heat a house. For electricity, when used for cooking, lighting or heating water, one pays about 30 ? Euros monthly. Local and national taxes for owning a property vary greatly depending on the location, but for the capital (and most expensive area) expect to pay around 150 Euros for a 2 bed apartment.
What about driving a car in Bulgaria.
There are few annual fees that must be paid every year to drive a car in our country: Third party insurance, 30 Euros per year. Road tax (depending on the engine power): around 50 Euros per year for a 2.0 litre engine and MOT, 12 Euros per year. Many cars in Bulgaria are equipped with LPG systems, which is cheaper and more environmentally friendly than petrol. Bulgaria has the cheapest brand new cars in Europe. For example the new Renault Clio costs only 6,500 ? EURO. Second hand vehicles of any type and brand are also widely available.
Can we use our credit and debit cards when we come?
In the bigger towns, you can use your cards, but still only in the larger shops. All the hotels will accept cards, and all the major petrol stations, but in general most other transactions are carried out in cash.
What about telephones?
It's not worth bringing over a UK stationary phone for your new property as they will not work in Bulgaria. Mobiles will work, either with a Bulgarian SIM card or using your UK card if it is suitable.
If our property is only occupied for about two months of the year, do we need security for the rest of the time?
Yes, we recommend you have special alarm system and private property protection which costs 13-25 ? EURO per month. There are some very professional companies in Bulgaria providing such a service.
What are the regulations for the import and export of currency?
Foreigners Persons crossing the borders of the Republic of Bulgaria in either direction must fill out and present to the customs authorities a "currency customs declaration" if they import or export more than 8,000 Bulgarian Leva or the equivalent in either foreign currency or traveller's cheques (approximately 4,000 Euro) and must declare the cash and/or cheques to Customs officials upon arrival. The declaration should be filled out in three copies (items 1.1 and 1.2 of the declaration must be completed). Travellers who attempt to leave the country with the equivalent of 25,000 Bulgarian Leva or more must complete a Customs declaration, on which they must state the origin of the money, and present a certificate from the Bulgarian regional internal revenue service proving they do not owe taxes, unless the sum is less than the amount originally declared when brought into the country. In the latter case, travellers must present to the customs authorities the customs declaration that was endorsed at the time of their last entry into the country; this declaration is considered to be valid for export of Bulgarian and foreign currency until the person leaves the country.