Buyer's guide
Rules on Ownership by Foreigners:
- Foreigners can buy and own apartments and houses but not land.
- If the property gives ownership on the land as well then a limited company registered in Bulgaria is needed (cost at around ˆ 600)
- The individual can purchase an apartment with the right of construction on the land the building has been built.
- The right of construction is a term used very often in Bulgaria and indeed many Bulgarians themselves do not own the land where their property is but have the right of construction.
Owning the right of construction is a virtual freehold as in most cases it has no term and is for unlimited period of time, so even if the building is demolished the owner still owns the right of construction and therefore common share of the new building that will be constructed there.
The above is merely a summary designed to give a broad overview of what is involved and what purchasers can expect. The above information must not be used as a comprehensive legal and/or tax advice and professional advice should be obtained by solicitors and/or accountants. The Bulgarian Property Shop cannot be held responsible for the exhaustiveness and accuracy of the above information.
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