We understand that buying a property in a foreign country may seem a very daunting task. This page is dedicated to provide you with a detailed walk trough the buying process of property in Bulgaria in general and the terms and conditions of PBG Bulgaria. If this page does not answer any of your questions, feel free to contact us at office@pbg-bulgaria.com, we will be glad to help you.

Requirements
According to the Bulgarian legislation, a foreigner can buy buildings (house, apartment etc), but not land. Therefore all foreigners who wish to purchase land or house with land in Bulgaria are required to set up a Private Limited Company in Bulgaria (called EOOD). The company then is a Bulgaria legal entity that has the right to acquire land in Bulgaria. The person is liable for the company’s obligations to the value of his/her share in the company’s registered capital (which according to the new law is only 2 BGN, or less than 1 GBP).

How to set up a Private Limited Company (EOOD)?
There is a smooth and straightforward procedure for setting a company in Bulgaria. It includes the following steps and costs:

• Choose a name, check in the register if it is available, and reserve it
• Appoint the Director (Shareholder) of the company. In case you have more than one shareholder, then you need to set up an “OOD”. The procedure is the same and the fees are almost the same. We recommend that you discuss with us and our lawyers before you decide on which type of Limited Company is best for you.
• Set up a company account
• A minimum capital of 2 BGN (less than 1 GBP) is required. Obtain a bank confirmation that al least 70% of the capital is being paid to the company’s account.
• File your documents to the Bulgarian Commercial Register and obtain your registration. A fee of 210 BGN (105€) is due.
• Wait for a publication of the court decision in the State Gazette
• After you have completed all the steps you have a fully functional Bulgarian Company and you can proceed to buying your property.

What other obligations do I have related to my Bulgarian Company?
You need to register your Bulgarian company in order to acquire land, but you are not required to carry any commercial activity. Therefore the company maintenance cost is minimal, around 150 GBP per year. All you need to do is to file a tax declaration at the end of the year. We will assist you finding a professional accountant after the sale, who will take care of your yearly company tax reports.

How can PBG Bulgaria help me in the process of setting up a Bulgarian company?
We are dedicated to offering the best customer support throughout the whole buying after sale process. That is why we to take care of the procedures for setting up a Bulgarian company for our customers FREE of charge. The customer only needs to provide us with the information required, such as: company’s name, address, shareholders, director etc. PBG Bulgaria will then take care of all the paperwork required. Once everything is ready, you need to come personally to Bulgaria to sign the papers for your Bulgarian company and for the sale of the property.
Of course you are free to register your Bulgarian company by yourself. We will be glad to answer to any questions you might have.

Payment

There are 2 simple steps in order to acquire your property once you’ve chosen it.

1. Make a deposit payment to secure your property:

An advanced payment of 10% of the cost of the property is due
The fee required for setting up your Bulgarian company is covered by us
The deposit is due within 3 working days in order to secure the property and should be transferred to our bank account. We will then send you by DHL a preliminary contract signed by us where we agree to sell you the property for the amount of the deposit if the deal is cancelled by our fault.

Special discounts
You can get a 5% discount from the property price if a deal is concluded and payment is made within 10 working days from the preliminary negotiations.

You can save 10% of the legal fees associated with buying of the property if you send us a 30% deposit instead of 10% within 3 working days after the auction.

2. Conclude the deal

The deal needs to be concluded within 30 calendar days from the date the deposit is made. In order for the deal to be concluded you need to do the following:

• Come personally to Bulgaria to sign the papers for setting up your company and the contract for buying the property with PBG Bulgaria
• Make a payment for the remaining sum: 90% or 70% of the cost of the property according to which deposit option you have chosen
• Pay a one-time legal fee of 450 GBP that covers the notary and government fees for process of property purchase and legal transferring. All paperwork will be presented to you in English.

Closing the deal takes two days

Please note that the 10% or 3O% deposit is NON refundable in any way if the buyer is unable to pay the remaining sum and to conclude the deal in the Bulgarian Notary within 30 days from the date the deposit is made.

After you have completed the above steps you are ready to move to your new house.

We are trying our best to make the buying process as smooth as possible for our customers. Note that most real estate agencies require from you to come personally to Bulgaria twice – first to set up your company and then to purchase the property. We value your time and money and we have structured the whole process in such a way that you are required to come to Bulgaria only once to conclude the deal.