Buying Land in Bulgaria

Investing in Bulgarian Land Guide

There is a lot that goes into buying land in Bulgaria, more so if you are a foreigner. There are many things that need to be taken into consideration when buying land. The land in Bulgaria is as beautiful as it is varied so the land would be a wise investment if you know how to buy it. Buying land in Bulgaria is not as difficult as it may seem, it is really just time consuming and maybe a little tedious.

The first things you need to consider when buying land in Bulgaria are current laws. Right now, Bulgarian laws prohibit foreigners from owning land. This is hoped to change in the near future, but, none the less, if you are not a current citizen of Bulgaria you can not own land. The only way that a foreigner can buy land is by registering a company. Anyone who is a legal citizen of Bulgaria can go through all of the normal land buying process which is finding the land, buying the land, and building on the land. The only thing citizens of Bulgaria need to worry about is being able to afford the land, which is not hard, since the real estate market is cheapest in Bulgaria.

If you are new to investing in real estate in Bulgaria you may not know what a registered company is. A registered company is basically a business in Bulgaria that will own the title of your land. Many lawyers and/or real estate agents will be able to help you with this part. The costs of registering a company may vary depending on what type of company you register. The usual cost are, the capital of the company which may be as low as 2 BGN and is your companies liability, so if you are planning to do some other activity with the company it would make sense to set a higher amount, the cost of the company registration processing through a solicitor which can cost from 400 EUR all the way to 1000 EUR, and a state fee. You will also be required to submit annual accounts when you are through with the registration, so you may want to hire a local accountant, whose costs will vary. The entire process of registration usually takes a few days.

Once the registration is complete you will get a BULSTAT number, this is the identification number of the company. You can use the online trade registry to find your company and all the information associated with it.

The land that you buy on the name of the company could be residential, meaning, you want to buy the land to build a house, or industrial, meaning you want some land to build a factory or use it for some industrial activity, or it could be a plot of land that comes with a house. In this case you will need to worry about the costs of the home, the land, and the registration of the company to own the land. You should definitely work with a real estate agent when searching for the land to be bought and then with a lawyer to handle all of the legalities of buying the land.

Note that in order to buy agricultural land in Bulgaria you will need to have a company which was registered at least 5 years ago. This was caused by some legislation changes in the near past. It might be possible to acquire an old company regisrred in Bulgaria which was used only to own some property in Bulgaria and had no activity so that you can buy agricultural land in Bulgaria trough it. If you go for such option you have to be very careful, a lawyer has to check all details as this practice hides some risks.

Bulgaria is a wonderful place to own land and all of the legalities of the process should not discourage you from doing so. Bulgaria is a country full of history and intrigue and would be a wise investment.

Click here for the best offers for agricultural and development land in Bulgaria.