Bulgaria is an extremely popular resort for tourists from all over the world and it is not a surprise that numerous people desire to invest finances into real estate in order to acquire the profit. The best thing regarding the real estate business is that it is available for people from all over the world and there are no legislative limitations regarding purchase of houses, flats or even hotel complexes. However, it concerns only readymade buildings and if the person wishes to purchase the land for building, he or she should be either a citizen of EU or have a company that is subordinate of the Bulgarian law.
Affordable Real Estate for Purchase by Foreigners
There are numerous objects which a person from another country can buy absolutely legal. The houses, villas and dwelling apartments are usually offered with adjoining area so it would still be necessary to create a company entity within the country. One of the solutions is to lease the land from the government with a 4-year minimum term.
The foreign owners of Bulgarian real estate have several visa benefits, among them is a multi-visa with 180 days of staying on the territory of the country together with all heirs and closest relatives with corresponding documents. After purchasing of the real estate at cost of over €306000, the person receives the right on citizenship.
A Procedure of Real Estate Purchase
The process of acquiring a real estate is not difficult, though time taking as there is a lot of paperwork to do. The whole process can be expressed through the following actions:
- Opening a bank account. You need a personal bank account in Bulgarian bank in order to conduct a good faith payment that does not usually exceed €3000. All the details are placed in the treatment between seller and buyer together with basic information.
- The creation of the treatment with all accounts, terms of payment and the size of investments. The fines in case of breaking the agreement are also stated there.
- Checking of the object. A good realtor always keeps the estate in a decent state so it is always recommended to check the territory for flaws.
- Signing of sales and purchase agreement. If the buyer is personally present during the signing of the treatment, the only needed document is the foreign passport. All the other documents are prepared by the seller.
- Actual payment. The procedure of payment is conducted after all the agreements have been signed. However, it is important to note that taxes and special additional charges will be also included into this sum and stated in the agreement.
- Registration of a new owner. The last step is the registration of the owner by the lawyer in the regional court where all the data is added to the state registry. After that a special act is issued and the owner receives full rights over the object.
Investment into touristic objects is always a fine investment and Bulgaria offers good conditions for organizing a personal touristic business in a beautiful sunny country.