SANDI real estate agency


	Q: Why property in Bulgaria? Q: Is it allowed for foreigners to own property in bulgaria? Q: How long it takes to buy property in bulgaria? Q: Do we need a visa to travel to Bulgaria and how long can we stay?

	Q: Why property in Bulgaria? A: Bulgaria is a land with rich history and ancient culture, situated in the heart of the Balkan Peninsula. It shares a border with Turkey and Greece to the south, Macedonia and Serbia to the west, Romania to the north and the Black Sea to the east.The Balkan Range passing through the country from West to East divides it in North and South Bulgaria and gives the name to the whole peninsula called Balkan Peninsula. The first Bulgarian state on the Balkans was founded 681 by Khan Asparuh, ruler of a part of the ancient Bulgarians The cross-road position of the Bulgarian lands on the Balkans made of them a natural scene for contacts among ancient civilizations. Their chronological sequence is: Anatolian and Aegean, Thracian, ancient Greek, Roman, Byzantine, ancient Bulgarian, Slavonic, Christian and Islamic. Christianity was introduced in the IX century, as the country emerged as one of the three most powerful states in Europe together with Byzantium and the empire of Charles the Great. Since then the orthodox Christianity has been invariably Bulgarian official states religion. This fact made the country to be a coveted foreign political partner regionally and worldwide and contributed to a significant growth of the tourists flow to it. Nowadays Bulgaria is a NATO member state and gets closer and yet closer to its definitive admission in the European Community, which may become reality in the early 2007. These prospects, along with the political and ethnic stability determine a redirection towards Bulgaria of new investment flows what will contribute to a fast economic growth in near future. The introduction in 1997 of a monetary board stabilized the Bulgarian economy. In the period up to 2007 the Bulgarian legislation gets improved and changed according to the laws of the European Community member states. The Bulgarian foreign investment laws are among the most liberal ones in the region. The decline having dominated the country because of the transition from commanding economy to market economy and liberal democracy, is overcome and gives way to the prospect of rediscovering Bulgaria. It is being rediscovered not only by the investors but also by the common citizen of Europe, who appreciate quietness and tranquility of life in rural and highland areas of a country like Bulgaria. In Bulgaria you will be spoilt for choice, as every corner offers something exciting and different for the visitor.

	Q: Is it allowed for foreigners to own property in bulgaria? A: Bulgarian law is one of the most liberal in the region according to foreign citizens willing to own real estate in the country. Now foreign citizen may purchase property but not the land. To buy Real Estate together with land the foreign buyer need to register limited liability company /ltd/ in Bulgaria that will become the owner of the real estate. Customers who will purchase an apartment do not have to register Limited Liability Company because apartments are built of the ground and the buyer do not purchase land. The acceptance of Bulgaria into European Union in the near future will enable foreign citizens to purchase real estate without any restrictions. This would be around year 2010. Limited Liability Company can be formed from Foreign or Bulgarian citizen/judicial, physical/. The minimum capital required to rise for registration LTD is 5000 leva (around 2600 euros) or 70% of the capital 3500 leva=1800 euros. Shareholders must have an open bank account in Bulgaria with the capital raised to begin registration, which can be fully withdrawn after completion.The new company exists from the time added to the Commercial Register of the district court where company shall be based. The Bulgarian State Gazette publishes all legislation in the country for the law to take effect and to announce public the act of formation. The final step to complete registration of a new company is to register immediately with the National Tax Register Authority.

	Q: How long it takes to buy property in bulgaria? A: Generally it will take 3 weeks to buy a property. This is dependent on a number of factors, not all of which are in your control. Once you have decided on a property, contact will be made with the seller or his estate agent. The terms and conditions of the sale can be negotiated very quickly, depending on how easily we can instruct an independent surveyor to assess the property, which is our usual practice. It is important to have an accurate picture of the condition of the property, likely repairs that will be needed and its consequent value. Usually a surveyor can prepare a report within a week of instructions. The legal title to the property can be checked at the Land Register in a day or two. Searches with the local authority, trying to confirm the uses and building permissions associated with the property, will similarly take several days. The Preliminary Contract is then exchanged and a deposit paid. There is then a period of, at maximum, a few days while the money transfer is arranged and any final checks made. The sale will take place in front of a Notary at an agreed date and time.

	Q: Do we need a visa to travel to Bulgaria and how long can we stay? A: UK passport holders do not require a visa in order to visit Bulgaria for a period of 30 days. Long-term visa (D) can be obtained from the Bulgarian Consular service in London. Visa control has been considerably relaxed between the UK and Bulgaria. For further information please contact the Bulgarian Embassy in London on 0207 584 9400 or check www.bulgarianembassy.org.uk. The British Embassy in Bulgaria also provides information at www.british-embassy.bg.