Here is a brief summary of the purchasing process:
Choose your property online based on independent, comprehensive information that we will provide on request. You may also take the opportunity of paying us a visit in our Varna office, for an escorted viewing of the property. We arrange, free of charge, all relevant formalities for your stay and accommodation.
If your property includes land, then you are obliged, under our law to register a local company which then to own this land. This regulation is expected to change in the nearest future, as the country is approaching it's membership in EU but in the meantime foreigners can only own land by setting up a Bulgarian company. There are no obligations in respect of employing local personnel or actually running any kind of activities. BB Properties can perform free of charge, on your behalf all relevant procedures, so you don't need to waste your time and dig into local law regulations (please note there are some government taxes for opening a Limited Company).
We shall prepare all necessary documents for setting up a local company, which you have to sign and send back to us. They will be made in Bulgarian language , accompanied by a copy in English , translated from registered and fully licensed sworn translator. Such procedure will be followed only in case where you do not plan a trip to Bulgaria .
On basis of these documents we can apply for setting up Your limited liability company and open a special bank account , which is compulsory for Your company registration. You first have to credit us with EUR 600 for such registration. You then have to credit Your account with
2600 Euro ( company registration capital).
Within a few days this bank account will be transferred into a standard payment account containing the 2600 Euro which you can use further in the purchase.
Please allow 1-2 weeks for company registration in the court. We suggest that you consider registration yet before right property is found, as very often you may miss the property because of the delay. Sellers would often not hesitate to take the first cash offer, instead of entering negotiations and committing to a Foreign Buyer which is not yet registered. Remember that the preliminary contract is usually made valid for 30 days, failing which you loose the 10 % deposit paid when the contract has been signed.
As soon as property is fully paid you can receive and sign final Notary Act (contract of Purchase) in front of a Bulgarian notary if you are in Bulgaria or at Bulgarian Embassy. BB Properties can sign this act on your company behalf under power of attorney previously signed by you. The original act will be forward by courier to you.