Guide to buying abroad in Bulgaria
The Republic of Bulgaria has a population of roughly 8 million in an area of 110,910 sq km its capital city being Sofia. With a landscape that stretches from the ski slopes of the Balkan Mountains down to the sunny beaches of the Black Sea, Bulgaria is a gem nestled in eastern edge of Europe.
Bulgaria has a climate similar to the UK in its seasons but with more extreme temperatures. The winters are cold with their Ski season lasting from December to April, but their summers hot. An ideal time to visit Bulgaria is in the Spring where between April and June the weather is mild with many festivals and cultural events taking place at this time.
Slated for EU accession in 2007, Bulgaria 's natural beauty, stability and growing economy have made it an increasingly popular holiday destination. No wonder so many UK residents are interested in buying abroad in Bulgaria.
Buying abroad is all the rage now in the UK, astronomic domestic property prices coupled with equally ridiculous deals abroad have fuelled a recent craze for snatching up foreign residences. A quarter million UK residents own foreign homes, and the value of these properties has doubled in the last ten years. But with tourist hotspots in Spain and France now quite locked down, new investors have begun to look elsewhere.
Bulgaria has all of the qualities that make holiday properties strong investments-but at prices that even amateur investors can get in on. Weighing this against the future EU accession and the economic and tourist growth it will bring, buying abroad in Bulgaria is a good investment opportunity. Obviously, you'll need to see the country for yourself. Air travel to Bulgaria is convenient, and low costs make touring the country quite affordable.
Those simply looking for an affordable holiday property only need to take into account their budget and personal preferences. However, people looking to invest in a rental need to consider a return on investment. The optimal investment property will be in an area attractive to tourists but not yet picked over. A £25,000 villa in the ski resort area of Bansko is probably a better bet than a pricey flat in the crowded property market on the coast.
Bulgarian Property Sales
Buying Bulgarian property does require arrangements above and beyond that of home buying in the UK. Foreigners cannot directly purchase a freehold, they may do so by establishing a limited liability company, or buy tenancy rights from a pre-existing company, many of which now exist for such purposes. There is no limit on the proportion of foreign ownership in such companies, so you may own property through a company you entirely control.
As with buying property in the UK, you will need the services of professionals. Find a trustworthy solicitor who speaks fluent English to help manage the entire purchasing process. An issue many people overlook when buying abroad is currency conversion-a large sum can be saved when changing your pounds through a competitive exchange company. Consult with Moneycorp and like foreign exchange companies to find the best rates.
For most UK residents, buying abroad in Bulgaria is uncharted territory, hucksters and scammers are universal hazards, and it is always best to err on the side of caution. Make sure any solicitors or companies you deal with can provide documentation and refer you to pleased clients. Any concerns can be addressed to the Bulgarian embassy in London while in the UK , or the Ministry of Foreign Affairs if in Bulgaria. For British assistance, the British embassy in the capital city of Sofia can address UK residents' problems and refer English-speaking lawyers.
A visa is not required when entering Bulgaria from most EU countries if you are visiting for less than 90 days, this obviously includes the UK. If visiting from the USA, Australia, New Zealand and Canada you don't need a visa for stays of less than 30 days.
It is important to know that non-Bulgarians cannot own land in their own name and outsiders need to do so through a company. Many people prefer to buy new builds on managed schemes that are more secure and well maintained.
For more information click here where we detail lending criteria and buying in Bulgaria.
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