| |
|
|
|
 |
| |
| |
Property in Bulgaria is
the fastest growing asset in the country.
In recent years the property prices in Bulgaria
went up by more than 25% in general. Some
real estate has gone up by 50% in one year,
especially in Sofia, in the Black Sea beach
resorts (Sunny Beach) and in the ski resorts
(Borovets, Bansko). The improved economic
conditions, political and social stability
in Bulgaria over the last 3 years brought
a real boom in the prices of property in
Bulgaria. Another important factor for the
rising property market is the huge tourism
potential in the country. There are great
natural attractions - high mountains, the
beautiful and clean Black Sea coast, preserved
rural areas, minimum urbanisation, thousands
of years of history, etc. Nowadays Bulgaria
is considered as the fastest growing tourism
market in Europe. This is something that
foreign buyers of property in Bulgaria appreciate
the most. Together with the constantly rising
prices, buying property in Bulgaria is attracting
a lot of interest from investors. |
| Further more, Bulgaria was invited
to become a NATO member (targeted for 2004)
and full EC membership is scheduled for 2007.
Bulgaria is a politically stable country,
and the introduction of a currency board in
1997 stabilised the country's economy. Looking
forward to 2007, Bulgarian laws are improving
and changing in accordance with the laws in
the countries of the European Union. Bulgaria
has one of the most liberal foreign investment
laws in the region. Foreign investment typically
assumes one of the following forms: establishing
a joint venture with existing companies, state-owned
or private; acquiring a company through privatization;
setting up a new (green field) venture; or
making a portfolio investment. Foreign investors
can purchase property in Bulgaria directly
or through a local company. Only Bulgarian-resident
individuals and entities can own land, while
non-residents personally may acquire only
buildings. Therefore if foreign citizens want
to invest in property in Bulgaria, they must
register a Bulgaria based company. As soon
as the company is registered any properties/property
in Bulgaria may be purchased in the company
name. The most common type of organization
for foreign investors is a limited liability
company. Other forms are companies limited
by shares (joint stock companies), joint enterprises,
business associations, general partnerships,
limited partnerships, and sole proprietorships. |
| The law does not limit the extent
or amount of foreign participation in companies.
Foreign individuals and companies can open
an unlimited number of accounts in Bulgarian
banks, in any hard currency or the local Bulgarian
Levs. There is talk that soon the main law
in Bulgaria, the Constitution, will be changed
very soon, so that all foreigners who wish
to acquire property in Bulgaria will be able
to do so personally without registering a
local company. |
|
|
| |
|
|
|
 |
|
 |
|
|
