A foreign citizen can only buy a property in Bulgaria that also includes land, through a Bulgarian company. This is no disadvantage; such a company can be set up rapidly, with little bureaucracy and at moderate costs. You can be the sole shareholder and director.
If your intention is to buy land or a house with land, you may as well set up the company before buying the property. Here is how you proceed, with the assistance of your lawyer:
- You decide on the name of the company, the shareholders and the share capital. The minimum capital is 5,000 Leva (aprox. 2,500 Euro). The capital is refundable after the company has been constituted.
- The lawyer prepares the agreement of constitution of the company, the record of constitution and the statutes. You sign the documents in front of a notary.
- You pay the very modest taxes and fees on incorporating the company, and the company goes to the mercantile register for registration.
- The company documents are taken to BULSTAT (a government agency), that issues a plastic identification card for the company and you as its representative.
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