We, in AMG Property Group are pleased to offer you a full independent legal service. Besides Bulgaria property consultation and advice , we offer company registrations, court representation, litigation , and any other legal service you may require. Our experts are ready to advise you what charges and taxes you are liable to complete following the purchase of a real estate. Bulgarian law is one of the most liberal in the region. According to the Bulgarian law, the Property Act and the Investment Promotion Act, foreign physical and also juridical persons, such as companies, cannot acquire the ownership of land in the country. However, they are permitted to acquire the ownership of houses, villas or apartments. Foreigners can acquire land by setting up a Bulgarian registered company / LTD /. A Private Limited Liability Company may be founded by one or more persons. The minimum foundation capital is 5000 Leva, around 2600 Euros. This money has to be deposited in a local bank account but can be withdrawn once the company has been established. Setting up a company in Bulgaria is easy. The whole procedure takes around 2 weeks and can be organized by our representatives and lawyers.
Choosing AMG Property Group you will rely on our full cooperation during negotiations, signing of Preliminary contract and collection of the Notary Deed concerned. You can rely on us for full range of legal and accounting services concerning your property in Bulgaria.
Preliminary Contracts:
Bind the buyer and the vendor into a commitment to complete a purchase transaction within a specified period of time and subject to its terms and conditions. Preliminary Contracts require a deposit of the total value of the property and schedule payments and include the completion date in front of the Notary. They also include details of the financial penalties for delay or failure to complete.
Procedures:
· Select your property in Bulgaria and contact one of our agents.
· Provide all details to the vendor/developer to aid drafting of the preliminary contract.
· Be prepared to pay up to €1,000 as a "Reservation Fee" to remove the property from the market.
· Contact us for an initial consultation on your case and we then prepare a fax for you to send with the Preliminary Contract to the lawyers .
· The lawyers get straight to work ensuring that the contract is reasonable and protects your interests.
· We act as your representative with the lawyers and reports directly to you at every turn with constructive Bulgaria property advice based on experience.
· Upon the lawyers' recommendation, you sign or you don't sign.
Notary Deal: Final legal transfer of ownership of your chosen property that is carried out on a predetermined date in front of the local Notary. The Notary Deed is equivalent to "Title Deed". You will require independent legal representation and a legally authorised translator with you at this meeting to ensure that transfer of ownership takes place. You will receive title deeds within 7-10 days of the Notary Deal from the local council. You should also arrange for the property to be registered at the Tax Office in Bulgaria within 1 calendar month. We can advise you about this.
Your legally appointed representative can sign on your behalf if you are unable to be present in Bulgaria to do this yourself. This individual will need to be a qualified Bulgarian solicitor in possession of a ‘Power of Attorney’ agreement. We can assist you to arrange everything.
Notary fees:
Notary fees are determined in accordance with the tariff for the Notary Fees. There are various charges but you should allow €1,500-€2,000.
Legal fee: Total legal fees are estimated at €500-€600. Local tax:
According to the Local Taxes and Fees Act, the tax payable upon the sale-and-purchase of a property is 2% local tax.
The basis for calculating the tax is:
· The apartment's price as specified in the notary deed.
· The tax evaluation of the apartment.
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