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Z-Properties > Frequently asked questions

Q Are there any restrictions for foreigners to buy properties in Bulgaria?

A According to the Bulgarian laws, foreign nationals are not allowed to own land in Bulgaria yet. They are able to buy a flat or house for example but not the land on which it is built. Fortunately this inconvenience could be overcome by registering a Bulgarian company. The companies registered in Bulgaria are legal entities. Once you become the owner and manager of a Bulgarian company, you are in the capacity to manage the assets of the company, which can include real estate. This way you will be able to buy any kind of property.

Q Is a 'visa' or any other formalities required to enter Bulgaria?

A • Holders of valid ordinary passports from the following countries do not need visa for a visit to Bulgaria for a period of up to 90 days within each period of six months: Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden.

• Holders of valid ordinary passports from the following countries do not need visa for a visit to Bulgaria for a period of up to 30 days within each period of six months: Andorra, Australia, Canada, Estonia, Ireland, Israel, Japan, Liechtenstein, Monaco, New Zealand, Switzerland, UK, USA, and the Vatican.

• For passport holders of countries enumerated in this section, a visa is needed only if: a. their stay in Bulgaria should exceed 30 days, or b. they require multiple entry for a longer period of time or a long-term visa.

• Holders of valid ordinary passports do not need visa to enter Bulgaria in accordance with acting international agreements: Croatia, Czech Republic, Hungary, Lithuania, Macedonia, Malta, Republic of Korea, Poland, Romania, San Marino, Slovak Republic, Slovenia, Tunisia, Yugoslavia.

• Holders of passports of countries not mentioned in I, II or III need a visa to enter Bulgaria.

o The processing of the visa applications can take up to 10 working days, as confirmation in each case has to be obtained from the Ministry of Foreign Affairs of the Republic of Bulgaria in Sofia.

Q What types of business organizations could be established for foreigners to invest in Bulgaria?

A The most preffered form of organization for foreign investors is a limited liability company. Other types are general partnership, limited partnership, joint stock company, etc.

Q What are the options to register a limited company?

A When it comes to register a limited company in Bulgaria with the purpose of buying a property, there are two possible options. You could register a company with 1% Bulgarian participation, or you can register a single proprietor limited company, which is 100% yours.

With the 1% Bulgarian participation, it is granted to someone from our company, and gives us the only right to register the company and then buy the property on your behalf provided that you do not wish to travel to Bulgaria. Then after the completion of the deal, this 1% can be given back to You with no charge for this, or we may retain it. (This is often preferred by our clients because with this 1% we can manage the property while you are away taking care of all the annual taxes and fees, and cleaning it on a regular basis.) In this case the process of the registration takes from two to three weeks.

In the case of the single proprietor limited company, the company is 100% yours and you are the only owner. This means that if you do not intend to travel to Bulgaria, we will have to take out a power of attorney in order to register the company on your behalf and then another power of attorney to buy the property unless you come here to do it personally). These powers of attorney should be notarized and certifies with a special stamp called Apostil, which can be obtained only in the Ministry of Foreign Affairs in your own country. This usually takes about a week for each of the items. And that is why the procedure becomes longer. The whole process of registration can take in this case from one to two months. That is why we usually recommend to our clients to adopt the first option with the 1% Bulgarian participation so that the purchase lasts about a month. Of course the choice Yours. You will eventually choose the best for you.

Q How to reserve a property?

A If you are interested in some of our properties and widh to reserve it, you will need to place a deposit which includes: - Reservation deposit 10% of the property's selling price - Our commission is 500.00 EUR for properties with selling price of up to 29,000.00 EUR and 3% for properties with selling price of more than 29,000.00 EUR. When we receive the funds we will take the property off the market (we will pay 10% deposit to the vendor) for a period of 30 days. During this period of time you have to set up a company in Bulgaria if needed and pay the rest of the amount in order to complete the deal and obtain the documents.