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Bulgaria has one of the most liberal foreign investment laws.
One of the most important aims of the Bulgarian policy is to attract foreign investors into the Bulgarian economy.
Visa regulations
You must hold a passport with at least six months validity. Irish and other EU nationals are permited to stay in Bulgaria for 90 days without a visa. UK, US, Candian, Israeli visitors are permitted to stay without a visa for a maximum of 30 days, within a six month period, counting from the first date of entry. If you wish to extend your stay, or would like a business visa please check prior to departure with the Bulgarian Embassy. Within 48 hours of your arrival, by law, you must register with the local police station. This is not a complicated procedure, and only applies if you stay with friends or in your own accommodation. If you book into a hotel, you need not worry as they automatically do this for you.
For British nationals, a comprehensive first hand information on visa issues is available from the Consular Section of the Bulgarian Embassy in London.
Bulgarian law
According to the Bulgarian Constitution and legislation foreign persons and companies can invest in real estate in Bulgaria either personally or through a local legal entity. Generally speaking, foreign investors can acquire only buildings but not land. Foreign investors however purchase land as a Limited company,which holds the land for the investor.
The set up of a company company can be done by a Bulgarian lawyer in about two week's time. The Limited Liability Company is the one that is recommended. In order to register a Limited Liability Company there is a legal requirement to deposit at least 70 % of the required by the Law minimal company capital amount of BGN 5 000 ( at about GBP 1800 ) in your Company Bank Account. It means at least BGN 3 500 (at about GBP 1250). This money remains yours at all times and can be withdrawn once the company is registered. Bulgarian law allows you to use the company to renovate and improve your property as you wish as well as to buy other real estate. Foreign organizations have the right to open bank accounts. There is no limit to the company stake they possess.
All the documents you will need and all the steps which must be taken will be explained to you by our legal advisors. |
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