Frequently Asked Questions:
What's the weather like?
Weather in Bulgaria makes the country an ideal destination for both - Summer holiday or Winter breaks. If you're looking for guaranteed sun and the atmosphere of the Mediterranean, but without the crowds, then make Black Sea your next destination with more than 300 hours of sunshine in the High season. For those who love mountains - it is here in winter that some of the best skiing in Europe can be enjoyed, with excellent lift facilities and ski runs. Generally summers are longer and warmer (and guaranteed) whilst the winters are shorter but can be more severe. The coastal line has a mild climate and rarely sees snow in winter. For 5 months (May - September) average temperatures are 25 degrees Celsius and often above in the peak summer period.
What is the cost of living?
The cost of living in Bulgaria is the lowest in Europe. Red wine from Melnik (Churchill's favorite) is a pound a bottle. A cooling pint of beer Zagorka at a local pub ('mehana') is 60 Euro cents. Domestic cigarettes are 70 euro cents a packet. A taxi journey costs a Euro. Dinner for two, based on wonderful organic produce, starts from 8 Euro.
How do we travel to Bulgaria?
Direct international flights are available to the capital Sofia, Varna all year round. Direct charter flights to the Black Sea (Varna or Burgas) are available during the spring/summer months.
Do I need a visa to enter and stay in Bulgaria?
British citizens can enter BG and stay for up to 30 days in every 6 months without the need of a visa. These stays can be extended locally, depending on circumstances. Longer stays may be arranged subject to the appropriate visa being issued.For further information please contact the Bulgarian Embassy in London on 0207 584 9400 or check http://www.bulgarianembassy.org.uk/. The British Embassy in Bulgaria also provides information at http://www.british-embassy.bg/.
Are there any restrictions for foreigners?
According to the Bulgarian Act on Foreign Investment, foreigners can buy buildings but not land. Therefore the most common method for foreigners is to set up a company which then owns the property. We can organize the entire process from start to finish. We expect the law to change within the short to medium term as Bulgaria opens its doors fully in line with its expected entry into the European Union. This historic restriction is one of the reasons why property prices are so competitive compared to Western Europe.
What are the long-term economic prospects?
Following the changes in 1989 throughout Eastern Europe, Bulgaria has been going through a transformation from a state-controlled economy to an open market economy. Recently the main economic indicators have stabilized. Bulgaria has been invited to join the European Union in 2007. Until then the European Union is investing millions of pounds in upgrading the country's infrastructure - roads, airports and so forth - as well as schemes such as the Beautiful Bulgaria Project targeted at refurbishing the historical architecture and tourist resorts. At the same time, new private investment will bring Bulgaria in line with its European neighbours in the near future.
Are most properties sold with Freehold?
Yes, all properties are sold with freehold.
How long it takes to complete a property purchase?
It takes about 4-6 weeks from the moment the client agrees the purchase price of property to the moment of the notary deed.
Are there any restriction for foreign property owners?
According to the Bulgarian law, foreigners can only buy buildings but not land. To enable foreigners to buy land it is necessary for them to set up a company that then owns the land. When Bulgaria enters into the EU it is expected that this law will change.
How do we set up a company to own land in BG?
Our lawyers will undertake the whole process for you. All you need to do is a) name your BG limited company, b) open a company bank account, c) deposit at least 3500 Leva in the account for between 6-8 weeks and d) pay the cost of legal work c. £500
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