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Do I need to consult a solicitor in my country?

No, generally you do not need a solicitor. Asta Bridge’s solicitors will do all the legal work, including the title transfer and will provide you with legal advice. This is a service Asta Bridge can offer you if you wish to take advantage of it. Should you prefer to have independent counsel prepare a title report for you, you are welcome to do so.


Who is your solicitor?

Your solicitor will be selected from a list of lawyers that we work with. All of them are highly qualified experts in the field of Bulgarian real estate. Your solicitor will support you during the whole purchase process, which includes finding the right property, thoroughly explaining the Bulgarian legal system, performing due diligence on the chosen property and registering the property.


Must I arrange my own notary in Bulgaria as I have no idea who to use?

Bulgarian law requires the use of a Notary Public within whose jurisdiction the property purchased is located. You can either sign the Title Deed in person or give Power of Attorney to your lawyer to sign it on your behalf.


I do not wish to travel to Bulgaria. Can Asta Bridge International Properties look after this matter?

If a buyer chooses not to go to Bulgaria upon signing the Title Deed, he/she can give Power of Attorney to his/her solicitor who will take care of all the legal requirements.


What is the procedure if I use the solicitor service provided by Asta Bridge International Properties?

You should fill out the Enquiry Form or ask your property advisor to contact our Legal Department. There is an official pricelist for all of Asta Bridge’s clients and you can obtain that list upon request.


Are there any restrictions on the resale of the apartments in the future?

There are no restrictions, but there are additional taxes and administrative formalities if you decide to resell your property. To do that, you simply have to contact your proxy for the drafting and the finalization of the relevant paperwork.


Is there any time restriction on the right of ownership?

Property ownership is indefinite. Banks are very comfortable with the title ownership rights of Bulgarian developments. This is why interest rates have dropped from 18% to 7% in the last 2 years.


Can I open a bank account in Bulgaria?

Yes. Non-Bulgarian citizens can open bank accounts in any currency. They can also freely repatriate any money deposited in such accounts. All it takes is visiting your bank office and filling out the relevant application forms.


I have heard that there are restrictions on foreign land ownership in Bulgaria. Do I have to reside in Bulgaria for a certain period of time or should I set up a local company?

The existing restrictions concern foreign land ownership only, not foreign property ownership. If you buy an apartment or a building, there are no restrictions. You do not need to set up a company or reside in Bulgaria. All restrictions concerning EU citizens’ property and land ownership will be lifted after 2014.


What is a preliminary contract?

The preliminary contract is preliminary in the sense that it precedes the Title Deed, which is available once the property has been completed. The preliminary contract requires the two parties to sign a final contract in the form of a notary deed, which transfers the ownership of the property. The preliminary contract is binding for both parties and is subject to execution and enforcement. The preliminary contract is necessary because the property is still under construction and the seller cannot transfer the ownership title until all construction has been completed. The preliminary contracts that we offer require developers firstly to build the property and secondly to transfer the title of ownership once the property has been completed. The seller is liable for all payments made if he fails to finish the property. The title may be transferred to the buyer by court order if the seller fails to do that.


What is a Title Deed? Does it prove ownership?

Yes, the Title Deed is by far the most common title deed under Bulgarian law, and it is generally accepted as proof of ownership. The Title Deed is required for the transfer of property ownership. It is concluded by the seller and the buyer in front of a Notary Public who certifies their signatures and their will to sell and buy. The Notary Public keeps a copy of the Title Deed and registers the property with a special Registry Agency. The Deed is drafted and executed in Bulgarian, but your solicitor will translate and legalize it for your convenience.


How can I ensure there are no mortgages or other rights of third parties over my property?

You should ask for a liens and encumbrances certificate, and your solicitor will obtain the most recent one for you. Your Bulgarian lawyer will be required to show that certificate before the transfer of ownership takes place.


Is the purchase freehold or leasehold?

The property is neither freehold, nor leasehold. Neither one of these terms is recognized by Bulgarian law. What you should obtain with the purchase of property is superficia, which means ‘above the land surface rights’. This is the right to possess a building or part thereof.


What is “rough construction”? It seems too vague to my lawyer!

"Rough construction" is defined by the Spatial Development Act as a stage of building where the walls and the roof have been completed, but the finishing work has been executed partially or has not been executed at all. The public authorities that supervise the construction of the development will issue a certificate that certifies completion.


Who is in charge of issuing building permits in Bulgaria?

Building permits are issued by the Architect-in-Chief of the respective municipality upon approval of the developer's architectural plans for the project. The building process cannot physically commence before the building permit has been issued.


Can I visit the property during construction to check the building quality?

Yes, you can certainly do that. The law entitles you to make inquiries and inspect construction at any stage. It also obliges us to produce relevant documents upon request.


Do I have to pay taxes in Bulgaria?

Unfortunately, yes. Fortunately, taxes are not very high.

Transfer costs:
You have to pay stamp duty and few other local and state taxes, which amount to about 2.7% of the actual price of the apartment.
Property tax:
Once you acquire your property you will have to pay annual property tax and sewerage taxes to the municipality. Those taxes are different for different areas and rarely exceed 0.15% of the tax evaluation price of the property.
Income tax:
If you let your apartment, you will have to file an annual tax return to declare the income you have generated and will be taxed accordingly.

You are always warmly welcomed at

sales@asta-bridge.com

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