| What is
the currency? - The currency is the Lev which is now linked to the
Euro. Most major transactions such as the purchasing property are carried
out in Euros . Exchange rate: £ 1 = 2.82 Levs (Jan '06).
Do they
speak English? - The major resorts and developments welcome and embrace
British Tourists with open arms and the majority of Bulgarians speak English
as their second language.
Will I feel
welcome in Bulgaria? - Britain is the major contributor to the booming
tourist economy and English is the first foreign language spoken, so you
will be very pleasantly surprised about the welcome and service offered
to you by the Bulgarian people. They want you to keep coming back to their
country, and believe me it shows!
Is it safe?
- The crime rate is very low and statistics compare very favourably
with all other European holiday destinations. Most visitors comment on
how safe they felt at all times of the day in the resorts and all our apartments
benefit from 24 Hour on site security.
What about
sanitation? - Bulgaria is a modern European country, it has major cities
and resorts where the facilities are as good as anywhere in Europe , yet
not over developed.
Will my
phone work in Bulgaria? - Yes, all mobile networks are supported.
What are
property prices like in Bulgaria? - The property prices in Bulgaria
are considerably lower than those elsewhere in Europe. A brand new apartment
right on the sea front in a popular holiday town can currently be purchased
for around £35,000 GBP with rural properties selling for even less
than £7,000 GBP. Buying property in Bulgaria is also a great investment
as prices are steadily increasing and are set to go up considerably when
Bulgaria joins the EU.
What kinds
of property are on the market? - We have a wide variety of properties
available from seaside apartments to mountain chalets and country homes.
We are also able to source individual properties and land via our bespoke
property finders service.
Is it secure
politically and what are the long term economic prospects? - Bulgaria
ceased being a communist country in 1989, shortly after the fall of the
Berlin Wall. Since then wide sweeping reforms have taken place. Already
a full member of NATO, Bulgaria has been invited to join the EU in 2007.
It is a fast growing market economy. The country is best known as a tourist
destination for both summer and winter holiday makers and for its wine
making. The European Union is currently investing millions of pounds to
help improve Bulgaria's infrastructure (this is very visible on the Black
Sea Coast where the main Coastal road is being widened and re-surfaced
to provide better access for the rapidly developing tourist industry. Since
the introduction of the currency board in 1997 Bulgaria has been a politically
stable country with a developing economy. The conditions and guarantees
for foreign investors have generated excellent business opportunities and
investment growth potential.
Why should
I use British Developments to help me to buy a property in Bulgaria? -
We
understand how important making the right decision is for all our customers
when buying abroad. We consider no two clients to be the same. We endeavour
to understand fully your needs, hopes and aspirations before using our
local knowledge and expertise to help you make the right decision. We are
firmly established in Bulgaria and we are confident in the prospects for
property growth. We have invested considerably in our prestigious Burgas
offices and recruited some of the most talented young professionals in
the area. We believe in the team and they have a shared passion for seeing
the success of their native country enhanced by the attraction of new investors
and the increased prosperity they bring. We want your purchase to be informed,
simple and enjoyable. Our job is simply to make the purchase of your new
home the fun and enjoyable experience you would wish.
What is
the law on foreigners owning property in Bulgaria? - "Foreign nationals
and foreign legal entities may acquire ownership title over buildings and
limited ownership rights over property in the Republic of Bulgaria. Foreign
individuals cannot own land (this is a Constitutional prohibition until
they join the EU). However, the Foreign Investment Law removed the restrictions
on acquisition of land by locally-registered companies with foreign participation.
By setting up or joining a company incorporated under the Bulgarian legislation
foreign persons can acquire full land ownership rights including ownership
rights on agricultural land."
Do UK citizens
need visas and how long can we stay? - British passport holders are
automatically entitled to a month's stay in Bulgaria (free of charge).
This period can then be extended locally. The Bulgarian Embassy in London
will provide you with comprehensive information on visas and residency
permits. You can contact them on 0207 584 9400 or visit their website www.bulgarianembassy.org.uk.
What about
taxation? - Taxes for each property depend on its price. The combined
State and local taxes will usually be equivalent to 2 % of the property
purchase price.
Are mortgages
available on Bulgarian Property? - Finance is not yet available to
foreign nationals in Bulgaria. We do however have a range of finance schemes
and mortgages available from UK lenders to assist you in purchasing your
property. Please call us for further information.
How can
I rent my property? - A number of the developments we offer come with
guaranteed rental income and full management service. On all others we
can arrange a rental agreement each year or a bespoke letting service.
We also have a lettings management department that is able to assist with
the management of your properties. Contact
us for further information. |