| Bulgaria
joined the European Union on the First of January 2007 and is on
its way to turn into the Riviera of the Balkans. The improved economic
conditions, political and social stability in Bulgaria over the last 3
years brought to a real boom of the prices of property in Bulgaria. Other
important factor for the rising property market is the huge tourism potential
in our country. There are great natural attractions - high mountains, beautiful
and clean Black Sea coast, preserved rural areas, minimum urbanization,
thousands years of history.
Nowadays
Bulgaria is considered as the fastest growing tourism market in Europe.
Summer tourists are attracted to the beautiful white beaches along the
Black Sea coast and Bulgaria’s long hot summers. And winter tourists
are drawn to Bulgaria’s stunning mountains and fast developing winter spots
resorts.
Incredibly,
Bulgaria is now the third most popular holiday destination after Spain
and France for British holidaymakers. This is something that foreign buyers
of property in Bulgaria appreciate the most. |
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Together
with the constantly rising prices, buying property in Bulgaria is one of
the best investments that one can make these days with prices likely to
increase with EU membership, as well as been a great retirement home.
The Bulgarian
property market is among the cheapest in Europe, but is catching up. Last
year prices rose by about 35 per cent, and in the lead-up to EU accession
in 2007 annual rises of 25 per cent are predicted. The increase in foreign
investment is set to continue because of Bulgaria’s expected EU membership
perspective and the constantly expanding tourist industry. All these factors
add up to show exactly why the real estate market in Bulgaria is one of
the strongest and most profitable property investment markets currently
and why the growth is set to last.
Bulgaria
has one of the most liberal foreign investment laws in the region. We
would like to draw your attention to the land purchasing process. According
to the Bulgarian Act on Foreign Investment; currently foreigners can buy
buildings but not land. Therefore the most common method for foreigners
is to set up a Ltd. company which then owns the land. Foreign investors
are not put off by the fact that they are not legally permitted to own
land in their own name - they simply establish a Bulgarian company and
purchase through that. |
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| As the legal
owner of the Bulgarian company which owns the property the foreign purchaser
becomes the legal owner of the property!
It is simply
a legal way around the current law on property ownership rights.
The law does not limit the extent or amount of foreign participation in
companies. Foreign individuals and companies can open unlimited number
of accounts in any Bulgarian banks, in any hard currency or the local Bulgarian
Levs.
Today Bulgaria
not only offers one of Europe’s most attractive and unspoilt holiday destinations
it is also host to what will be one of the most dynamic and as of yet relatively
untapped property and real estate markets. Anyone hoping to retire overseas
on a budget should look to Bulgaria. Buying overseas can be an exciting
and profitable experience by taking your time to understand the buying
process you will ensure that your property purchase in Bulgaria is a happy
and enjoyable experience. |
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