|
News from SIBYLLA Real Estate Agency
It works in a correct and professional way for its customers
Information for foreigners in Bulgaria
According to the Commercial Law foreigner citizens can form Limited Liabilities Company (LTD) by its two variants - EOOD - where the founder is one or OOD, where the founder is more then one person. These could be only foreigners or foreigners and Bulgarian citizens. The person/persons will be liable for the company's obligations to the value of his/hers share in the company's registered capital. The shareholders conduct preliminary discussion on the commercial activities they intend to engage in. Based on their agreement, Articles of Incorporation are prepared and sighed by all shareholders. A dedicated bank account is opened to collect all share capital. The minimum share capital required is 5000 BGN (2600 €), which can be withdrawn later.
Property registration :
The purchase of real estate by foreign citizens in Bulgaria raises a new obligation at least for those who buy directly without registering a Bulgarian company. They should make a BULSTAT registration within 7-days after the deal in the Registry Agency (RA). This obligation proceeds from the new BULSTAT Register Act that comes into force in 11/08/2005.
BULSTAT registration should be required for property owners who are:
- Foreign legal entities that do not have such a registration - they are not registered according to the Commercial Act or Bulgarian Chamber of Commerce and Industry.
- Foreign individuals who are not permanent residents of the country. If the registration is not performed in the required term, the law foresees a penalty up to 700 BGN for individuals and up to 1000 BGN for the legal entities.
State Fees :
- local fee - 2% from the value of the property
- notary tax – it is calculated under a determined scale and is paid as percent from the value of the property
|
|
