Legals - Phoenix Consult

Listed below are some of the measures we take:

• The services of a UK legal adviser to oversee the formulation of all contractual documents along side the local Bulgarian professionals.
• The appointment of UK based and internationally experienced appraisers (such as DTZ) to advise on property valuation.
• The appointment of UK based construction professionals, to monitor the design construction and quality of all developments.
• A package of contract documentation available in all major languages.
• Bulgarian, English speaking professionals are available at every level and on every discipline and are ready to advise and commutate every aspect of investment and project delivery process.

Legal and Taxation Support

Below, we have summarized basic legal and taxation information on real estate and land purchase in Bulgaria. For additional details, please consult your independent legal adviser or contact us and we will be delighted to assist you.

Legal Information

The Bulgarian Construction and the Foreign Investment Act provide national treatment to foreign investors, which means that foreign persons are entitled to perform business activities under the same conditions as Bulgarian citizens. Foreign investments in Bulgaria are covered by legal and international guarantees, except for minor additional requirements for land purchases as explained below .Each contract will be assigned a registration number, which can be referenced for any inquiries of proof of ownership.

Legal requirements for real estate purchases in Bulgaria in case the buyer is a foreign person /individual or company/:

Purchase of land:

Foreign companies and citizens can buy land in Bulgaria only through a Trade Company incorporated in Bulgaria. This company, registered in Bulgaria, will buy the land, whereas on the other hand, the same company may be 100% owned by the respective foreign person. Bulgarian participation in the company is not necessary at all. The owner of the company can be its manager as well. Agricultural land purchase in Bulgaria is free of VAT.

Foreign companies and citizens can buy buildings and objects in buildings without any restrictions. 

What is the stage in the process when the investor becomes official owner of the respective property?

The buyer becomes the official owner of the property the moment the final purchase contract in a special notarized form is concluded. The contract /title deed or Notarial deed/ is prepared by a solicitor and certified via a notary. After the signing of the contract in front of the notary it has to be filed in the special property register in the local Regional court / the register is similar to the cadastre register in some west European countries/.

/Please contact us if you require further information on setting up a company in Bulgaria./