Bulgarian property – faq’s about buying property in Bulgaria and living in a Bulgarian home
Can I live and work in Bulgaria?
UK nationals need a visa or residence permit if they want to live permanently in their property in Bulgaria. Work permits are required in the absence of a residence permit.
Can I open a Bulgarian bank account?
Yes, and you will need to do so before you can buy a Bulgarian home. You only need a passport to open an account as an individual, in which case both a local currency (Lev) account and a Euro account are recommended. If you are buying property in Bulgaria as a limited liability company, you will need to open a business account as part of the incorporation process and will have to deposit 3,500 Lv until the company is formed. The funds from the business account can then be used towards the purchase of your Bulgarian property and the account closed.You can open a Bulgarian bank account only in Bulgaria. Some banks have English application forms.
Can I still claim my pension after I’ve moved to my Bulgarian home?
Yes. Inform the Pension Service that you will be living in your Bulgaria home a few weeks before leaving so alternative payment arrangements can be made.
Am I entitled to healthcare in Bulgaria?
Yes, but only emergency treatment is provided free. Non emergency healthcare in Bulgaria and all medicines bought in shops has to be paid for. Private health insurance is recommended for all owners of property in Bulgaria.
What types of Bulgarian property are available?
There is a wide range of Bulgarian property for sale from modern apartments to traditional villas to mountain chalets.
Can I get a mortgage in Bulgaria?
You can borrow up to 70% on a Bulgarian mortgage with the repayment term being between 15 and 20 years.
Are there any additional costs to buying Bulgarian property?
Typically, taxes and fees add 6-7% to the price of property in Bulgaria. If you are buying land with your Bulgarian property, you should add an extra 400-600 GBP.
Should I use a Bulgarian lawyer or stick with my UK solicitor when buying Bulgarian property?
Provided the lawyer is independent and understands Bulgarian property law, it does not matter. You can find an English-speaking lawyer in Bulgaria through the British Embassy in Sofia or contact a UK-based specialist in Overseas law.
Do I need to pay tax even if I am not living in my property in Bulgaria?
An owner of a Bulgarian home who is not resident in the country pays Bulgarian taxes only on income generated in Bulgaria ie on any funds generated from your Bulgarian property or from any other activities.
