ALBANY BULGARIAN PROPERTIES / Our services
Listed below are all additional expenses over and above the actual purchase price of the property. Please note that these figures are for illustration purposes only and there may be other expenses involved depending on the customer’s personal choice or circumstances.
1. Notary fee – from 0.2% to 1.2% of the larger amount
Notary fee – from 0.2% to 1.2% of the larger amount - the purchase price or the property tax valuation (similar to stamp duty).
A Notary Public is a certified official that is authorised to transfer title and legalise property purchases in Bulgaria.
2. Government tax valuation fee (similar to stamp duty)
Government tax valuation fee (similar to stamp duty) – 3% of the larger amount - the purchase price or the property tax valuation.
3. Estate Agent’s fee 3.00%
Estate Agent’s fee is 3.00% of the actual purchase price of the property unless otherwise stated, but 2 000 EUR /GBP 1 500 minimum.
This includes: Sourcing properties - Finding and presenting properties meeting the requirements of the Client – Accompanied viewing
* of the chosen properties with English speaking agents - Negotiating the best possible terms of purchase – Comprehensive information regarding the Purchase – Consultation on the most beneficial terms of payment - Taking the property off the market – Liaising with client from start to finish.
* Viewings are charged at a rate of Euros 90 per day (5 minimum in that period, otherwise up to eight hours), plus Euros 30 per 100km travelled to cover fuel costs and wear and tear. This charge is waived if property is subsequently purchased from Albany properties.
4. Legal fees and expenses – EUR 700 / GBP 540.
This includes: Inspection of title documents – Preparing a Power of Attorney – Conducting negotiations – Legal advice and opinion on the conditions of the transaction – Transferring money and banking on behalf of the Client – Preliminary purchase contract in English and Bulgarian – Preparing and delivering relevant documents and paperwork in respect of the transfer – Providing a
translation service for the title transfer – Personal legal assistance for the title-deed signing – Registration of the property with the local tax authority – Registration of the company’s bank accounts with the tax authorities.
Optional: Full rights delegation on the transfer process up to successful finalisation of the transaction.
5. (Optional) Express Company registration for the purchase of land or a property with land – GBP 650/EUR 850/BGN 1650.
This includes: Court fees, Name of the company, Other fees, Solicitor’s fee, Stamp issuance, Registration in: the Tax office, Bulstat, Registration, Regional Labour Inspectorate, National Social Security Institute.
Changes in the address of management or any other alterations in respect of the registered company - extra EUR 300/GBP 230 (this includes state/lawyer’s fees, changes in registration in: the Tax office, Bulstat Registration, Regional Labour Inspectorate, National Social Security Institute.
Usually, setting up a company takes between 5 to 7 weeks, though this can be minimised with express registration. The papers required by the Court, which each company Director must provide are as follows:
Copies of passports, Copies of documents showing the residency address, Application to the Court, Articles of Association, Protocol from the Constituent Assembly of the company, two Notarised Declarations, a Receipt for payment of company capital, a Receipt for the State fee, a Business Tenancy Contract.
6. (Optional) Additional services
Additional lawyer’s services, tax consultation, visa provision and long-term stay in Bulgaria, organising flights, accommodation, rent-a-car, etc. – the price is by further agreement, depending on the service.
7. (Optional) Opening bank accounts EUR 10
You need to open two bank accounts – one personal and one for your company. The minimum required capital for the company registration is BGN 5000 (approx. EUR 2570, GBP 1800). This money will not be accessible until your company is registered, at which point you will be free to withdraw it.
8. Bank fees
Bank fees for the payment of the purchase price: if by bank transfer – between EUR 2 to 30. If you withdraw money for cash payments – between 0.2% to 0.5% of the sum - in this case the bank must be notified one to three days in advance.
9. Local fees.
Local fees are payable for three, six, nine or twelve months, depending on the date of the purchase and amounts to 0.35%, of which 0.15% is building tax and 0.2% garbage fee.
10. After sales service
- Monthly payment of electricity, water, security, etc. bills – EUR 20 per month.
- Payment of annual taxes on the property – EUR 20.
- Translation services – 20 to 100 EUR.
- Accounting services – EUR 200 yearly, paid once annually.
- Insurance of the property and furnishings – EUR 40.
- Rent-a-car - from 30 to 80 EUR per day, excluding petrol.
Here is an example of the total costs involved in the purchase of a GBP 33 500/EUR 43550 property.
This example is based on the following exchange rates. Only the EUR – BGN exchange rate is fixed:
| 1 GBP = 1.30 EUR |
1 EUR = 0.77 GBR |
| 1 GBP = 2.55 BGN |
1 EUR = 1.95 BGN |
| Expenses |
BGP |
EUR |
BGN |
| Property purchase price |
33 500.00 |
43 550.00 |
84 922.50 |
| Notary fee |
142.35 |
185.05 |
360.85 |
| Government fee |
1005.00 |
1306.05 |
2 546.80 |
| Estate agency’s fee - 3.00% |
1005.00 |
1306.05 |
2 546.80 |
| Lawyer’s fee |
385.00 |
500.00 |
975.00 |
|
36 037.35 |
45 541.10 |
88 805.15 |
| Company registration |
385.00 |
500.00 |
975.00 |
| Bank fees |
10.05 |
13.06 |
25.47 |
| After sales service |
|
|
|
| Total |
36 047.40 |
46 054.16 |
89 805.62 |
** Variable local taxes may apply and all figures above may be liable to change upon prevailing economic circumstances.
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