When the first wave of Brits invaded Provence and Tuscany in a property-buying spree, they found derelict farmhouses and villas at rock-bottom prices and turned them into sought-after holiday homes. That was more than 30 years ago. Now cheap flights and wider EU membership is encouraging British buyers to look at markets from Bulgaria to Morocco in search of the next bargain-basement buy.

What is Bulgaria Like?
In many ways, Bulgaria remains the unknown country of the Balkans. Less newsworthy than the former Yugoslavia, and less heavily touristed than neighbouring Greece and Turkey, it`s a place that brings few distinct images to mind.

As with many little-known destinations, however, there`s a great deal to discover here: much of Bulgaria is like an open-air museum of Balkan culture, with beautifully decorated churches, fine mosques, wonderfully preserved rustic villages and a great deal of enduring folklore.

Low property prices, beautiful countryside, historic towns and unchanged rural traditions. The cost of living is also surprisingly low and makes Turkey look expensive. The food is good and a meal out costs €5, a beer €0.5, and an espresso €0.15. And if Bulgaria joins the EU, there is the possibility that property prices could take off, rewarding early buyers.

Buying in Bulgaria is easy and is not more or less difficult than buying in any other foreign country. There is only one specific thing that is to be taken into consideration and it is that according to the Bulgarian Constitution and legislation foreign persons currently are prohibited from owning land and can acquire only buildings but not land on which the buildings are built.

This is easily overcome by forming a Bulgarian registered company with you being a sole owner and director.
This law is due to be removed before EU membership in 2007 and it is one of the main reasons that property prices are so attractive compared with Western Europe.

Setting up a company in Bulgaria is very easy and our solicitors will do this for you. The preferred form of business is a Limited Liability Company /OOD/. It is a commercial company with share capital owned by its members whose liability is limited to the amount of the capital subscribed. One or more persons, including foreign nationals may found a private limited liability company. The minimum foundation capital is 5000 Bulgarian leva /2600 Euros/. You need to open a bank account and to deposit the initial company capital. This money can be withdrawn once the company has been formed. It usually takes up to 4 weeks for a company registration. You do not need to be present while your company is being registered as our solicitors will do this for you. All you have to do is to sign all relevant documents in English. You will be explained in details all steps and all documents that you will be signing. Charge for setting up a Ltd. Company is 550 Euros which includes all state’s, legal and solicitor’s fees.

We always recommend to involve a solicitor of your choice in every step you make to buy abroad!

Both buyers and sellers pay commission to estate agents, with charges ranging from 3 per cent to 6 per cent. There is also a form of stamp duty equivalent to about 2 per cent of the price. Balkan Ski Chalets charges 10 per cent of the purchase price, which includes agency fees, legal and translation costs but excludes stamp duty and survey costs. For properties with land the charge is 12 per cent, which covers the cost of setting up a company to buy the property. Many agents levie a 10 per cent charge to cover fees and legal costs, with a minimum charge of €1,500.

There are direct flights year round from the UK to Sofia, with the Black Sea served by airports at Varna and Burgas. Out of season, however, when the charter flights from the UK are not operating, visitors to the Black Sea will need to fly to Sofia and take an internal flight. For the best offers on flights you should try tour operators that offer flight-only deals.

 According to the “Alliance & Leicester International” report in 10 years time about 2.3 million British people aged over 50 or 1/8 of the British population will spend their money abroad. Till 2020 every fifth pensioner will live outside of England. Bulgaria is among the countries, where the retired British people would like to have a dwelling. Croatia, Turkey, Spain, France and the English speaking countries are also in the preference list. According to the report, till 2012 the governments will offer different tax concessions and other alleviations in order to attract the pensioners. It is expected till 2020 at about 100 billion British pounds to be “exported” out of the British Economics and spend abroad.