FAQ / Legal Services in Bulgaria

FAQ / LEGAL SERVICES

1. Can you provide more information about Bulgaria?

Location:
Situated in Southeast Europe. Occupies an area of 111 000 sq. km in the eastern part of the Balkan Peninsula. Average altitude - 470 m.

Area:
total: 110,910 sq km
water: 360 sq km
land: 110,550 sq km

Land boundaries:
total: 1,808 km. Border countries:
Greece 494 km, The Former Yugoslav Republic of Macedonia 148 km, Romania 608 km, Serbia and Montenegro 318 km, Turkey 240 km

Coastline: 354 km

Population: 8 million

Capital: Sofia (population – over 1 million citizens)

Religion: Eastern Orthodox.

Language: the official language: Bulgarian. Uses only the Cyrillic alphabet. Road and direction signs in populated areas, resorts, railway stations, airports and along the main motorways are also spelled in Roman letters. English, German, French, Russian and other languages are spoken in the country.

Time difference: Wintertime: GMT + 2 hours (October through March). Summer time: GMT + 3 hours (April through September).

Specific Bulgarian holidays:
March 3 - National day of the Liberation from Ottoman Domination
May 6 - St. George's Day
May 24 - Day of Bulgarian Enlightenment and Culture
September 6 - National Day of Bulgaria's Reunion
September 22 - Independence Day

2. Is it possible after the company is already registered to add another partner?

Once the company is registered we can always add a new partner. There is no problem a Single Person Limited Company to be turned into a Limited Company for example.

3. What happens with the property if the company is SP Ltd. and the owner dies?

According to Bulgarian law, companies are inherited as any other personal possessions. If you have SP Ltd. and something happens to you, your children and your spouse will inherit the company.

4. Why so many people want to buy in Bulgaria?

Bulgaria is already a NATO and EU member. The country becomes more and more attractive for rural and holiday tourism. The reasons are mainly: low taxes (currently only 10% on the profit), wonderful nature, very low property prices, and excellent quality services at very good prices.

5. If my property is insured and something happens, what's next?

If you possess a property and it's insured, you have nothing to worry about. In case something happens, the insurance company will send an agent to estimate the damages, and you will receive compensation corresponding to the estimation.

6. What is the procedure with the preliminary contract?

When you send deposit to reserve a property, our lawyers sign a preliminary contract with the owners. The usual length of a preliminary contract is 2 months (and 1 more in cases of extraordinary situations). If during these 2 months the seller decides to quit from the contract, he is obliged to give back the deposit – DOUBLED! If the buyer quits – he loses the deposit.