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FAQ:
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 sometimes the price written in the Deeds is not the actual
one?
In Bulgaria along with the actual price, exists also the so-called
TAX ESTIMATION PRICE. It’s always lower than the actual market price
of the property, because it’s used for taxation purposes. The common
practice is to write the TAX ESTIMATION PRICE in the deeds, because
it’s the best decision for sellers and buyers. Using the TAX
ESTIMATION PRICE means lower governmental taxes, notary taxes and
other expenses for both sides. If you insist the real price to be
written in the Deeds, you have to inform our team, so we can
negotiate it with the seller.
5. Why so many people want to buy in Bulgaria?
As Bulgaria is already a NATO member and will become EU member in
2007, the country becomes more and more attractive for rural and
holiday tourism. The reasons are mainly: wonderful nature and very
low property prices. However we advice you not to wait too long,
because the prices are slowly but certainly going up.
6. 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.
7. 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.
8. How can we move permanently to live in Bulgaria?
Moving permanently to Bulgaria will not be a problem after 2007,
when Bulgaria will become member of the EU. If you want to do this
before 2007, there is a procedure you have to follow. Our attorneys
will assist and guide you step by step in the process of becoming
Bulgarian.
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