Bulgaria
COUNTRY INFO
Bulgaria is situated in South Eastern Europe. It borders Greece and Turkey to the South, Romania to the North, Yugoslavia and Macedonia to the West & the Black Sea to the East. Population is just over 8 million. The official language is Bulgarian, a Slavic language using the Cyrillic alphabet.
Politics
Bulgaria is a constitutional republic.
Bulgaria is a member of the EU and NATO.
Economics
Bulgaria is undergoing a transition from centrally planned economy to a market one. Tourism and agriculture emerge as the main industries. Wine is Bulgaria's biggest export. Over 90% of Bulgarian land was never fertilised with non-organic fertiliser. Hence, the potential for organic only farming. Bulgaria’s work force is well educated & not expensive.
Real Estate
The Bulgarian real estate market is currently experiencing rapid property growth. Current hotspots include the capital city Sofia, the Black coast resorts and the alpine ski resorts. Zoldi are developing alpine holiday homes near Borovets.Borovets is a long established ski resort which is scheduled to receive a 300 million Euro upgrade within the next few years. Borovets has a short 1 hour transfer to sofia airport. Zoldi are developing apartments in the Alen Mak area of Golden Sands and near the beautiful beach at Byala.
Nature & Tourism
To the East Bulgaria borders entirely the Black Sea. Beautiful sandy beaches cover nearly 60% of the coastal line & attract numerous local and foreign visitors each year. The Black Sea is an enclosed sea that connects to the Mediterranean via the Bosporos. Hence, the water temperature is higher than that of the Atlantic ocean. It is not unusual that on a hot summer’s day sea temperature reaches 25°C.
Bulgaria boasts several magnificent mountains. The Rhodopes, home of the popular ski resort Pamporovo. Rilla Mountain, home of the popular ski resort Borovets. Stara Planina Mountain range which crosses the country East/West dividing it into North and South Bulgaria respectively. Pirin a home of 45 peaks each above 2590 m and the emerging ski resort Bansko.
The numerous nature reserves & natural parks offer great opportunity for outdoor pursuits such as mountaineering, bird watching etc.
There are many fascinating monasteries, Roman, Ancient Greek and other cultural sites.
Climate
There are four distinct seasons: spring, summer, autumn & winter. The average temperatures vary depending on where you are. Typical average daily temperatures are:
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
July |
Aug |
Sep |
Oct |
Nov |
Dec |
|
|
Borovets |
||||||||||||
|
F° |
30 |
33 |
41 |
48 |
59 |
65 |
71 |
74 |
61 |
54 |
42 |
33 |
|
C° |
-1 |
1 |
5 |
9 |
15 |
19 |
22 |
23 |
16 |
12 |
6 |
1 |
|
Plovdiv |
||||||||||||
|
F° |
33 |
34 |
44 |
54 |
62 |
73 |
74 |
76 |
65 |
55 |
45 |
36 |
|
C° |
1 |
3 |
7 |
12 |
17 |
23 |
23 |
24 |
19 |
13 |
8 |
3 |
|
Sofia |
||||||||||||
|
F° |
30 |
33 |
41 |
51 |
60 |
66 |
73 |
75 |
61 |
54 |
42 |
33 |
|
C° |
-1 |
1 |
5 |
10 |
15 |
19 |
23 |
24 |
16 |
12 |
6 |
1 |
|
Varna |
||||||||||||
|
F° |
36 |
43 |
43 |
54 |
62 |
70 |
75 |
74 |
68 |
60 |
49 |
39 |
|
C° |
3 |
6 |
6 |
12 |
17 |
22 |
24 |
23 |
20 |
16 |
10 |
4 |
Travel
Balkan Air Tour and British Airways operate direct flights from London to Sofia, the capital of Bulgaria. Balkan Air Tour fly several times a week (Monday, Wednesday and Friday) from London Gatwick to Varna. For more information, please contact:
Balkan Air Tour tel. +44 (0)20 7637 7637 Email: airport@balkanair.co.uk
British Airways tel. +44 (0)845 779 9977
Balkan Holidays tel. +44 (0)845 130 1114 www.balkanholidays.com
We will be pleased to assist you with your travel plans. Please contact us before you travel.
Driving in Bulgaria
We drive on the right! If you are entering Bulgaria by car, you will need to carry documentation proving that you own the vehicle or that the owner of the car consented for you to drive it. You will also be expected to carry a certificate of insurance, as well as your valid european or international driving licence. Foreign vehicles travelling on Bulgarian roads require a tax disc (Vignetka) which can be purchased at the border.
Rent-a-car services are available at the airports or via your hotel.
Currency
Lev = 100 stotinki (Plural of Lev is Leva)
In 1997, the lev was pegged to the Deutsche Mark in at the value of 1 to 1. It is now pegged to the Euro at the same value as the Deutsche Mark. Hence, approximately 3 leva to a £1.
VISA INFORMATION
Visit of up to 30 days
Holders of valid EU passports do not require a visa in order to visit Bulgaria. Other passport holders are advised to check with the Bulgarian consulate.
A comprehensive first hand information on visa issues is available from the Consular Section of the Bulgarian Embassy in London or via their website www.bulgarianembassy.org.uk
Bulgarian Embassy
186-188 Queen’s Gate
London SW7 5HL
Visa Section Office Hours 9.30 to 11.50 Mon, Tue, Thu and Fri
24 Hour Visa Information Service Tel: 09065 508 950
24 Hour Fax on Demand Visa Application Form Service Tel: 09065 540 819
24 Hour Post on Demand Visa Application Form Service Tel: 09065 266 664
Individual Inquiries on Submitted Applications, please call tel. 020 7584 9433 between 12.00 a.m. & 1.30 pm
BUYING A PROPERTY IN BULGARIA
Foreigners can buy buildings, the right to build and other land related rights such as the right of use & passage but cannot buy land. Acquiring property (except land) is made easier by the new Foreign Investment Act (1997) which lifted the requirement to seek prior approval of the Ministry of Finance to conclude such purchases.
Foreign judicial and physical persons can however acquire land via a Bulgarian registered company. The legislative intention is to provide this opportunity to foreign persons who intend to engage in commercial activity in Bulgaria. Offering hotel accommodation (except when rooms in main residence are rented out) is considered a commercial activity.
The regulation relating to prior approval from Bulgaria's Council of Ministers in regards to purchases within border zones is no longer in place.(last updated 04/05/2004)
The restriction on land ownership on foreigners, as established by the Constitution of 1991 is now publicly discussed & is likely to be modified or lifted in the accession to the EU. We will keep all our customers informed on the developments. Any change towards less restrictive legislation is likely to increase property prices.
STARTING A BUSINESS IN BULGARIA
Foreigners have equal rights to Bulgarian citizens when participating in business life in Bulgaria.
The Bulgarian Foreign Investments Agency reports that the most popular form of engaging in business in Bulgaria is via a limited liability company (OOD). Please view our services page for more information on company formation & regulations.
SOURCES OF USEFUL INFORMATION
Various publications are available via good bookshops & www.amazon.co.uk.
Up-to-date travel guides:
The Rough Guide To Bulgaria - published 2002
The Lonely Planet Guide To Bulgaria - published 2002
Websites:
www.novinite.com (Bulgarian website for Bulgarian News in English)
www.bfia.org (Bulgarian Foreign Investment Agency)
Advice on Buying in Bulgaria
Buying a property in any country can never be entirely stress free. Bulgaria is relatively unexplored and undeveloped market for investment and this adds to the stress and risk, as well as opportunity our market offers.
The Language
All official documents in Bulgaria, including property title, must be in Bulgarian language. The courts, municipalities and notary publics communicate in Bulgarian only. Only the official, Bulgarian language, document is valid in case of dispute. We recommend you do not sign anything unless a person with the appropriate qualifications or a licenced translation bureau have translated the document for you.
The Law
Property transactions and inheritance of properties on the territory of Bulgaria are governed by Bulgarian Law.
The Process of Purchasing a Property "Step-by-Step" (figure 1)
This service will be undertaken by a Bulgarian lawyer and a researcher who, if necessary, will consult an independent notary public (not the notary in front of whom the transaction will be completed). The charge is 1% of the total transaction value, minimum charge of £850. We retain the right to reconsider this charge where the purchase involves property in process of privatisation, state or municipality property, estate property and other cases where deemed appropriate. The service includes assistance with the following stages:
Company Incorporations
The Bulgarian Foreign Investments Agency reports that the most popular form of engaging in business in Bulgaria is via a Limited Liability Company (OOD). Therefore, we have prepared an overview of registration process & requirements of OOD herewith. Please contact us if you require further information on OOD and information on other types of companies.
Who can form a Limited Liability Company?
A foreign or Bulgarian person (judicial or physical). The person/persons will be liable for the company's obligations to the value of his/hers share in the company's registered capital.
Formation Stages in Brief
The future shareholders conduct preliminary discussions on the commercial activities they intend to engage in. Based on their agreement, Articles of Incorporation are prepared & signed by all shareholders.
Content of Articles of Incorporation- the trade name, the seat and address of management of the company
- the purposes and the time period for which the company is being set up
- the names or, respectively, the trade names of the shareholders
- the registered capital. Where the full amount has not been paid at incorporation, the articles shall set the time periods and terms for payment. The term of final installment of the whole size of the capital cannot be longer than two years from the registration of the company, respectively from the increase of the capital.
- the number of shares taken by each shareholder
- the management and manner of representation
- the privileges of the shareholders, where agreed upon
- other rights and obligations of the shareholders.
Capital
A dedicated bank account is opened to collect all share capital. The minimum capital is 5,000 leva. Shareholders at time of registration must have paid at least 1/3 of their respective shares. It is required that at least 70% (3,500 leva) of the capital is raised at time of registration.Company Registration
The company exists from the moment it is added to the Commercial Registar of the district court of where the company will be based. The entry is made upon issue of a district court decision for the incorporation. The following documents must be available at the time of the submission of registration application to the district court.- Articles of incorporation;
- Memorandum for appointment of Director/ Directors;
- Proof that each shareholder has paid at least one third of its interest, but not less than 10 leva;
- Proof that at least 70 per cent of the registered capital has been paid.
Publication of the Registar entry in the State Gazette
The Bulgarian State Gazette is the official paper of Bulgarian State. All Bulgarian legislation is published there for the law to take effect. Publication of the company entry in the Commercial Registar does not complete your company formation. It announces to the general public the act of formation.
Costs Involved3,500 leva = 70% share capital. Administrative costs (payable to the state & registration court) are 250 leva (just over £70). Our market research shows that foreigners are charged up to 1500 leva (£500) for the services of a lawyer for the incorporation.
The Limited Liability Company incorporation service we offer is charged at a flat rate of £475 (or £525 for incorporations from the UK) . This excludes the minimum capital that you need to raise prior to registration.
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