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Buying a Property in Bulgaria

Money matters

Bulgaria’s currency is the lev (plural leva), often written as Lv or BGN. The current exchange rate is 1 lev = £0.43 sterling. Conversion to the Euro is planned for 2013, provided the economic conditions are met.

Opening a bank account in Bulgaria is straightforward, on presentation of a valid passport. To open an account, you will be required to make a deposit. Bureaucracy in Bulgaria is notoriously slow, so be prepared to wait and be patient.

The import and export of Bulgarian currency to the value of 8,000 leva (approximately £3,445) is allowed without declaration, but amounts greater than this must be declared, as must foreign currency in excess of US $1,000 (approximately £615).

Passports, visas and residency

UK passport holders do not need a visa to visit Bulgaria for a period of up to 30 days in a six-month period. Passports should be valid for the period of intended stay. From 1st January 2006, all children entering Bulgaria have been required to have their own passports.

Residency

At present, British citizens intending to live in Bulgaria must apply to the Ministry of Internal Affairs for a long-term residence permit. Providing the applicant has the means to support themselves and meet other qualifying criteria, a permit for up to one year may be granted, which thereafter should be renewed by application annually. After five years, the holder of a long-term residence permit can apply for permanent residency.

Again, the rules pertaining to residency are likely to change as the country adapts to being part of the EU.

Work permits

Those intending to work in Bulgaria must have a work permit as well as a residence permit. The permit must be obtained before you arrive; it is not permissible to stay in Bulgaria while a work permit is being processed. If you bring dependent family members with you, do note that they do not automatically have the right to work in Bulgaria.

The Bulgarian economy

According to the Bulgarian National Statistics institute, the Bulgarian economy grew by 1.7 per cent in the last quarter of 2010, and the country’s Economy Minister, Traicho Traikov, is positive about 2011.

Traikov has predicted that the growth in GDP for this year will be 3.6 per cent – however the World Bank has a slightly more conservative estimate of just two per cent. Either way, as long as the economy is growing, there is hope that the property market will follow suit.

And finally...

Bulgaria offers great opportunities for Britons looking to buy a property abroad for personal use, while the market for investment property has been less successful in recent months. It’s still wholly possible to buy a studio apartment for not much more than £50,000, but be sure to adjust your expectations to accommodate a country whose infrastructure and communications (including roads, telephones and so on) are not as advanced as those we are used to in the UK – although they are modernising rapidly, and will continue to do so, having joined the EU in 2007.

Also, bear in mind that, at present, there are not many airlines flying to Bulgaria, and that flights can be expensive. Again this is changing and the airline market is opening up to low-cost carriers and charter flights alike. Additionally, buying a property, while not radically different to doing so in the UK, does have its local idiosyncrasies – for example, the buyer, as well as the vendor, may be expected to pay a fee to the estate agent. Therefore, to ensure a trouble-free purchase, engage the services of an independent English-speaking lawyer, and take advice on tax issues, mortgages and foreign exchange.

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More pages

Page 1: Why buy property in Bulgaria?
Page 2: Bulgaria's Black Sea coast
Page 3: Money matters

Related Articles

• Mortgages in Bulgaria
• Guide to Mountain Resorts
• Guide to Bulgarian Cities
• Guide to the Black Sea Coast
• Considerations for buying property
• Bulgaria: An Overview
• Emigration Fact Sheet

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