What are the obligatory documents needed for a notary deal for transfer of Bulgarian real estate? • Document for ownership; • Certificate for tax evaluation; • Plan of plot of land (for real estate including land or ideal shares of land); • Declaration of the transferor under art. 264 of the… Read

What is assignment of a right of ownership? “Assignment of a right of ownership” - Assignment of the right of ownership from the debtor to the creditor is not regulated by the Bulgarian law. There is similar mechanism namely – the transfer… Read

What is right of retention? “Right of retention” - The right of retention is governed by the Commercial Act and the Contracts and Obligations Act.There are no specific regulations with respect to the right of retention in case… Read

What is mortgage? “Mortgage” - A mortgage is created on the basis of a notary deed. Mortgages on real property, flats or non-residential premises are subject to registration with the localrecordation office. The mortgage… Read

What is VAT? “VAT” - The VAT rate is 20%. According to the VAT Act transactions involving development land are VAT taxable except when the transaction concerns land adjacent to used buildings. In general, land… Read

What is land revenue tax? “Land revenue tax” - There is no land revenue tax in Bulgaria. Read

What is the meaning of exemptions of payment of property tax? “Exemptions of payment of property tax” - No local taxes are levied upon agricultural lands and forests, except in case the latter are developed. Further, real property with a tax evaluation up to… Read

When is payment of the property tax? “Payment of the property tax” - The real property tax is payable in four equal instalments until 1st February, until 31st March; until 30th June; until 30th September and until 30th November of the… Read