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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…
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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…
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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…
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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…
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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…
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What is land revenue tax?

“Land revenue tax” - There is no land revenue tax in Bulgaria.
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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…
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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…
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