Foreigners who purchased land or a home in Bulgaria before 2008 are being reminded to re-register their Bulgarian property before December 31st or potentially face losing their holiday home.
Because overseas nationals are not permitted to buy land or plot with a house on it in their own name, the land portion must be purchased through a Bulgarian registered company. Foreigners do possess the right to purchase apartments.
Brid Doherty of DG International Tax recently told the press that under Bulgarian commercial law, such companies must re-register with the Bulgarian Registry Agency before December 31st this year.
Companies failing to re-register face being removed from the Bulgarian Registry and placed into liquidation. This would result in a loss of company assets as well as responsibility for the liquidation costs.
There is mounting concern that many overseas nationals who own properties in Bulgaria could fail to meet the deadline.
For further information contact Imoti Bulgarian Properties at [email protected] or DG International Tax on [email protected].
Bulgaria has been named the fourth most popular ski destination, ahead of Switzerland, based on holiday rental home enquiries received on holidaylettings.co.uk.
To read out guide to buying a property in Bulgaria, click here.