Serbia Travel Guide

Part of the Balkan Peninsula, Bulgaria is located at the crossroads of Europe and Asia. This is a small country, and has a varied and beautiful scenery includes a ski resort and the Black Sea coast extends about two hundred miles between Romania and Turkey.

Bulgaria has land borders with Greece, the former Yugoslav Republic of Macedonia, Serbia and Montenegro, Romania, and Turkey. The climate is temperate, humid winters and dry, hot summers. Natural hazards including the possibility of landslides and earthquakes.

Largest and most advanced of the Bulgarian ski resort is Bansko. This has legs recently held European Ski Championships, and the ski facilities and state of the art both much broader than in the smaller resort Borovetz and Pamporovo.

Bulgaria now has a free market economy. Especially agriculture, this country is an exporter of vegetables, fruits, wine, and tobacco. It is also quite popular with the yogurt. After a setback in 1996, the economy has grown in recent years. EU report in 2002 said it is likely to continue, but at a slower rate to a near 6 percent achieved in 2000.

This identifies the main problem for the Bulgarian economy of high public debt, high unemployment, and low domestic investment. However, the Bulgarian government’s commitment to tight fiscal control and structural reforms would open the opportunity for strong growth in the coming years, it concluded.

At the beginning of the year 2007 given the membership of Bulgaria to the European Union, because when the economy has received a healthy increase significantly.

Property prices are still quite low but has increased rapidly in recent times. The International Real Estate Federation put the December 2004 average price of residential property at 6650 pounds per square foot in London but only £ 280 in the Bulgarian capital of Sophia. Black Sea resort properties came in between 105 pounds and 350 pounds per square meter while the average annual price increases put in 23 per cent.

In order to have the land and apartments that sit on top of that, foreigners can buy property through a non-trading shell company. The cost to establish such a company is about ive hundred Euros. Purchase of property taxes much more attractive for a buy to let investors than in most other countries. Total cost of purchase was 2.34 percent of the property (compared with a higher percentage in France, Italy, Spain etc.) This includes 2.34 percent of notary fees, local taxes (stamp duty) and land tax. Attorney fees cost in the region of 1300 euros.

The process usually involves the purchase of an initial deposit followed by exchange of contracts and payment of further deposits between ten and twenty percent. Transfer of this document and signed in front of the Notary Bulgaria (this can be done outside the country at the Embassy of Bulgaria).

Notary Fees paid at a higher scale based on market price or book value of assets at rates different. The maximum is £ 1225. In addition, two percent of the market value of the property must be paid to local governments.

Net rental income, after expenses and taxes of the city, imposed a ten percent reduction. Net amount to be returned by the owners of property abroad, subject to the presentation of certificates confirming the tax has been paid. Realized capital gains are treated as income. 0.15 Local annual property taxes that states the value of property – tax estimation price is that written in the deed transfer but very often lower than the actual purchase price.