FAQ’S Bulgaria
Q. Do I need to go to Bulgaria to inspect the property?
A. In our opinion there is no need for you to incur the extra expense and inconvenience as we have done the due diligence on your behalf . We do not see the benefit of you spending your hard earned cash for the privilege of standing in a soggy field, which is usually the case with the majority of off plan developments! However, please remember this is solely your choice, but in our opinion it is a wasted expense to you.
Q. Is it possible to buy without coming to Bulgaria?
A. Yes. However, you will need to give your solicitor power of attorney so that they may act on your behalf.
Q. What is the law on foreigners owning a property?
A. Foreigners are not allowed to own land but may own buildings, although you can take ownership of land by setting up a Bulgarian Limited Company to hold the property for them. This is a simple process which is normally undertaken by the solicitor. We have enlisted the services of an English speaking Bulgarian solicitor who can act on your behalf for a fee of 1% of the total cost of the purchase price. There would be additional fees for the setting up of an Ltd company.
Q. What is the Bulgarian legal system like?
A. The legal system in Bulgaria is very good and generally the fees are substantially less than in other parts of Europe.
Q. Can we open up an overseas bank account?
A. To open a bank account in Bulgaria is a simple process. Your passport should act as proof of identity and is all that is required to open an account.
Q. What is the currency?
A. The national currency of Bulgaria is the Lev which is now pegged to the Euro at a rate of €1 = Lv 1.955. Most transactions can be paid in either Euros or Lev.
Q. What is the cost of living?
A. The cost of living in Bulgaria is very low, statistically its one of the lowest in Europe. With a pint of beer costing around 50 pence and a three course meal including wine costing less than £8, you can afford to indulge yourself!
Q. What is the weather like?
A. Bulgaria has long hot summers and mild winters. The summer temperatures average around 28C/82F. March and October are often changeable but can be fine, whilst early November can be extremely pleasant with temperatures around 21C/70F.
Q. What is the language/Do they speak English?
A. Bulgarian is the main language spoken although the majority of Bulgarians speak English as their second language.
Q. Does Bulgaria have a health service?
A. Most Bulgarian hospitals are very basic compared to the UK. However, in most tourist resorts you will find a polyclinic where tourists can receive medical attention. There will be a charge for these services which varies from resort to resort, but costs are quite low. You should keep all receipts for insurance claims, but be aware that most policies do have an excess.
Q. Do we need a visa?
A. EU citizens can stay in Bulgaria for 90 days in any 6 months. If you plan to stay longer you will need to apply for a type D visa from any Bulgarian Embassy.
Q. How do we reserve a property?
A.In the first instance you will need to contact us at Jood Investments Ltd either by phone or email to check the availability of your chosen property. You then need to complete a reservation form and submit it to us along with the relevant reservation fee.
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