Below are answers to the most frequent questions we get asked about Bulgaria. They will address any immediate doubts regarding your property investment options here as well as illustrate some of the advantages of buying into the Bulgarian property market.
Yes, foreign nationals are free to own as much property in Bulgaria as they wish, without restrictions. However, if you purchase land, you are currently required to incorporate a business in Bulgaria and own the land as an asset of the company.
Bulgaria is ideally situated in Southeastern Europe and is easily accessed by direct flights from most European airports.
Bulgaria has something for everyone. A warm climate entices year-round tourism, along with a wide range of cultural and historical interests for sightseeing. Bulgaria also boasts a rich variety of natural beauty, from stunning blue flag Black Sea beaches, to beautiful mountains with ski resorts. It is small wonder that Bulgaria is the fastest growing holiday destination in the world. Major tour operators such as Thompson and First Choice now include Bulgaria in their brochures and cite it as one of their top sellers.
Investment wise, high growth figures are very achievable while land and property prices are on the increase. Over the past two years, prices have risen by over 50% in some areas and with the enormous boost to tourism currently underway, buy-to-let purchases are also proving highly lucrative.
So Bulgaria now offers some of the best investment opportunities available worldwide and, with economic growth predicted by the World Bank to be 6% by the end of 2006 and EU membership set for January 2007, Bulgaria is a wise choice for property investment.
Bulgaria's socialist party has taken drastic and speedy measures to qualify its infrastructures for accession to the European Union in 2007.
Today GDP stands at an encouraging 5.5 per cent and the international community now views Bulgaria in a very favourable economic light. Efforts to reduce inflation have succeeded (currently around 0 per cent) and privatisation plans are being driven forward at a great pace. The World Bank director for Bulgaria & Romania has claimed Bulgaria as “a good place for investment”, highlighting the fact that in just 3 years, the country has risen from being the World Bank's lowest rated country in this Eastern region, to being the highest.
Today, foreign investors are focusing their attention on some of the very exciting real estate prices still on offer in Bulgaria as investments in the right locations are fetching high capital returns. An enormous increase in tourism has helped create a healthy economy in Bulgaria and prompted many foreigners to invest here. Early investments will prosper as following EU membership in 2007, prices are predicted to soar.
Bulgaria is only a short 2 ½ to 3 hour flight from the UK and other European locations. Direct scheduled flights with British Airways and Bulgarian Air operate to Sofia all year round. Direct Charter flights to Varna and Burgas on the Black Sea coast run from April to October.
Flights arrive at one of four international airports: Sofia (SOF), the largest of the airports, Varna (VAR), Ploudiv (PDV) for charter flights to the ski resort of Pomparovo, and Burgas (BOJ) for domestic flights and for summer charter flights to the Black Sea resorts.
Bulgaria is only a short flight from the UK (2 ½ to 3 hours) and has connections from many UK airports.
Holders of valid ordinary passports from the following countries do not need a visa to visit Bulgaria for up to 90 days within each period of six months:
Andorra, Argentina, Australia, Austria, Belgium,Brazil, Brunei,Canada, Chile, Costa Rica,Croatia,Cyprus, Czech Republic, Dаnmark, El Salvador, Estonia, Finland, France, Germany, Greece, Guatemala, Honduras, Hungary, Iceland, Ireland, Italy, Israel, Japan, Latvia, Liechtenstein, Lithuania,Luxembourg, Malaysia,Malta,Mexico,
Monaco, Netherlands, New Zealand, Nicaragua, Norway, Panama, Poland, Рortugal, Paraguay, Republic of Korea, Romania, San Marino, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Singapore, UK (British Citizen Passport Holders and British Nationals/Overseas/ only), USA,Uruguay, the Vatican, Venezuela, SAR – China (Hong Kong, Makao)
Visa applications are usually processed for a period of up to 10 working days as each application needs to receive clearance by the Bulgarian Foreign Ministry in Sofia.
Foreign nationals entering Bulgarian territory on a private car or motorbike need to present a document of ownership.
All foreign visitors should bear aware that, under Bulgarian Law, they are required to contact the local police station within 48 hours of their arrival in Bulgaria and present in writing the address at which they are staying. If they are staying in a hotel or private lodgings, the hotel management/host are obliged to register them at the local police station.
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