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Information on the legal process in Bulgaria and accountancy advice (2018-Jun-19) « Back to all news

A sample list of services for our clients

• Registration for BULSTAT number with the Bulgarian Registry Agency

• After purchase property declaration with the respective Bulgarian Municipality

• Payment services – Bulgarian bank account opening and operations

• Management of utility bills, property taxes, garbage fees etc

• Advice on property insurance and handling incident claims

• Property management services: key‐holding, security, maintenance, inventory checks etc.

• Official representation to any statutory bodies and other third parties

• Post purchase property declaration with the respective Bulgarian Municipality

• Property management and letting services

• Year end closure of company accounts and submission of tax returns

• Publishing of the company’s Financial statements in Bulgaria

• Any other accounting, payroll, business and taxation services as required to comply with legislation

Using a Bulgarian Accountant

We always recommend using local professionals such as Bulgarian based solicitors and accountants because they know the local law and speak the language.

Bulgaria is now part of the European Union and offers the lowest taxes in Europe for both corporations and individuals. As a result Bulgaria is proving to be one of the most popular locations for corporations and investors.

When purchasing real estate, there is alot of post purchase administrative obligations that you simply cannot avoid.

You need to be prepared for regular declarations, statutory reporting and the monthly maintenance payments involved when owning property in Bulgaria.

It is also important to hire a reliable professional to be responsible for the administration, control and management of your property in Bulgaria.

Obligations for British and Irish residents who own property in Bulgaria

There are number of obligations that need to be undertaken when a Bulgarian non-resident buys property in Bulgaria. Most of these should be done shortly after purchase. However, if you are looking to sell you should ensure all these details are in order and available to submit to your sales' agents.

• Within seven days of purchasing the Bulgaria property non–resident individuals who do not have Bulgarian Personal Identification Number (PIN) or Bulgarian Personal Foreigner's Number (PFN) are obliged to register in the BULSTAT Register to get an identification code.

• Within two months of purchasing the property is subject of tax registration before the respective Municipality where the property is located;

• Every quarter/three months tax on property and local tax (equivalent of Council Tax) is due. This is very important because in a case of non‐payment your property could be put up for sale.

• Every year in case of income from your property (either rent or sale) you are obliged to file a Bulgarian income tax return.

• You should also ensure your monthly water, electricity, telephone and other utility bills are up to date.

If you brought you property through a company, which is registered just to own a property and not actively trade, it is still subject to control and inspection by the local tax office. Every Bulgarian company has tax and administrative reporting obligations which have to be performed periodically. If the company accounts are not kept accordingly, or if deadlines are not met, your company could be fined and should expect future inspections from the tax office.

Also, if your Bulgarian company is renting a property and accepts rental income, or if it is selling and/or purchasing properties, it is then automatically considered as fully operational, which can means a lot of paperwork, invoicing, tax payment and the services of a qualified accountant.

Please call us if you are concerned about any of the issues above please contact us and we will put you in contact with the most suitable professional to assist you info@appreciatingassets.ie

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