Auction process, its that easy!
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1 Choose your property and place your highest bid, as early as possible. We advise this, because its not uncommon for peoples internet connections to go down just after or before clicking on that bid button, because someone else's bid may be higher and you may be too late to over-bid them. Also because you may plan to but actually forget to bid and miss the auction end (3-4 phone calls each week are received with this problem) or because there may be an automated rule stopping you from bidding (Call us if your bid has not been allowed, and we can add you to exceptions or advise).
2 Win the auction!
3 Receive an invoice
4 Pay the invoice by bank transfer
5 Receive a receipt. You can now book your flights up to 11 months after the auction!
6 Come visit Bulgaria to set up your company (We now pay the bank deposit for your company!). You can then go relax whilst we register the company and transfer your property into your company
7 Come pick up the keys and documents. For the standard international secure delivery rates, have them delivered to your door if you dont wish to come pick them up in person.
Below is the process of buying a Bulgarian property on auction from Bulgariadirect
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Getting to Veliko Turnovo!
Be ready to see one of the most spectacular cities in Bulgaria, the former state capital and the current capital of culture, Veliko Turnovo.
Veliko Turnovo is well served by 24hr public transport from all the major airports in Bulgaria. Bucharest airport in Romania also has two trains per day linking Veliko Turnovo. Public Transport is very cheap and a return coach ticket from Sofia will only cost around €15. Average travel time from all airports is three hours.
Investment Link Bulgaria Ltd. provide airport transfers using fully licensed, insured drivers and vehicles. Please note we are primarily an estate agency and not a taxi firm, we only provide this service as a convenience to clients and our aim is not to profit from this. Our cost per return transfer are on average half the price of any licensed transfer service operating in Bulgaria today. To avoid accusation of being more expensive, we kindly point out that prices quoted are for a return journey whereas most web sites quote single journeys. When using our airport transfer service, we guaranteed to be at the airport to meet your arrival and to wait even when your flight is delayed. Should your flight be cancelled on the day of the travel please inform us immediately by calling on 00359-885-363-387.
Costs for return airport transfers:
Bucharest - VT €265
Bourgas - VT €225
Plovdiv - VT €225
Sofia - VT €225
Varna - VT €225
Costs above are based on up to four passengers traveling. Please note due to insurance reasons we are unable to carry anyone under the age of 16 in our company vehicles. We reserve the right to refuse to carry anyone under the influence of alcohol or who's behavior may endanger the driver or passengers. Smoking and Non-Smoking cars available, please state preference.
Transport from Veliko Turnovo to your property (one return trip) is provided free of charge, subsequent trips are charged at €0.25 per km.
Car hire from €15 per day is available in VT region which can be booked free of charge.
Above: 24/7 Airport transfers available from all Bulgarian and neighbouring countries airports straight to your property.
The Company Formation!
Unless you already own a company then you are soon the become director of your own Ltd. Company!
You require a Ltd. Company to be set up for the purchase of properties with land, if you don't already have one we are pleased to offer this service using a fully qualified English speaking Solicitor in Veliko Turnovo.
Since the introduction of new stricter legislation and a centralized database (similar to Companies House in UK) Company formation can now take up to thirty working days.
Should you be unable to wait for your company to be formed you may assign a Power Of Attorney (no extra cost) to be able to buy on your behalf. Please note that we will generally only accept Powers Of Attorney to buy on behalf of your company in order to complete the sale/s. We cannot accept Powers Of Attorney to sell, or otherwise manage your company without prior agreements.
As part of the company formation process and as stipulated by Bulgarian law, every new company being formed must deposit 5000lev (€2564) as seed capital into the company registration account. This amount can be withdrawn in full after the company has been set up. Assistance in opening the bank account and withdrawing seed capital is included in our price for company formation.
Company formation is a one time only procedure. Once your company is set up you are then free to buy as much land and as many houses as you wish.
Please note that if you are buying an apartment with no land then you do not require to set up a company.
Costs:
500 Company formation fee payable to solicitor
€5 Tax payable to bank for new account opening
€2564 Seed Capital (withdrawal in full after company is set up)
The Notary!
This is where all legal transfers of ownership take place, the Notary is the person who oversees and ensures all is above board!
Once your company is formed we can then transfer your property into your company's ownership. The process will be carried out in front of a Notary local to your property.
If you are able to attend in person then we can provide you with a licensed translator of English or most major languages (please give as much notice as possible for non-English translation).
If you are unable to attend in person it is possible to complete through Power Of Attorney at no extra cost.
A 3% Purchase Tax must be paid to the Notary on the day of the transfer of ownership. The percentage is based upon the sale price of your property (End Auction Price). We are unable to under declare the property price, doing so is both illegal and not recommended.
Costs:
€300 Notary and Legal Fees, documentation preparation, new notary act, declarations etc.
€15 Licensed Translator (only required if you are attending the Notary in person)
5% Purchase Tax based on property price (End Auction Price)
Please note that all costs are in Euro, we regret that we are unable to accept Pounds Sterling. Euro is tied to Lev and cannot fluctuate, therefore by paying in Euro we guarantee that all Prices quoted are exact and will not change. NO CREDIT CARDS Please note that Credit / Debit cards are still not widely accepted in Bulgaria.
With the exception of Notary / Legal Fees and Purchase Tax, all the stated costs are not mandatory. There is no obligation to use our services.
Other requirements!
If this is your first time in Bulgaria, please ensure to bring with you an open mind and be ready for some culture shocks alongside some very pleasant surprises!
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