Archive for January, 2009
Berkovitsa – all seasons charming town
The mountain near Berkovitsa is a splendid place for tourism, sport and recreation due to the beauty of the nature. Only 15 km from the town at more than 1500 m above sea level there is there is a small complex hugged in the forest. The Kom Peak which is at 2016 m above sea level is not far and you can reach it by walk for approx.4 hours.
Why do I admire this area?
If I go there is summer time to escape from the boiling whether and dust of the capital city (where I live) I can enjoy the calmness of the forest greenery, listen to the silence and breathe, breathe and breathe – deep and long. You can’t imagine how fresh the air is.
When was the last time you went in the forest to pick forest fruits? And did you find any? You should try near Berkovitsa. There is plenty of forest strawberries, raspberries, blackberries, blueberries, mushrooms (be careful with the mushrooms and don’t pick them if you don’t know their poisonous twins).
As for the winter season, I could tell you a lot because I like to ski and this place is one of the places in Bulgaria which is not crowded, the prices for the ski facilities are still reasonable and you can really enjoy your winter holydays.
On the opposite direction – from Berkovitsa toward Montana town there are several lakes where you can go fishing. There are also places for hunting and many places with hot water mineral springs where people go to bath and to cure some skin and bone diseases.
May be the reasons above plus the closeness to the capital (only 89 km) made the area attractive for property hunters. There are many foreigners that own rural properties there. We also notice a significant increasing interest from Bulgarians who want to purchase rural properties in this area – some to remove and retire, others to use as holiday homes.
Top 10 reasons for living on the Bulgarian Black Sea coast
Why Bulgaria?
The cost of Bulgarian properties is one of the lowest in Europe, though properties’ quality is not lower than it is in other countries. So, it’s not surprising that there is still interest in local real estates from buyers from UK, Israel, Russia, Germany, etc. Furthermore, as Bulgaria has joined the European Union in 2007, rules governing the real estate market are being altered in order to ease international buyers. The prices of the seaside apartments are decreased at this current moment influenced by the world financial crises. Now is the time to invest in real estates because Bulgaria remains an attractive tourist destination.
Bulgaria is rich in history, art and architecture. Bulgaria’s charming countryside is also very attractive, combining mountain and sea resorts, old towns and mild climate attracts people all over the year, thus turning Bulgaria into one of the best places for holiday and retirement. The cost of living is also surprisingly low.
Living on the Black Sea
If you are bored of ordinary life in the city you should consider living in Bulgaria. We will help you with our Top Ten reasons for living on the Black Sea coast of Bulgaria.
- The weather. You can enjoy four lovely and tender seasons in Bulgaria. Beautiful blooming spring, dry and hot summer, long and pleasant autumn, and mild winter with lots of opportunity for skiing. Always lit by the sun Bulgaria has between 2200 and 2500 hours of sunlight per year. Average temperature (April – September): + 23 °C. The average yearly temperature is 14.7 °C.
- The beaches. Bulgaria is famous for its nice sandy beaches, which can vary from lively and sports-facilitated beach stripes to calm and beautiful campsites. The total length of the beach line is 380km, which definitely means that there should be some space for you.
- The attractions. It may have sounded like a passive type of vacation, but there are also a lot of places for those who prefer the action. Along the coast there are some of the most famous beach resorts in Europe. There you can chose between nice restaurants, beach bars, crazy night clubs and etc…
- The kids enjoy it. What about the kids, will they have fun? Enjoy the summer attractions for every age like the numerous aqua parks or take them out for an exciting safari in the Bulgarian outback. The waters of the Black Sea are calm and without strong tides, making them ideal for children as well.
- The culture. For thirteen centuries, Bulgaria – the cradle of Slav culture, the land of Orpheus and Spartacus has given the world men of great achievements, mysterious Thracian treasures and burial tombs, magnificent frescos and many brilliant examples of ancient applied arts. Along the coast you can see many of the interesting sights like the Aladzha rock monastery, the historic architecture of Nessebar and old Thracian Tombs.
- For travelers. Another advantage of the Bulgarian coast is its closeness to Turkey, Romania, and Greece. Bulgaria has always been a cross road and you can make a cheap excursion for a day or two and see totally different culture. If you love the sea you can also sail to Turkey, Romania and Ukraine, which won’t cost you much neither.
- Cheap, fast flights. The availability of cheap flights to Bulgaria has made it easy for forward-thinking travellers to make the most of this emerging hotspot. Low-cost companies are flying to Sofia, Varna and Bourgas.
- Be healthier. Bulgaria is famous for its eco fruits and vegetables grown in the sun and for its clean air. The nice weather itself makes you go out, be active and just enjoy the life.
- Be happier. Life on the seaside coast is slow and easy going. People are smiling and everyone is having fun. There is some magic in the air or in the water that makes you happier!
- Cheap, cheap properties. You still have some time to catch the low prices of properties. Although Bulgaria has joined the EU in 2007 and prices have started to increase slowly, they still have a long way to reach the normal prices of properties in the rest of Europe. The last few months, because of the world recession, you can make a real bargain and have a beautiful sunny home with wonderful price!
How to buy a property in Bulgaria
Buying property in Bulgaria as a foreigner is not as straightforward as it is in some other markets. Non-Bulgarians cannot own land in the country directly; according to the Bulgarian Constitution and Legislation foreign persons currently are prohibited from owning land and can acquire only buildings but not land on which the buildings are built. This means that for almost all purchases a buyer must first set up a limited liability company in whose name the purchase may be made.
This process is actually less complicated than it sounds; companies can be set up and registered at a total cost of € 600 (including registration with the National Tax Registry, the Companies Register, the Social Security Institute and the lawyer’s fee). The preferred form for business is Limited Liability Company /OOD/. In this case the capital is shared by company’s members whose liability is limited to the amount of the capital subscribed. The owner of the company is required to set up a bank account (for a nominal fee) and place a deposit (the minimum foundation capital) of approximately € 2600, refundable once the company becomes a legal entity. The process of incorporating a company takes about a week or two to be completed.
A Ltd Company can own more than one property, so investors who aim multiple purchases will be relieved to learn that the process only needs to be endured once.
During the time of establishing the company a preliminary contract for purchasing a property can be signed if the buyer has already chosen it. Buyers of overseas properties are often advised to hire a local lawyer who speaks the language to make the full check ups of the property. When signing the preliminary contract the deposit payable is usually 10 % of the price but could be less or more depending on the negotiations with the seller. The solicitor will check the title documents, building permissions, debts on title, will make sure that the vendor is the legal owner of the property and has the right to sell and prepare the preliminary contract. The solicitors charge approx. € 300 for that service.
After everything was checked by the lawyer and once satisfied with the result the buyer can finalize the deal by paying the balance of the purchase price, along with a combined land tax and notary fee. In Bulgaria, all property transactions are concluded in the presence of local government officials called Notaries. They use a standardized contract in which they incorporate the details of seller, buyer and the property. They are also responsible for calculating the value of the property for tax purposes and ensuring that the relevant taxes have been paid before title can pass. The sum for taxes is dependant on the declared value of the property. The value can – and often does – differ from the purchase price and can be a lot less than the price given on the contract. So, the taxes vary between 3 and 4% of the evaluation price.
Last but not less important for you to know is that we need your presence here at the beginning. After you sign the documents for the company formation you can also sign a power of attorney to one of us or to a lawyer to do all the necessary actions afterwards in order to purchase the property on your behalf. This way it will not be mandatory to come again in Bulgaria to finalize the deal.
As a summery we can point the steps as follows:
- Visit www.excelproperty.biz and browse. Send an enquiry. An agent will contact you.
- When you are completely satisfied with the information provided and have already chosen few properties book a viewing trip.
- After deciding which property to buy, if the property comes with a piece of land, Excel Property will start the procedure of forming a company for you.
- Pay a deposit to secure your new home.
- Detailed checks on the property.
- Final payment for the property in front of a Notary.
- You or your company is the owner of the property.
From this point on it is your duty to have wonderful time in your new dream home.