Am I obliged by law to insure my property in Bulgaria?
The owner of immovable in Bulgaria is not obliged by law to insure it, but we strongly advise you to insure your property.
Am I obliged to participate into a general assembly of the owners?
The law doesn’t oblige any owner to participate into the general assembly but we strong advise you to participate in person or thought a proxy, because any resolution taken by the general assembly will be mandatory for you.
If I buy a second property, do I need a second Bulstat number?
If you already have a Bulstat number as owner of immovable in Bulgaria and you acquire another immovable in Bulgaria, there is no need to apply for a new Bulstat number – you can use the Bulstat number you have to register more than one property acquired simultaneously or consecutively.
Is it legal the maintenance company charged to maintain the common area of the building where the apartment I own is located, to restrict me access my apartment if I refuse to pay maintenance fees?
If you refuse to pay maintenance fees, the maintenance company may refer to the court asking for compensation and judgment against you, but it is not entitled to restrict you access to your apartment.
Is it possible that a general assembly of the owner is organized without my knowledge?
The Condominium Act provides that the owner is invited to participate into the general assembly by an invitation in writing delivered to the owner’s apartment in the building or to the proxy he has appointed to represent him. I.e. if you don’t live in the building it is very likely that you miss a general assembly of the owners in your building (please note that any resolution of the general assembly is mandatory for all the owners even if some of they have not participated into the assembly).
Is there any warranty period for construction works?
The Bulgarian law provides that the builder is obliged to rectify at his expenses the defects appeared/discovered within the warranty period (please note that the warranty period varies depending on the type of the construction works – for more details please contact Bansko lawyer team).
What is a Bulstsat number/registration and do I need it?
The Bulstat registration is mandatory for any foreigner acquiring immovable in Bulgaria (note if you set up a company in Bulgaria and the company it-self acquires the immovable, no Bulsatat registration is required, but if you have a company set up out of Bulgaria and the company acquires immovable, a bulstat registration is required). The Bulstat registration is a legal procedure on the ground of which the owner receives an ID number (Bulstat number) for tax purposes.
What is act 16?
The habitation certificate (so called act 16) is imperative for all buildings in Bulgaria – it basically means the building has passed an inspection from the local authorities building control dept and is now officially fit for habitation.
What is the deadline for re-registration (preregistration) of a company set up in Bulgaria?
In case you have a company registered in Bulgaria before 2008 you have to re-register (registered the company under the new Companies registration Act 2008) no later than the end of 2010. If the company is not re-registered the State will open a liquidation procedure (process of terminating the affairs of a company by realizing its assets to discharge its liabilities) against the company and liquidate it at your expenses.
What will happen to my property in Bulgaria if I have no will?
If you have no will your property located in Bulgaria will be inherited according to the Bulgarian inheritance rules applicable to foreigners. For more detail please contact Bansko lawyer team.
When do I have to pay annual council taxes and how do I pay them?
Every owner of a property in Bulgaria is obliged to pay annual council taxes and garbage collection fees. In the beginning of each year the local tax office posts to each owner a letter re the amount of the due taxes and fees (the letter is posted to the post address specified in the tax registration declaration ,please note that the post address has to be a post address in Bulgaria). The owner may pay the taxes and the fees in four installments (first payable no later than the 31st of March of the current year, second – payable no later than the 30th of June of the current year, third – payable no later than the 30th of September of the current year and fourth – payable no later than the 30th of November of the current year). The owner can pay the taxes in cash or by a wire transfer.
When do I need to set up a company in Bulgarian?
We advise our clients to set up a company in three cases:If they want to start a business in Bulgaria (please note that in Bulgaria the corporation tax over the company profit is only 10 %);If they want to buy land (the Bulgarian law forbids acquisition of land by a foreigner);

If they intend to purchase a property from a VAT registered company for an important price – the buyers can apply for VAT refund if they purchase the property via a VAT registered company.