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Questions and Answers
We welcome all feedback, please contact us. Mekoa cannot give legal, taxation or investment advice, although we can give you our opinion if you ask!Legal Issues
Regardless of where you are buying, you should get an independent lawyer. Although theoretically not necessary for the transaction (this is done by a government appointed notary), an independent lawyer will be able to best answer your questions and satisfy you that everything is in order.Bulgarian Lawyers:
lex.bg
The prices charged by lawyers varies a lot. In general lawyers living on the coast, in Sofia, or in Bankso charge the most. The best deals can be obtained in the larger inland cities, such as Plovdiv.
It is not necessary to set up a company to own property in Bulgaria, foreigners can own apartments, houses and land rights in their own name. However under current laws, foreigners living abroad cannot own the land, even though they can own the land rights. A foreigner can however own a Bulgarian company that owns the land.
For Seagarden Resort there is no advantage in owning the land. This is because the land-rights are transferred to the purchaser, so the owner of the land (Mekoa) will be left with no rights to use or rent the land. Mekoa will be pleased to transfer ownership of the land to a company belonging to the purchaser. Alternatively Mekoa will hold the land until the law is changed, allowing the foreigner to own the land.
Although in Seagarden Resort there is no advantage in owning the land once you obtain the land rights, there are other situations where it is useful. For example if a foreigner wants to buy a complete plot of land and develop his own project, then he should set up a Bulgarian company and use it to buy the land.
Setting up a company is straightforward, it costs about €400 and the charges each year are about €50 for a property holding company.
