How To Buy Property In Bulgaria, The Easy Way
Rights & Access
Such determination shall be set forth in the statute, the articles of association or amendments thereto. By mixing in mundane law, my internship has kept me grounded while being able to participate in the solution for a country marred by its history of communism and corruption. law firm istanbul According to the new rules, the taxpayer must recognize, for corporate income tax purposes, market-based income or expenses arising from transfer of services between one part of an enterprise in Bulgaria and another part of the same enterprise outside Bulgaria.
Another – cannabidiol – is not subject to regulation and monitoring under Bulgarian law. All plant varieties in which the THC content is less than 0.2 % are qualified as industrial cannabis (i.e. unsuitable for marijuana production). Industrial cannabis is used in the textile, paper, food, and feed industries, among others. In 2015 a Bulgarian Turkish citizenship 250.000 USD court reportedly concluded that activities associated with buying, selling, and paying with cryptocurrencies are not subject to licensing requirements. Bulgarian tax authorities reportedly issued rulings in 2014 requiring individuals to pay taxes on gains from selling cryptocurrencies, similar to the sale of financial assets.
Drug Laws In Bulgaria
In October 2020, the United States and Bulgaria signed a 10-year “Roadmap for Defense Cooperation,” establishing a framework to strengthen our joint commitment to mutual defense. Bulgaria is a member of the North Atlantic Treaty Organization and European Union , and participates in coalition operations, including in Libya, Iraq, Afghanistan, Kosovo, and Bosnia. Bulgarian national Asen Kermekchiev was the first American Consular Agent in Bulgaria. A businessman, physician, and journalist, Kermekchiev served the United States Government even while working as a field doctor for Bulgaria in the First Balkan War and was praised for protecting American lives and property while at the front. Bulgaria was allied with Germany in World War II and became a satellite of the Soviet Union at the war’s end. As Bulgaria emerged from communism in the 1990s, the United States moved to encourage development of multi-party democracy and a market economy.
There are no personal allowances available to set against income for tax purposes. Mitigating Compliance Risk Our team of experts help clients manage increased stakeholder expectations, the risks associated with anti-corruption non-compliance and complex global trade rules. Dilyana was our lawyer when we bought a property in Bulgaria and did an excellent job and made the whole process much easier for us. I would like to make reference to the high level of professionalism, positive thinking and efficiency of the attorneys during the process of resolving of different legal cases. Their competence had saved and prevented me from making different mistakes on my behalf. According to my opinion everyone who would use their services will be more than pleased from the achieved resulted from their work.
Rule Of Law In Bulgaria
The profit of a company registered in Bulgaria can be easily used by the owner of the capital entirely at his own discretion and for his personal use after paying а dividend tax of 5 percent. This means that if the owner is a foreigner and the company has a net profit of 100 K euro, first Turkish citizenship 250.000 USD of all the company will pay 10 K euro corporate tax, then 5 percent dividend tax. The negative impact of such delay in introducing all functionalities of the e-justice became evident in the context of the present COVID-19 crisis, whereby courts stopped their work for three weeks.
- Processing of personal identification number – Under the Personal Data Protection Act, public access to personal identification number / personal identification number of a foreigner (‘PIN/PINF’) shall be granted only if required by law.
- Applications and all accompanying documents must be typed, as hand written documents are accepted only in rare circumstances.
- In this regard, all IP laws are harmonized with EU legislation, as well as TRIPs and other international acts.
- Handle disputes over real property with technical services and administration.
- Bulgaria is a member of the European Union, NATO, World Trade Organization, Council of Europe, ATS, OSCE and the United Nations.
The practice is led by Richard Clegg, who is qualified in the UK, Ireland and Bulgaria; Anna Rizova, former general counsel at Bulgaria’s first mobile operator; and Katerina Kraeva, who also brings in-house experience to the practice. I advise and represent my clients in the process of selling or purchasing real estates in Bulgaria. This includes reviewing and preparing purchase agreements, title searches and all other necessary tasks to reduce the potential risks inherent in real estate transactions. Bulgaria boasts the lowest corporate and personal income tax rates among all European Union member states.
U S Government Shared
If you are planning on making a return by renting out your property on a short-term basis, it is best to seek independent legal advice and check what the rules are at the local town hall or the tourist department of the regional government before you buy. A Bulgarian notary public will be involved in preparing the contract of sale and issuing the public deeds. The notary is a public servant who has a duty to provide you with free and impartial legal advice on all aspects of the contract before you sign.