Britons living in Bulgaria. Guide to Bulgaria, Sofia and Varna

Bulgarian Dreams


A three to four-bedroom detached villa with pool and garden can be built for UKpound 95,000, plus land cost. A three-bedroom resale bungalow is available at about UKpound 66,000, a new detached three-bedroom cottage for UKpound 90,000. Beachfront building plots on Brac, a green semi-mountainous island, off the Dalmatian coast, with its sandy beaches and international airport, cost from UKpound 20,000 for 500 sq. Budget airlines are operating new routes to the country from 19 UK destinations, boosting scope for investment. Buyers pay 22.5 percent VAT on new homes (which is included in the purchase price). Buyers pay a UKpound 500 reservation fee, a 30 percent deposit within four weeks; 30 percent when the roof is on and the remaining 40 percent upon completion in summer 2004. Capital gains tax will be levied on any profits at 35 percent, but only if you resell within three years. Europe has special regulations for healthcare, so migrants are covered for a proportion of the costs," says Hull. Facilities include swimming pools and landscaped gardens. From this month, British Airways will offer direct flights from Gatwick to Dubrovnik three times weekly. Furnishing packs and a rental management service are available. Houses ripe for renovation start at UKpound 19,000, which buys an old stone cottage with mountain views. However, a Bulgarian-registered company can be set up to hold the land, which costs about UKpound 400. In the US, Pennsylvania State University has a special campus for the over 55s and soon "grey universities" will be established in attractive destinations. It can be reached in 40 minutes by ferry from Split. Legal and notary fees and taxes, add about 7 percent to buying costs. Lower living costs, a more sedate pace of life, a healthier climate and year-round sunshine are the main attractions. New embassies, offices, conference centres and hotels are being built and big international firms such as Citibank, Price Waterhouse Coopers and Deloitte & Touche are moving in. Off-plan flats in a new luxury development, overlooking the city's yacht harbour range from UKpound 55,000 for a studio to UKpound 85,000 for two bedrooms. Others are attracted by the growth in commercial activity and the corporate rental market in Sofia, the capital," he says. Prices have doubled in the past two years, but they are still lower than on Spain's Costa del Sol. Prices of new flats in the capital start at UKpound 46,000 for one bedroom; rental returns of 10 percent, plus capital growth of 15 percent, are typical, he says. Prices are moving up fast, but if you buy in the right location any profit will be tax-free after three years. The fully-restored version, with three bedrooms, open fireplaces, beamed ceilings and a garden, costs about UKpound 67,000. The estate agent charges the purchaser between 3.5 percent and 5 percent of the sale price. There is a 15 percent withholding tax on rental income and capital gains. They have air-conditioning, fully-integrated kitchens, balconies and an underground car parking space. Transfer costs and notary fees are about 4 percent of the sale price, but this cost is shared between the vendor and the purchaser. With EU membership in three years, an economic transformation is expected. Your solicitor should check that the ownership title is clear and there are no debts on the property.