Does the price of the apartments include VAT?
Yes. VAT is included in the price. The rate of VAT on apartments in Bulgaria is 20%.
Am I required to set up a Limited Company?
No. As you are purchasing an apartment and not land, you are not required to set up a Limited Company.
Once I pay my booking deposit, when do I pay the balancing payments?
Once you have paid your booking deposit the flowing schedule shows when the following payments are due:
| First 30% |
This is payable on signing the preliminary contract. This must be signed within two weeks of paying the booking deposit. The payment will be 30% of the cost of the apartment less your booking deposit. |
| Second 30% |
Payable when the building reaches roof level. It is expected that this will be between April and June 2007. You will receive a notification letter a month before the payment is due. |
| Final 40% |
This is payable on signing the final contract and receiving you title documents and keys for your apartment. |
What additional costs are there?
- Transfer tax - 2% (stamp duty)
- Notary fee (approx) - 0.5 %
- Registration fee - 0.1 %
- Independent legal advise/Solicitor €400 approx. (Advised but optional)
- POA & Admin Charge (Optional) - .5%
These fees are charged on the value on the apartment and are subject to change.
What is the maintenance fee?
The fee is €8 per square meters owned. The fee is calculated by multiplying the number of square meters of built up area plus common area you are purchasing by €8.
What is the rate of Capital Gains Tax (CGT) in Bulgaria?
CGT is 15% in Bulgaria. There is a double taxation agreement between Ireland and Bulgaria. This results in you gaining a credit for your Bulgarian tax against your Irish Tax liability when selling an apartment for profit.
Disclaimer
Important please note: receipt of these particulars do not form part of any contract and are for guidance only. Drawings and maps are for illustration purposes and are not drawn to scale. Intending purchasers must satisfy themselves as to the accuracy of the details given to them. Offers are subject to contract/contract denied.