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TAXES IN BULGARIA

• VAT in Bulgaria is 20%. Some business fields are exempt from VAT, for other it is smaller amount.

• Companies inBulgariapay 10% tax of the net profit (corporate tax). Individuals, who are residents of the country, pay an income tax at the rate of 10% of the income received both inBulgariaand abroad. Foreign nationals during their work inBulgariapay tax on income received in the country only.

• Tax on buildings for individuals.

In Bulgaria, as a European Union member country, the tax on buildings is one of the lowest taxes.  When purchasing a real estate the owner pays one-off tax on the property purchase, which is 2.3% - 3.5% depending on the value and location of the property. This percentage is determined by the value of the real estate in the title deed (Notary deed), it is usually determined by the tax valuation of the real estate, since there is a market and tax valuation in the country. In the title deed it is preferable to specify the value of the real estate based on the tax valuation, as it is half less than the market value. Accordingly, the tax on the real estate purchase will be less upon the closing.

Property owners must also pay an annual tax on buildings, which depends on the location of the real estate, the value of the unit. For individuals and legal entities the annual amount of tax on buildings is 0.15% of the value of the unit specified in the title deed.

Owners may pay the annual tax on buildings in 4 installments: up to 31 March, up to 30 June, up to 30 November. If you pay the full amount until 31 March, there is a 5% discount. The tax must be paid regardless of whether the real estate is used or not.

Annually, the owners of real estates must also pay a garbage fee - the amount of utility tax is determined by the municipality where the property is located inBulgaria, and it is equal to about 0.17% of the value of the real estate according to the title deed. This rate is the same both for individuals and legal entities. It is paid by the owners of real estates only after commissioning of the building, grounds - Certificate for commissioning of the building (Act № 16).

 Costs of acquiring property in Bulgaria
Property acquisition Reservation fee EUR 2 000 - 3 000
Subsequent payment under the schedule of the preliminary contract
Arranging the ownership of the real estate Notary and state fees during the deal of 3% - 3,5 % of the value of the unit according to the title deed
Fees for preparation of the documents for the deal, as well as BULSTAT registration
Annual tax on buildings 0,15 % of the real estate value according to the title deed
Maintenance Maintenance in the complexes 5 €/sq.m. - 18 €/sq.m. annually, if the real estate is situated in a city – about 10 €/month.
Utility payments For one bedroom apartment electricity and water about 50 €/month.