Anyone ever bought property in Bulgaria?
Discussion
Friends of my girlfriends parents purchased a property in Bulgaria and had big problems. I think the problem with theirs was more to do with the company that owned the development rather than the country as whole. They made it onto watchdog:
http://www.bbc.co.uk/blogs/watchdog/2009/02/the_bu...
It might give you a heads up to how the legal system works over there.
http://www.bbc.co.uk/blogs/watchdog/2009/02/the_bu...
It might give you a heads up to how the legal system works over there.
There are two ways of doing property development in Bulgaria. The slow way is to do everything by the book and a long drawn out planning process. The other way is to find the right person to bribe. There are "fixers" who will help streamline the process. These guys are usually low level members of the mafia.
Sell it quick! Planning and building will be a nightmare and once you have built if you sell within 5 years the Bulgarian government will want 55% capital gains tax.
Something like that - I got out early before building completed and made a tidy sum. The mafia/builders/lawyers/councillors/government were just too much bother.
Where is it BTW??
Something like that - I got out early before building completed and made a tidy sum. The mafia/builders/lawyers/councillors/government were just too much bother.
Where is it BTW??
Google Scott Alexander, he bought an entire town on the cheap and renamed it after himself! He promised them a hospital if he could build a hotels and other property there, but they let him buy it, want him to build the hospital but are proving awkward when it comes to him building anything.
Don't have property there but do a lot of business in the country (www.wasteandresources2009.com - if anyone fancies attending!!!)
Have quite a few high-level contacts at the British Embassy in Sofia who I'd strongly recommend you speak to - very efficient. Also have a business buddy, an ex-pat living there, who dabbles in Property Development.
The bribery and corruption thing is fast dwindling - they had their EU funding cut last year as they failed to hit their anti-corruption targets and have since put in post an Anti-Corruption Minister who seems to be having an effect. We've had many opportunities to avail ourselves of the benefits of "cash-payments" but have chosen not to as it sets out a stall that is difficult to put away. To be honest, we've not noticed any significant delay or hindrance in taking this stance.
You'll find there are generally two types of Bulgarians in business. Those over 55 tend to rue the fall of communism and view outsiders with suspicion and sometimes, envy. Those under 55 fully embrace progress and see the skills and experience (and money!) of foreigners, particularly the British, as bringers of opportunity.
It's not an easy country to do business in but is more rewarding than most. It has the potential to develop hugely so your £1700 investment should be a very good one.
If not, you can always kick back with a bottle of Bulgarian Red (the most underestimated plonk around!) and watch the ladies go by - worth a trip alone!
PM me if you want a bit more info.
Have quite a few high-level contacts at the British Embassy in Sofia who I'd strongly recommend you speak to - very efficient. Also have a business buddy, an ex-pat living there, who dabbles in Property Development.
The bribery and corruption thing is fast dwindling - they had their EU funding cut last year as they failed to hit their anti-corruption targets and have since put in post an Anti-Corruption Minister who seems to be having an effect. We've had many opportunities to avail ourselves of the benefits of "cash-payments" but have chosen not to as it sets out a stall that is difficult to put away. To be honest, we've not noticed any significant delay or hindrance in taking this stance.
You'll find there are generally two types of Bulgarians in business. Those over 55 tend to rue the fall of communism and view outsiders with suspicion and sometimes, envy. Those under 55 fully embrace progress and see the skills and experience (and money!) of foreigners, particularly the British, as bringers of opportunity.
It's not an easy country to do business in but is more rewarding than most. It has the potential to develop hugely so your £1700 investment should be a very good one.
If not, you can always kick back with a bottle of Bulgarian Red (the most underestimated plonk around!) and watch the ladies go by - worth a trip alone!
PM me if you want a bit more info.
Gassing Station | Business | Top of Page | What's New | My Stuff