This system has the information structured on two sections, depending on its user: an administrative section and one customer section. However, the foreign individual can purchase the land via a Bulgarian registered company. The property was worth US$250,000 or 250,000 at purchase. Corporation tax has been cut several times in the past few years by the Bulgarian government to encourage inward investment and now stands at 15 per cent. The value of deceased’s property is defined in the local currency, Bulgarian Leva (BGN), in the following manner: As part of the Nyama Problemi Ltd group of sites, it was determined a real need for a property repair service covering the smaller repairs. For example the annual property taxes and the annual garbage taxes for a property in a big Bulgarian city or in a resort area are 50-70 EUR. Transactions with the underlying plots of the buildings are subject to the same rules. Bulgaria Tax Residency. As part of the Nyama Problemi Ltd group of sites, it was determined a real need for a property repair service covering the smaller repairs. Explanation and practical tips. The exact percentage depends on the local Municipality. Non-residents are taxed in Bulgaria on income arising from Bulgarian sources only. After buying a property in Bulgaria you are liable for annual property taxes. 20% of the income is regarded as non-taxable. 1. Notary Public’s Fees. But a longer holding period often results in no capital gains tax being payable. The tax year runs from 1 January - 31 December. Option to pay per Job or time spent. For a solid house, 90 sq.m area in the Super Center Zone in Bourgas the annual real property tax is around 55 BGN and the waste collection fee is 60 BGN. Other – Insurance contracts covering risks in Bulgaria are subject to a 2% tax … If you work as an employee with only a labor contract, you are not required to submit a tax return. As we told the income tax rate is 10% and you have to submit an annual tax return. Homestead Exemption is a savings allowed for those property owners who own and live at their primary residence. In english it is " tax house" . There is a double taxation agreement between the Bulgaria and Ireland / the UK so relief for certain Bulgarian taxes will be given against Irish/ UK taxes payable on your Bulgarian income. BULGARIAN PROPERTIES™, BULGARIANPROPERTIES.COM™ and the logos are trade marks of Bulgarian Properties Ltd., registered in Bulgaria under VAT#BG131164582 with address: 22, Zlaten Rog Str., Sofia 1407, Bulgaria. Selling Bulgarian property involves a variety of bureaucratic procedures that must be followed to enable the vendor to legally complete the transfer of the ownership to any new owner. Verila 5 1463 Sofia, Bulgarien Tel: (+359) 2 868 45 99 E-Mail: office@ruskov-law.eu m the property tax plus waste-collection fee is 20 BGN . Bulgarian residents in the US: Bulgarian citizens working in the United States must comply with the appropriate visa requirements, labour and tax laws. Bulgaria-domiciled individuals are subject to inheritance tax on inherited property both located in Bulgaria and abroad. The tax amount varies from 0.10% to 0.15% of the tax evaluation price of the property. Our skill set covers all areas of work from Electrics to Bathrooms and roof repairs. The corporate tax in Bulgaria is only 10% flat rate compared to 33.9%+ in Belgium, 33.3%+ in France and 25%+ in Austria. The flipside is that Bulgarian property is now remarkably affordable and probably appropriately priced. As we told the income tax rate is 10% and you have to submit an annual tax return. Inheritance law regulates the financial consequences that arise as a result of the death of individuals, as well as the subsequent transfer of their assets. Withholding tax is levied on: Any dividends and shares in a liquidation surplus, as distributed (apportioned) by any resident legal person in favour of: The tenant pays this tax over to the Bulgarian Authorities, quarterly, on your behalf. Property Tax. If you work as an employee with only a labor contract, you are not required to submit a tax return. For more details see the Data FAQ These have no reason to be expensive whilst still effective. V. Inheritance tax Property inherited by a spouse or heirs of a direct line is tax exempt. Bulgarian Property Taxes. A double taxation agreement exists between Bulgaria and Ireland / UK. In addition to the real estate tax, owners also pay waste-collection fees unless they are unsubscribed from it. Bulgaria also levies the lowest flat personal income tax rate of 10%. It includes a 0.15% Inhabited house duty and a 0.16% Waste Collection duty. In many countries a holding period of less than 5 years results in capital gains being taxable. In many countries a holding period of less than 5 years results in capital gains being taxable. Bulgarian Transfer Fees. The VAT rate in Bulgaria is 20%. If the real estate and/or the movable property are owned by more than one person, the income is divided in proportion to the participation in the ownership. If the tenant is a Bulgarian company, the tenant withholds tax @ 10% from gross rents with no deduction for costs. Verila 5 1463 Sofia, Bulgarien Tel: (+359) 2 868 45 99 E-Mail: office@ruskov-law.eu Properties that sold for €80,000 10 years ago are widely available now for €25,000. These assumptions are critical. m area they are 30 in total. Valid Tax Evaluation Document - This paper is issued by the Local Tax services Office in the Municipality where your property is located. You reside in Bulgaria for not less than 183 days annually or 2. Bulgarian residents are subject to tax on their income from sources in Bulgaria and abroad (including the business as a sole trader) and the incomes of foreign individuals are taxed only if they are acquired from sources in Bulgaria. You must do it if you are freelancer or work both like employee and freelancer. The rates vary between 3.3% and 6.6% for all other beneficiaries. Bulgarian Capital Gains Tax : For non-residents, withholding tax of 10% is deducted from Income derived from the sale or exchange of property – this is determined as 90% of the difference (if positive) between the selling price and the acquisition cost. Our skill set covers all areas of work from Electrics to Bathrooms and roof repairs. To obtain Bulgarian tax residency you are not required to stay for 183 days in Bulgaria. Changes in the law are vividly discussed in order to have small taxes on agricultural land but still nothing is publicly accepted. Invest in property which he purchases as an individual. 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