Top 10 Myths About Buying Property in Bulgaria as a Foreigner in 2024

This article explores the ten most common myths about buying property in Bulgaria as a foreigner in 2024 and provides facts to help dispel these misconceptions.

Top 10 Myths About Buying Property in Bulgaria as a Foreigner in 2024

Debunking Common Myths About Property Purchases in Bulgaria for Foreigners

Buying property in Bulgaria is an appealing investment for foreigners, but many are held back by various myths and misunderstandings surrounding the legal procedures and financial obligations.

Myth 1: Foreigners Cannot Buy Real Estate in Bulgaria
Many believe that foreigners are not allowed to buy real estate in Bulgaria.
Reality: Foreigners can buy property as individuals, but there are restrictions on land ownership. To acquire land, many foreigners establish a company in Bulgaria.

Myth 2: Buying Property in Bulgaria is Expensive and Complicated
It’s a common belief that purchasing property in Bulgaria is incredibly complex and costly.
Reality: Compared to other European countries, Bulgaria offers a relatively affordable and straightforward property purchase process.

Myth 3: It Takes Years to Get All the Necessary Documents
Some foreigners think it will take years to obtain all the required documents.
Reality: With properly submitted paperwork and an experienced lawyer, the process can be completed in a few weeks.

Myth 4: Foreigners Pay Higher Taxes Than Locals
There’s a misconception that foreigners pay higher property taxes than Bulgarian citizens.
Reality: Property taxes in Bulgaria are the same for locals and foreigners.

Myth 5: All Transactions Must be Done in BGN
Many foreigners believe property transactions can only be conducted in Bulgarian lev (BGN).
Reality: Properties can be paid in euros or BGN.

Myth 6: Buying Property in Bulgaria is Completely Risk-Free
Some think purchasing property in Bulgaria is entirely safe and risk-free.
Reality: Like any country, there are potential legal risks.

Myth 7: No Property Inspection is Needed Before Purchase
Some foreigners assume that property inspection isn’t necessary. Reality: Property inspection is essential to avoid construction and infrastructure issues.

Myth 8: Foreigners Cannot Rent Out Their Properties
Another common myth is that foreigners cannot rent out their properties.
Reality: Bulgarian law allows foreigners to rent their properties for both short and long terms.

Myth 9: Property Maintenance is Expensive and Difficult
Some believe property maintenance in Bulgaria is excessively costly. Reality: Property maintenance in Bulgaria is affordable.

Myth 10: Foreigners Cannot Get a Mortgage
There’s also a notion that foreigners cannot get a mortgage in Bulgaria.
​Reality: Bulgarian banks provide mortgages to foreigners under specific conditions.

The Truth About Buying Property in Bulgaria: What Foreigners Need to Know

Conclusion

Buying property in Bulgaria is an opportunity that attracts more and more foreign investors. If you found this article helpful and want to connect with a lawyer for further questions and legal support, feel free to reach out through our website or visit our office in Nessebar.

Myths and Realities of Purchasing Real Estate in Bulgaria as a Foreigner

Top Misconceptions About Buying Property in Bulgaria for Foreign Investors