5 Simple Steps to Easier, Faster and More Profitable Property Purchase in Bulgaria

Online, May 5, 2010 (Newswire.com) - Purchasing property in Bulgaria is now well established, simple and straightforward and can be summarised into two main categories, namely: property with land and property without land. The defining issue is that under current Bulgarian law foreign persons may own physical property (ie: bricks and mortar) but they are not allowed to own land or properties that come with land, such as: houses with gardens, villas and building plots. New-build apartments do not normally have land attached and, accordingly, can be purchased by private individuals. However, until 2014 when the law is scheduled to change, the only way to buy a property with land is to form a Bulgarian limited company. The company that you register will own the property and you will own the company and its assets.

This is the way that the 54000 or so British people who own property with land in Bulgaria purchased their homes. But now there is a radical new approach that makes the whole process easier, faster and even better value for money - don't just buy a house, buy a business.

Here's the logic ...

More and more people are planning to leave the UK for a new life in Bulgaria and, at the same time, there are thousands of houses, flats, villas, building plots, holiday homes and village properties available throughout the country - cities, towns and villages, rural countryside, beaches and mountain resorts.

So, first of all, there's a mountain of research to do ... Where are the best areas? What's the local infrastructure like? What about schools and shops? Is there easy access to the hospitals, transport facilities, supermarkets and services in the nearest town? Then you need to find your agent ... one you can trust ... one that stacks up well against your background and status checks ... one that has the staff, resources, experience and expertise in place to provide you with a one-stop service. Then it's on with setting up your business ... solicitors, paperwork, notaries, bank accounts and so on. And that's all before you have even started thinking about your property, viewing trips or transferring funds.

While this traditional process for purchasing your property in Bulgaria works well, it is all somewhat complicated, expensive and time-consuming, to say the least. But now it doesn't have to be like this because one of the country's leading expat information and advice centres, MovetoBG.com, has come up with a much simpler and more effective 5-step formula.

Here's how it works ...

Step 1: Rather than spending your valuable time and money on searching for property, focus your energies on finding a suitable business for sale - there are plenty available.

Step 2: When you have identified a potential business to buy, instruct your lawyer to carry out all the appropriate due diligence and status checks.

Step 3: Negotiate and agree terms - your solicitor should now confirm the purchase price and a list of the business assets (property or properties)

Step 4: Arrange for transfer of the Notary Acts (title deeds) of the property (or properties) that the business owns, together with any other assets and the administration of the business.

Step 5: Complete the purchase, take over the shareholding and become the Owner / Manager of your business. At this point you will also take over ownership of the property (or properties) that the business has purchased.

And just consider the advantages ...

• No need for all the background research - the owner of the business that you buy will already have done that
• No need for checks or searches on the property (or properties) that the business owns - your solicitor will be able to easily verify these issues from the company documents
• No need to identify, select or work with a real estate agent - you will be able to buy the business using the services of a solicitor
• You will be able to easily arrange a continuation of the business administration using the same accountants and solicitors as applicable
• You will be able to operate the business as either a trading or a non-trading company as you choose
• You will save the time and costs involved in setting up a new business - usually 4 to 5 weeks, at a cost of 500 to 600 euro
• There may well be additional assets included in the purchase price - there will probably be a business bank account already set up and there could be a domain name and website available

So, you have now bought your business and, the property (or properties) that the business owns have been transferred to you as the new Owner / Manager, This means that you are now in exactly the same position that you would have been in if you had followed the more "traditional" route outlined above. But by following the 5 Simple Steps, the whole process has been made much easier, much faster and much more profitable for you

And here's yet another bonus ...

If you are fortunate enough to find a business to buy that owns multiple properties, you will have a choice of where to live, which property (or properties) to keep within your business, and which ones to sell ... and if you do sell properties from within the business, you will immediately start recovering your initial outlay for the purchase of the business

There are a number of websites offering Businesses for sale in Bulgaria and a search on Google will locate these for you. For a direct example of a current offer, though, you can check our website at:
http://www.movetobg.com/businesspurchase.htm
or for more details, you can visit our blog at: http://movetobg.blogspot.com