Bulgaria is one of the most popular locations for European property investors and second home buyers. Recent infrastructure improvements to supplement increased tourism provide the background for investment and second home property in Bulgaria to become a stable market. Foreign buyers can purchase property in Bulgaria directly as non-resident individual or through a local Bulgarian company.

Non-resident individuals can not purchase land in Bulgaria. Only the purchase of buildings or apartments by non-residents is permissible under the Bulgarian law. To purchase Bulgarian land, non-residents must establish a Bulgarian company through which the land is purchased.

So, you are a non-resident individual and just have bought a building or an apartment in Bulgaria. Congratulations! - you had made the right choice! Bulgaria is emerging to be one of the most attractive destinations either for properties acquired for investment reasons or for a second home for your family.

The real estate agents had completed successfully their job and you are satisfied and content. It is time to relax and enjoy your new acquisition.

When purchasing real estate, there is a wagonload of post purchase administrative obligations that you simply cannot avoid. You need to be prepared for the regular declarations, statutory reporting and the monthly maintenance payments involved with owning property.

Electric bills, waste removal, property insurance, repair costs, maintenance fees, and property taxes - the list goes on and on. Although you can minimize or delay some of these expenses, many are fixed and need to be calculated into your post-purchase budget and paid to the respective third party.

It is important to hire a reliable professional to be responsible for the administration of the property, take care of the bills and taxes, general maintenance, control and management of the rental, to maximize the income and reduce risks, and many other services that you may need together with unforeseen circumstances that may be difficult to control if you are away.

Here is a short list with the post purchase administrative obligations for the non–resident individual:

• 7 days of purchasing the property - Non – resident individuals who do not have Bulgarian Personal Identification Number (PIN) or Bulgarian Personal Foreigner's Number (PFN) are obliged to register in the BULSTAT Register to get an Identification code within.
• Within 2 months of purchasing the property – The property is a subject of tax registration before the respective Municipality where the property is located;
• Every quarter /three months/ - Tax on property and Counsel tax is due on a regular base. In case of non-payment the property could be put on a public sale.
• Every year in case of income from your property – rent or sale, you have the obligation to file a Bulgarian income tax return.
   
• Every month you have to pay your water, electricity, telephone and other supplies;

The property management service of BULGARIAN ACCOUNTANTS for non-resident individuals handles the day-to-day needs of your property, minimizing vacancies and maximizing your bottom line. We have the knowledge to help you optimize your investment and your secondary property needs.

The property management service of BULGARIAN ACCOUNTANTS for non-resident individuals includes:

• Assistance in finding quality and trustworthy movers and in locating reputable contractors for repair/renovation;
• Assistance in finding home organizers and recommend a property administrator for the management the property;
• Helping you get your property ready for rentals and suggest ways to maximize your return on investment;
• Periodic reviews to follow national and local real estate trends to make the next move a smart one;
• Suggesting Facility Management providers and Houses Renting agencies;
• Buying Building Materials, Home Appliances, Wooden Carpentry, Home Security Systems, Modular Kitchens, Home Audio Video Systems, Lighting and Fixtures, Furniture and Furnishings;
• Suggesting Home Gardening Ideas specialists;
• Providing information on Real Estate Market News, Websites on Houses and the Latest Housing Projects;
• Control of the management fee in accordance with the management contract;