Bulgaria Accession in the Eu

By: Jolis Eltilib

Bulgaria will join the European Union in the First of January 2007, and is on its way to turn into the Riviera on the Balkans. The improved economic conditions, political and social stability in Bulgaria over the last 3 years brought to a real boom of the prices of property in Bulgaria. Other important factor for the rising property market is the huge tourism potential in our country. There are great natural attractions - high mountains, beautiful and clean Black Sea coast, preserved rural areas, minimum urbanization, thousands years of history, etc.
Nowadays Bulgaria is considered as the fastest growing tourism market in Europe. Summer tourists are attracted to the beautiful white beaches along the Black Sea coast and Bulgaria's long hot summers. And winter tourists are drawn to Bulgaria's stunning mountains and fast developing winter spots resorts.
Incredibly, Bulgaria is now the third most popular holiday destination after Spain and France for British holidaymakers. This is something that foreign buyers of property in Bulgaria appreciate the most. Together with the constantly rising prices, buying property in Bulgaria is one of the best investments that one can make these days with prices likely to increase with EU membership, as well as been a great retirement home.
The Bulgarian property market is among the cheapest in Europe, but is catching up.

Last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted. The increase in foreign investment is set to continue because of Bulgaria's expected EU membership perspective and the constantly expanding tourist industry. All these factors add up to show exactly why the real estate market in Bulgaria is one of the strongest and most profitable property investment markets currently and why the growth is set to last.
Bulgaria has one of the most liberal foreign investment laws in the region. We would like to draw your attention to the land purchasing process. According to the Bulgarian Act on Foreign Investment; currently foreigners can buy buildings but not land. Therefore the most common method for foreigners is to set up a Ltd. company which then owns the land. Foreign investors are not put off by the fact that they are not legally permitted to own land in their own name - they simply establish a Bulgarian company and purchase through that. As the legal owner of the Bulgarian company which owns the property the foreign purchaser becomes the legal owner of the property! It is simply a legal way around the current law on property ownership rights. The law does not limit the extent or amount of foreign participation in companies. Foreign individuals and companies can open unlimited number of accounts in any Bulgarian banks, in any hard currency or the local Bulgarian Levs.
Today Bulgaria not only offers one of Europe's most attractive and unspoilt holiday destinations it is also host to what will be one of the most dynamic and as of yet relatively untapped property and real estate markets. Anyone hoping to retire overseas on a budget should look to Bulgaria. Buying overseas can be an exciting and profitable experience by taking your time to understand the buying process you will ensure that your property purchase in Bulgaria is a happy and enjoyable experience.

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