Shop for sale in an administrative-residential building "Cherni vrah", in the prestigious Dragalevtsi quarter

Location: "CHERNI VRAH" administrative and living complex is situated at the beginning of the village of Dragalevtsi in Sofia City region at 500 meters distance from the ring road. Dragalevtsi is one of the most prestigious and expensive quarters in Sofia. "CHERNI VRAH" complex is set up over a corner plot with a 100-meters face to the main road, and a local roadway is provided between the building and the main road, allowing cars to stop in front of the shop areas. The unique position of the complex gives an unforgettable view of Sofia city and the Vitosha Mountain.

Disposition: The shop consist of two levels - uderground and ground level. There is a commercial area with a sanitary unit /116.70 sq.m./ and a storage area in the underground level /80.30 sq.m./.

Standard of finish: The project of the complex shall be carried out by modern materials and technologies, and the façade is designed to be made of suspended glazing, granite tiles and mineral plaster.

High-quality granite and granite tiles floor coverings are provided for the interior design. High-level installation and communication systems shall be ensured in the office areas. All offices and shops shall have independent air-conditioning installations.

Accents

• Excellent location
• High-qualitive construction
• Choice of square surfaces
• Panoramic views
• Luxury execution

• Perfect investment

No VAT included in price

10 % discount before reaching elevation zero

Construction type: Brick

Year of construction: 2008 Year

Stage of construction: foundation level

Completion date: 11.2009

Heating: Central gas heating

Exposure: West

Number of bathrooms: 1

• Mortgage

Agent's valuation of the offer Excellent!

See the project

Property Taxes in Bulgaria

A foreign investor can invest in properties in Bulgaria either directly or through a local legal entity. Only Bulgarian-resident individuals and entities can acquire title to land, while non-residents may acquire only buildings and limited rights (e.g., leasehold and construction rights) to land.

If you are investing in Bulgaria, as a non-resident property owner, you could be liable for the following taxes:

Property Purchase Tax

The purchased property will be subject to a notary and a municipal tax. The notary tax is paid on the higher of the market price or the book value of the property. Rates vary and are typically less than 1%. In addition, 2% of the market value of the  property is paid as a municipal tax. This money goes to the municipality in which the  property is situated. You pay these taxes after you have signed the notary deed.

Annual Property Tax

All property owners in Bulgaria pay an annual property tax. The current annual tax rate for a house is 0.15% of the tax evaluation ( the value of the property as estimated by the state body) of the property.
In addition to this tax, owners also pay a waste-collection tax. The rate depends on the 
location and size of the dwelling. The amount of tax payable is usually about GBP30 per year 
for rural property and about GBP100 per year for apartments in city centers.

Tax On Rental Income

This is subject to a 15% withholding tax after deducting allowable expenses such as mortgage interest etc. It is not stable and depends on the gross  annual income of the person.

Wealth Tax

No Wealth tax in Bulgaria.

Capital Gains Tax (CGT)

This is levied at 15% on any increase in the value of the property.

Inheritance Tax (IHT)

This was levied at up to 10% up to 2004, but has been abolished altogether in 2005.

Value Added Tax

Transactions with land and lease of property for residential purposes are exempt from value added tax. All other real estate transactions are subject to VAT at the uniform rate of 20% (will be changed after Nulgaria joins to EU). The buyer/lessee is entitled to a VAT refund, provided it is registered for VAT purposes.

Corporation Tax

As some property interests in Bulgaria cannot be held directly by foreigners, buying through a local Bulgarian company is recommended. If you own a company in Bulgaria, note that in January 2005 the rate of income tax for a  corporation in Bulgaria was reduced from 19.5% to 15%. The tax year in Bulgaria ends on the 31 December. A limited company must file an annual report by the 31 March. If you incorporated a limited company to purchase a house or land, then there will be no  tax liability, as the company was not trading. However, you still must submit company  accounts to the Companies' House Register in Bulgaria every year to satisfy the authorities that the company was not trading. This is a legal requirement.