The big move to your Bulgarian property has started, moving to Bulgaria, living the dream, but with so much going on making a will may be the last thing on your mind. 280,000 euros have been spent changing the laws of the 27 E.U states,to help expats living outside their home country if the inevitable happens.
A website has been set up and is available in 23 languages, to help E.U expats to simplify the laws of inheritence. In Bulgaria the Civil Law Notary can help family with who is entitled to property and bank accounts in the event of losing a loved one. The site gives further details regarding individual laws for each country.
So for those who have not made a will, it may make a stressful time a little easier.
The website is www.successions-europe.eu
The real example: Bansko. Bansko is one of the most beautiful and well developed ski resorts on the Balkan Peninsula. With its nature, time honored trees, ski paths and great customer service Bansko attracts many tourists from different nationalities – Bulgarian, British, Russians, German, Chinese, Greeks, Romanians, Turkish and others.
Several years ago, Bulgaria quickly became an appealing destination for many foreign property investors, most of whom were attracted by the sea and mountain resorts. In fact, the purchase of a property in Sunny Beach, Pamporovo, Borovets and Bansko became a ‘must have’ amongst many British and Irish buyers.
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The economic crisis has ensured that we are all more focused on spending less and controlling household budgets. This has meant that those who have holiday homes in Bulgaria are looking carefully at costs and holiday rental returns.
Once upon a time there was a mortgage market for foreigners buying property in Bulgaria! It was during 2005-2008. That was a time of marvellous promises for high ROI from developers, pretty websites of investors impressing with fantastic pictures of long beaches and beautiful nature…
Thinking of setting up a business in Bulgaria or want to move and have the preferred lifestyle of owning and running your own place? Maybe a bar, a hotel or a bed and breakfast? We investigate the pros and cons of buying an existing business and list a pick of commercial real estate which is currently available on the Bulgarian market.
There are strong cultural and lifestyle differences between Britain and Bulgaria and nowhere is this more obvious than in the realm of money. The personal financial profligacy by Britons is starkly contrasted by their Bulgarian counterparts who exercise financial prudence and healthy money habits. Why are the Bulgarians better at thrift than the Brits? Different cultural attitudes to money are at the root, which are highlighted even more in these financially challenging times. The Bulgarians are better placed to embrace long term frugality as a means to weather any financial or economic storm. In the UK, people are only embracing prudence as a short term solution, after years of ridiculous over-consumption and over-spending.
