Sun, Nov 08 2009

Property visa

Fri, May 15 2009 10:05 CET 3178 Views 4 Comments
Property visa

‘WE SPEAK RUSSIAN 24/7’: Russian interest in Bulgaria’s property market is revealed by Russian-language adverts that started appearing in Bulgaria’s fastest growing winter resort of Bansko in Pirin Mountain. This one, dating from November 2008, says ‘if you have permanent residence status this is the place to ask for information. We speak Russian and work with no days off’.   


Photo: Tsvetelina Nikolaeva

The Bulgarian Government’s fast access visa system for non-EU nationals who own property in Bulgaria is reaping results with Russians emerging as the largest group, Deputy Foreign Minister Milen Keremedchiev told The Sofia Echo on May 11.  

Keremedchiev said that it was Russians, followed by Serbians, who had best exploited the procedure to provide them with a three-year long multiple entry visa.
The logic behind the visa system, which has been in effect for more than a year, provides for granting an entry visa to non-EU nationals who own property in Bulgaria.

If non-EU nationals own property in Bulgaria they can apply for a multiple entry visa for up to three years, also valid for their spouses and children under 21. Applicants must also have had a Bulgarian visa - minimum one year-long, issued before that. Besides the three-year long multiple entry visa, foreigners would be entitled to stay in Bulgaria for 90 days.

"This has had an effect, especially when it comes to interest shown by Russians," Keremedchiev said. "All they need do is present their title deeds to one of the Bulgarian embassies’ consulate services and apply for the visa."  

Since non-EU nationals cannot own land in Bulgaria they could apply for this procedure by presenting a document stating that they owned the company that had bought the property. "Many people do so when it comes to owning a single house but as regards owning an apartment in a residential building, there is no problem for non-EU nationals to have the deed in their name," Keremedchiev said.

The procedure came about when many Russian tour operators and real estate companies said that Bulgaria’s protracted visa system policy was deterring Russians from visiting.

The decision was also based on dwindling interest from British and Irish buyers, perturbed by continuing rising prices and the beginnings of the global economic crisis. Russians, on the other hand, still found prices viable. This, allied to close cultural ties and a shared past, made Bulgaria an attractive destination, hence the request for a streamlined visa system.

According to some complaints, property-owning Russians in Bulgaria were also treated the same as Russian tourists. As a result, Bulgaria’s Foreign Ministry introduced a separate procedure for non-EU nationals that entitled them to access to their property. How this will change when Bulgaria joins the EU Schengen Agreement area is yet to be seen.

Comments

Anonymous uncle bulgaria Thu, Sep 24 2009 09:41 CET
Inappropriate comment?

the real question is when will we EU citizens be able to own land without having to have a company? EU law states that all citizens should be treated as equal, at the moment any non Bulgarian has to run a company, with its associated costs and administration, that is surely now illegal?

Also and allied, is the need to apply for a residency permit, this again seems to be against EU law, albeit that it would seem from other articles on the site, that the government is now to introduce biometric permits in January.

Anyone else think that we are being treated differently from Bulgarians?

Anonymous Optomist Mon, Jun 01 2009 23:50 CET
Inappropriate comment?

A bit rich criticisng 'develping countries' given the medieval mentality displayed in the posters name.

Anonymous Observer Mon, May 25 2009 20:49 CET
Inappropriate comment?

Too little, and too late.

Anonymous Someon Wed, May 20 2009 19:31 CET

This comment has been removed by the moderator because it contained .

Anonymous NIGGER Mon, May 18 2009 09:59 CET
Inappropriate comment?

Talking on owning a property? does this new rule applicable to citizens of THIRD WORLD countries? or only to European NON EU member countries??

Write comment

Name:Comment:

Generate new code
Send your comment
Cleves offers 18 new luxury apartments

Company remains optimistic that Bulgaria's real estate market is stable, even in the luxury segment

More in this category

Bulgaria business property deals contracted sixfold – Forton

Office rent transactions peaked at 65 000 sq m between July and September 2008, but collapsed to 10 700 sq m in Q3 2009, Forton manager Sergei Koinov said.

Luxury real estate prices in Bulgaria slump by 40% - study

Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro.

Bulgaria's construction sector facing 'survival year' in 2010 - Minister

About 30 000 to 35 000 people employed in the construction sector were facing redundancies in 2010, Bulgaria's Regional Development Minister Rossen Plevneliev said on October 26.

Housing prices in Bulgaria fell 28 per cent year-on-year – official

Average market prices of housing in Bulgaria dropped five per cent in July-September, measured quarter-on-quarter, the National Statistical Institute said on October 23 2009.

Key interchanges in Sofia will be constructed with European Investment Bank loan

The European Investment Bank (EIB) has released a 43.5 million euro loan to Sofia Municipality, for infrastructure projects worth 88.1 million euro in total