Home in Bulgaria - A look at Bulgaria's Real Estate Tax
Liability
Many people who are considering the possibility of buying one or
another home in Bulgaria worry about what they might end up
paying in taxes on real estate that they might end up owing. In
years gone by, one of the reasons that only a fraction of the
population was able to take advantage houses in Bulgaria
centered on the high taxes that often times were associated with
home ownership in that country.
With the changes in government that have occurred in Bulgaria
since the 1990s, significant land reform programs have been put
in place throughout the country. The pace of these reforms
quickened when it was determined that Bulgaria would be admitted
into the European Union in 2007. The net result has been that
property taxes no longer need be considered an impediment to the
ownership of homes in Bulgaria.
In point of fact, at the present time, Bulgaria boosts one of
the lowest real estate tax schemes of any of the countries in
Europe -- including those nations that already enjoy full
membership status in the EU. It is important to keep in mind
that prior laws that imposed a heavy tax burden on foreign
nationals who purchased homes in Bulgaria have been eliminated
in their entirety.
In addition to low real estate taxes, the government in
Bulgaria has enacted other pieces of legislation that are
designed to encourage private home ownership amongst the people
of Bulgaria, further spurring the demand for houses for sale in
Bulgaria. The government of Bulgaria is committed to furthering
and advancing real estate investment generally and home
ownership specifically throughout the country.
To that end, the government has lessened the tax burden on those
who own real estate and has modernized the banking system to
make real estate loans far more widely available to people
interested in property ownership in the country, including the
buying and owning homes in Bulgaria.