The Financial Department of our company can provide foreign investors owning property in Bulgaria through their locally registered companies with valuable accountancy services to comply with the strict rules and regulations of the tax law in this country.

Because the Bulgarian law still does not allow foreign nationals to own land, the majority of investors are purchasing their properties through a company registered in this country. However having a company is a serious issue and investors must accept seriously the requirements of the tax law, which is quite strict and conservative. During the recent years the tax authorities have become quite active and regular checks are performed with or without a reason. Even if your company is registered just to own a property and not actively trading, it is still subject to control and inspection by the local tax officers.

Each company (including the dormant ones) is obliged to prepare an annual tax report for its business activities and submit it to the local tax office before 15th April each year. The fines for not submitting the annual tax declaration on time start from 2000 Levs (approx. 1000 Euros).

If the company accounts are not kept accordingly or if deadlines are not met, your company will be seriously fined and should expect future inspections from the tax office! If your company is renting a property and accepts rental income, it is then automatically considered as fully operational company which means a lot of paperwork, invoicing, tax payment and the services of a qualified accountant.

We therefore recommend using the services of qualified and experienced accountants who will not only prepare the necessary paperwork and look after your books, but will also give you valuable advice on how to legally minimize the tax due. The staff in our Financial Department is able to communicate with you in good English and by e-mail (or any other convenient way). If your company is operating (eg. renting out a property), your accountant will issue invoices, represent your company, pay tax advances as well as all other necessary actions required.

If you wish us to take over the accountancy duties for your company, we will need you to supply the originals of your company documents and company stamp, as well as a suitable power of attorney to represent the company before the tax authorities.

For dormant companies (registered only to own a property), or companies without any activities we charge 190 Euros per year which will cover the annual tax report and submission to the local tax office.

If your company is operational the charge is paid monthly and is subject to additional negotiation, depending on the amount of work required.

For more information, please contact us.