Bulgarian Properties

It is now clear where the new container terminal of Varna Marine Port will be located.

It will extend on over 17 hectares on the northern coast of Varna lake. The plot will be handed over as soon as Varna municipality and the Government sign the memorandum for reconstruction of the area. The whole project includes the re-location of the entire port to the western side of the lake and construction of holiday/tourist areas on the current grounds of the port.

The total cost of the project is estimated at 500 million euro and part of it will be financed by the Japanese Bank of International Co-operation, which has approved a loan of 226 million for construction of cargo terminals in Varna and Bourgas Ports.

Parliament is expected to approve the loan by the end of June and to appoint a concessionaire by the end of November 2008. If the project passes the necessary approvals with no delays, the construction works will start in August 2010 and should finish in 2014.

Emiliya Maslarova, Minister of Labour and Social Policy, was a special guest at the grand opening of the Kalupchiev’s House in Blagoevgrad, which now accommodates the Centre of education and vocational training.

The opening of the Kalupchiev’s House marks the tenth anniversary of the “Beautiful Bulgaria” project. As part of that initiative, more than 1000 sights of cultural and social importance have been restored and rejuvenated, providing 40 000 job positions to unemployed people from all across the country. The reconstruction of the Kalupchiev’s House, which used to be a museum, costs 87 670 BGN. It is one of the developments that were part of the “Beautiful Bulgaria” project.

The next to follow will be Blagoevgrad’s kindergarten No 11, Mrs. Maslarova said when interviewed after the celebration.

Later the Social Minister discussed with the Regional Governor and the Mayor of Blagoevgrad future projects in Blagoevgrad Municipality.

The “Beautiful Bulgaria” project will continue expanding the number of refurbished developments in the future, enhancing the beauty of Bulgaria’s city and rural architecture and nature resources.

A company bank account is opened to collect share capital; the minimum requirement is 5,000 BGN. Shareholders must pay at least 1 third or their respective shares at the time of registration.

The company is then added to the Commercial Register of the district court on approval.

The formation of the company is then announced to the general public, although your company’s formation is not yet complete. The process can take between a few days to a few weeks.

Finally your company must be registered with the National Tax Register Authority. The costs involved are 3,500 BGN…70% share capital. Administration costs of 250 BGN payable to the state and registration court.

This is the minimum capital you need for registration. Once the share capital has been paid, funds can be accessed and withdrawn.

Allow between 500 – 800 EUR for charges relating to the formation and registration of your company.

The company is then added to the Commercial Register of the district court on approval.

This information is for all who wants to buy Bulgarian properties. Administration cost is variable, but not more then 800 BGN.