» Company Management
» Property Management
Welcome to our Home page where you will find information about the services we offer you, we pride ourselves on offering you a complete package, second to none in its contents and affordability. Whether you have a villa by the sea, holiday home or apartment we are here to help you maintain your Company and Home.
We employ both English and Bulgarian staff who are on hand to assist you with help on all aspects of your Company or Property.
This is to give you complete peace of mind if you are not residing in Bulgaria all year round. Our property management service covers most areas of the Black sea coast from Sunny Beach, Burgas, Kitten and inland to Sredets and surrounding villages. By subscribing to this service we engage to take good care of your Company & Property on a regular basis.
We have professional associates to advise you with Legal advice, Mortgages, Currency, and have builders, Cleaners, Landscapers & Gardner, to maintain your property.
If you need help or advice please CONTACT US and we will do our best to answer your query.
This will include:
1. Taking accounts to the Accountant. (Year start 1st January to year end 31st December must be filed before 31st March)
2. File tax returns at the tax office.
3. Paying any other fee’s at local offices.
4. Filling all Bills and Accounts in Company Folder.
5. Collecting from bank the bank statements.
6. Emailing an itemised Bank Statement to your email address.
7. Apply for Actual Situation of Company issued every six months and copies taken to bank and other authorities
8. Emailing company details to clients.
There is an annul fee for this per property to cover all the above and is due on the 1st of January, in advance, this includes all local travelling and labour costs, this does not include cost for documents required to carry out the above work, or costs of utility bills. These documents / bills will be paid for as required or if possible by direct debit from your bank account.
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Pay Yearly Council Tax to the amount of the taxable table issued yearly.
Pay the annual municipal and local taxes, fill out tax declarations.
Pay Monthly utility bills that are due and collecting invoices for accountant.
Paying any other fee’s at local offices
Filling all Bills and Accounts in Company Folder.
Collecting from bank the bank statements.
Email an itemised bank statement to your email address.
Producing a yearly report on the property.
Guide to Household Bills:
Annual Property tax which is equivalent to U.K Council tax range from 10 Euro to 100 Euro depending on size and location of the property.
Electricity 0.05p per unit
Water charges around 10-15Lv. £3.50-£5.00 per month
Cable T.V £5.00 per month
Mobile phone charges pay as you go 20p per minute
Annual all in cost for running a house (approx) per year, 1100 Euro
Corporation tax 10%
V.A.T is 20%
In addition to the above we provide a range of other services that you may opt for such as:
Security service with a local security company.
Insurance package for your property with Allianz
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This extra service: will be offered upon demand which will include structural repairs, painting and decorating, gardening, septic tank maintenance, servicing of household appliances, cosmetic alterations. All these services will be charged as per individual requirements, following agreement from the owner.
Ventilate the property and check for any humidity and/or damage.
Check the installations for water, electricity, gas and ensure all appliances are in working order.
Take care of indoor and outdoor plants and keep the terrace tidy.
Collect mail to leave inside property or re-post to an address of your choice.
Clean the property for your arrival, key holding, regular property inspections, bill payments, preparing the property for the seasonal changes
We will also ensure that tenants take good care of the property should you decide to let it out.
Other services quoted on demand; advertising, airport transfers, property security, registration of arrival with local authorities.
Guide prices (not including VAT 20%):
1 Bedroom/studio 280 euro per year
2 Bedroom 390 euro per year
3 Bedroom 450 euro per year
Seaside house 480 euro per year
Countryside house 490 euro per year
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This will include: Holiday Rent collection, deposit of rental monies into your bank account, a laundry and cleaning facility ever three and seventh days, inventory checked upon departure.
Switching on electricity, water and making sure the property is well aired before your/tenant's arrival.
By using our service, you can expect almost full rental occupancy in July / August and a good occupancy in May/June and September/Oct. Please e-mail us with the details of your apartment/ house and the rental income you would expect if you would like to get to use our rental service.
Rental income: The rental income depends on the type and the location of the property that you buy and you can expect an annual return on investment (ROI) of between 5% and 10% per year. However, this does not include the capital appreciation, which is about 20% per year.
At the resort areas on the Black Sea coast and the ski resorts the rental market is seasonal in nature. For example in some areas like Nessebar, Saint Vlas and Sunny Beach you can expect good rental income during the entire summer season (June, July, August) although during the seasons of Spring and Autumn this will be lower. In The Mountain areas & Ski areas you can expect good rental income during the entire Ski season (Jan,Feb,March) but also in the summer season for Walking, Biking etc season
Rental income taxation: Although rental income is subject to taxation by the Bulgarian Government, in practice not many of the private individuals, foreign or Bulgarian, who rent out their properties, declares that in front of the tax authorities. The basis of the taxable income of a company, investing in Bulgarian real property is the gross income derived from the property minus tax-deductible, property-related expenses and depreciation. Such expenses include repairs, maintenance, renovation and similar costs and interest on loans used for the acquisition of the property. A Municipal Tax at a rate of 10% of the profit is due. This is then deductible in calculating taxable profits which are subject to a flat rate of 25%. Foreign investors are guaranteed full repatriation of profits resulting from an investment in Bulgaria. The transfer abroad can be made only after the bank affecting the transfer is presented a certificate proving payment of all Bulgarian taxes due.
Renting Out: You may be thinking that prices are cheap, mortgages are plentiful and foreign tourists are arriving in droves but how do you let out your newly acquired Black Sea apartment? Fortunately this aspect of the market is maturing rapidly. You can arrange for your apartment to be let for the season by one of the large holiday operators, or we will advertise any property purchased from us FREE for one year. In some cases the developers continue to manage the estate including the contracting with the tour operators. This can save a lot of complications which is why we have tried to consider all aspects to ensure you have a trouble free experience.
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