Monday, February 7, 2011
Home in Bulgaria – A look at Bulgaria’s Real Estate Tax Liability
by: surrinder Ahitan
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.
About the author:
Surrinder Ahitan's website Bulgarian-Property-Advice.com provides detailed information and advice on the most lucrative areas to invest in Bulgaria. You will learn how to get around, get a flavor of the language, history, culture and more.
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.
About the author:
Surrinder Ahitan's website Bulgarian-Property-Advice.com provides detailed information and advice on the most lucrative areas to invest in Bulgaria. You will learn how to get around, get a flavor of the language, history, culture and more.
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