The expenses could be claimed as an allowance only if you have registered a Bulgarian company, which is the owner of the apartment. In your private capacity when you rent a property the Bulgarian law credits you with acknowledged expenses that do not have to be proven to the amount of 20% of the income.

Yes, we can send the rental related income to an foreign bank account.

All the services that we are going to provide are agreed with the tour operators according to their requirements.

Yes, owners can generate own bookings or to use the property by themselves. For a private use longer than 14 days for the whole season you shall be charged with our fee. Please, check with Credo Consult the availability for your apartment before making own bookings.

Credo Consult will assist with the income tax and activities related to it (filling in the income-tax form, paying the tax etc.).

The whole Summer/Winter Season here is from 1 May to 30 October/1 December to 31 March and hence the major part of the reservations shall be in this time frame.

We will assist with payment of all the current bills (water, electricity, etc.), tourist fees and insurances of your property on your expense.

For 2 years we have been working with UK clients offering conveyance service, mortgage, insurance, tax and property management consulting and assistance and we can now boast of more than 250 foreign clients purchasing more than 350 properties in Bulgaria.

In the properties that we have such a fee, it is due only for the tourist season. For the rest of the year the owners are not charged with this fee.

We do not offer guaranteed rental option.

At the end of the tourist season we will transfer the apartments either to the owners or to the Property manager of the complex. On transferring the property an acceptance protocol will be signed by both parties. Afterwards the maintenance of the complex (security, cleaning, repair works, etc) will be executed according to the contract that is concluded between the manager of the complex and the owner of the apartment.

We shall work mainly with Travel Agents through packaged holidays as this will provide high percentage of occupancy but we will also have an on-site reception where we will cover the single holiday makers willing to spend their vacation in one of the complexes. We will put our best efforts to reach occupancy of 70%.

The first year of actual operation of resort villages determines the lower accommodation rates. Not only because some of the infrastructure may not be fully completed, but also because the travel agents have not seen it functioning. Other factor that influences the rates is the advertisement - the travel agencies start to advertise a complex from the previous year. They need to have already functioning complex in order to add it in their advertisement materials for the next season. In the view of these facts, yes, if the complex functions normally, the rates for the next season shall be higher.

Yes, there will be an Info Desk for the guests of the complex at the 24-hour reception.

By "single holiday-makers" we mean people who do not benefit the inclusive packages of travel agents, i.e. they do not travel in group and their trip is specially organised for them. We are going to work with tour operators that are offering such services, accept direct bookings and on-site reservations. Upon signing of a rental contract with us your property will be included in the marketing program for rental services, developed to promote the managed apartments/complexes on the tourist market.

Yes, you could. More banks are ready to secure properties which are being built. Their requirement is the Building, where the property is located, to have at least Act Form 15 - it certifies fitness of the building and that the building is erected in accordance with the investment projects.

Yes, you need. The application procedure requires submission of many documents: some of them should be provided by you, others are issued from the Bulgarian tax administrations. Please note that the documents issued in the UK must be notary certified, including apostille (please refer to the webpage of the State for Foreign and Commonwealth Affairs - http://www.fco.gov.uk/legalisation),because they will be used in a foreign country and, hence, they must be in accordance with the requirements of the Bulgarian legislation.

The whole procedure lasts two or three months and includes: preparation and legalization of the documents; their submission to the bank; assessment of affordability; signing of the facility agreement; registration of a mortgage upon the property, etc.

No. Still, married applicants must apply jointly in the mortgage procedure. It is in accordance with the Bulgarian law – when any person is purchasing a real estate property, the other spouse becomes automatically co-owner of the same property.

When you start applying the mortgage procedure you should pay some bank fees in advance, the others are payable when the mortgage is fully approved. You will have to pay also the notary fees which are due on the transfer the ownership of property, as well as some local fees and taxes for your real estate. The amount of the latter depends on the the price of the property which will be entered in the Notary Deed and the type of mortgage.

You could re-negotiate the terms of your mortgage loan and, hence, to benefit the lower interest rates at any time. You will have to pay however a fee for the re-negotiation, which is payable once. The other possibility for you is to re-finance your present mortgage loan. The bulgarian market is developing further and the mortgage loans products are being improved. Therefore we do hope that in the future the bank terms and condintion of the mortgage loans would be better.

Yes, you need. When you get a mortgage loan the bank secure your property and set up a mortgage upon it. Therefore the bank needs the property to be fully insured against any damages of the real estate and concluding insurance is a compulsory requirement. You will need to arrange building insurance to cover the full cost of rebuilding your home. The feature here is that the bank will be entered as beneficiary on the insurance policy (See Insurance)

We could prepare an example insurance quote, which will include basic and extension coverage upon your real estate and movable property. If you are agree to benefit the insurance quote we will conclude the insurance policy on your behalf and at your expense. You could pay the due insurance premium directly to the Insurer through its euro bank account.

We will take care for troubleshooting the smaller damages promptly so that we may continue renting of the property. Bigger damages would be removed either by the Insurer or the Developer if needed.

The person who has caused the damage bears responsibility, but it is our responsibility to check whether everything is okay before each client checks out. If small damages occur we would require the payment of the losses. In case of larger damage, we would claim insurance (refer to the Insurer).