Three star new hotel in the center of our sea side capital the city of Varna

Varna is the largest city on the Bulgarian Black Sea Coast, third-largest in Bulgaria after Sofia and Plovdiv, and 92nd in the European Union, with a population of 357, 281. It is commonly referred to as the "Sea Capital of Bulgaria" and it is a major tourist destination. The city's peculiar sea charm is sublime and moving. Ancient, medieval, renaissance and modern cultures mingle and coexist throughout the city. Varna lies on the same latitude of the famous Atlantic resorts Bayonne and Biarritz in France, on a large, flat and high terrace on the northwestern curve of the bay of Varna which juts some 7 km inland. During the holiday season, July and August, the sunshine allows 10-11 hours of sunbathing. There is nothing of the cold Baltic wind or the summer Riviera heat.

The hotel is set in the commercial zone of Varna, near the Sea Garden, Varna port, The customs, and the railway station.

Accents

• Good location
• Easy access by car
• New eight storey building
• Completely furnished and equipped

The eight-storey hotel is equipped with air-conditioning system, automatic telephone exchange, cable TV, internet, elevator. There is a restaurant, 6 first class double rooms, and four apartments with mini-bar, sauna and safe-box.

Disposition

• First floor ( about 150 sq.m) : a foyer, a reception desk, a small lobby-bar, and manager's office
• Second floor ( about 150 sq.m) : fully equipped kitchen corresponding to all European Standards. A small cargo lift to the third floor.
• Third floor ( about 150 sq.m) a restaurant with seatings for 40 people
• Fourth, fifth, sixth and seventh floor ( about 550 sq.m) - 6 double rooms and 4 apartments
• Eighth floor ( about 50 sq.m) rooms for the staff
  

Furnishing

The double  rooms are furnished with : suite of upholstered furniture, individual safe-box , TV, mini bar, telephone, bathroom with a bathtub and hair-dryer

The apartments are with two  rooms - a living room with upholstered furniture, a comfortable table for room service, TV, Internet, air-conditioner, mini bar, a bedroom with double bed, individual safe-box, TV, telephone, air conditioner, a bathroom with a bathtub, a bidet, hair-dryer, sauna for three people

Floorings and walls : granite tiles , terracotta, wall-papers and latex painted walls

Techical desription

• The hotel comprise with elctro substation situated 150 m away from the main building
• The water and sewerage system is made with plastic pypes
• Water heating system - electric water -heaters / 700 l/, water pressure pump
• Telephone network - automatic telephone exchange-  by "Panasonic", 16 numbers, software for accounting
• Cable TV network
• Internet network - with internet outlet in each room
• Passenger's elevator for 4 persons, first class cabin
• Central ecological air-conditioner " Daikin"
• Two separate ventilation systems
• Kitchen elevator - up to 100 kilograms
• Fire alarm system with gauges in each room
• Security system + emegrgency button for the staff

Construction type: Brick

Year of construction: 2003 Year

Stage of construction: permission to move in granted

Completion date: 2003

Heating: Central AC

Exposure: East, South

Joinery: PVC

• Permission for use granted
• Mortgage
• Elevator
• Security
• Planning permission granted
• Furnished
• Electricity
• Pipings
• Sewerage

Agent's valuation of the offer Excellent!

Property Taxes in Bulgaria

A foreign investor can invest in properties in Bulgaria either directly or through a local legal entity. Only Bulgarian-resident individuals and entities can acquire title to land, while non-residents may acquire only buildings and limited rights (e.g., leasehold and construction rights) to land.

If you are investing in Bulgaria, as a non-resident property owner, you could be liable for the following taxes:

Property Purchase Tax

The purchased property will be subject to a notary and a municipal tax. The notary tax is paid on the higher of the market price or the book value of the property. Rates vary and are typically less than 1%. In addition, 2% of the market value of the  property is paid as a municipal tax. This money goes to the municipality in which the  property is situated. You pay these taxes after you have signed the notary deed.

Annual Property Tax

All property owners in Bulgaria pay an annual property tax. The current annual tax rate for a house is 0.15% of the tax evaluation ( the value of the property as estimated by the state body) of the property.
In addition to this tax, owners also pay a waste-collection tax. The rate depends on the 
location and size of the dwelling. The amount of tax payable is usually about GBP30 per year 
for rural property and about GBP100 per year for apartments in city centers.

Tax On Rental Income

This is subject to a 15% withholding tax after deducting allowable expenses such as mortgage interest etc. It is not stable and depends on the gross  annual income of the person.

Wealth Tax

No Wealth tax in Bulgaria.

Capital Gains Tax (CGT)

This is levied at 15% on any increase in the value of the property.

Inheritance Tax (IHT)

This was levied at up to 10% up to 2004, but has been abolished altogether in 2005.

Value Added Tax

Transactions with land and lease of property for residential purposes are exempt from value added tax. All other real estate transactions are subject to VAT at the uniform rate of 20% (will be changed after Nulgaria joins to EU). The buyer/lessee is entitled to a VAT refund, provided it is registered for VAT purposes.

Corporation Tax

As some property interests in Bulgaria cannot be held directly by foreigners, buying through a local Bulgarian company is recommended. If you own a company in Bulgaria, note that in January 2005 the rate of income tax for a  corporation in Bulgaria was reduced from 19.5% to 15%. The tax year in Bulgaria ends on the 31 December. A limited company must file an annual report by the 31 March. If you incorporated a limited company to purchase a house or land, then there will be no  tax liability, as the company was not trading. However, you still must submit company  accounts to the Companies' House Register in Bulgaria every year to satisfy the authorities that the company was not trading. This is a legal requirement.