Our bar people with properties in the Caribbean! – Bulgaria

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B the Olgars have bought properties in 59 countries around the world. Real estate owned by our compatriots can be found on every continent except Antarctica.

Among them are houses or apartments on exotic islands in the Caribbean Sea such as Aruba, the Netherlands Antilles and the British Virgin Islands.

By the end of 2022, the number of residents who acquired real estate abroad was 2,154, according to data provided by the National Revenue Agency to “Telegraph”. 2022, is the latest for which summary information is available. The declaration of properties at the end of 2023 is still ongoing. The deadline is April 30.

599 of those who declared property abroad bought more than one property. And 362 persons have also declared rental income from their properties abroad.

Neighbours

Most Bulgarians have acquired properties in neighboring Greece, where many Bulgarians have bought holiday homes and apartments in recent years. Quite a few of them rent them out during the summer season. The number of Greek properties owned by our compatriots is 2,184. From renting them out, the Bulgarian landlords have earned a total of BGN 1,298,894. This is the gross amount of income from properties in Greece, declared to the National Revenue Agency for 2022.

In second place in terms of the number of properties owned by Bulgarians is Germany. Our compatriots have declared to the National Revenue Agency 171 houses or apartments owned there. From renting them out, our compatriots have brought home the impressive sum of BGN 2,227,594 in 2022.

In third place in terms of the number of properties owned by Bulgarians is Spain with 159 houses or apartments. Our residents received BGN 1,182,091 from the rental of their Spanish properties.

Austria is also a preferred country for Bulgarians to invest in real estate. Our compatriots have declared that they own 113 properties in this country. Their Bulgarian owners earned BGN 572,973 from rents.

And Great Britain is a popular place for Bulgarians to buy property. Our compatriots have declared that they own 100 properties on the Island. They earned BGN 1,239,388 from rents.

Dubai

Although Dubai has in recent years become a preferred place for an excursion or property purchase, only 29 Bulgarians have officially announced to the National Revenue Agency that they have acquired houses or apartments in the United Arab Emirates. The income from renting out these properties is BGN 398,719.

Although few, there are also Bulgarians who have invested in property on exotic islands. For those who can afford it, the preferred location is islands in the Caribbean Sea. There are 7 properties in Aruba owned by Bulgarians. The income from renting them out amounts to BGN 101,811 for 2022. There are four properties owned by Bulgarians in the Dominican Republic. No rental income has been declared for them. Two properties of our compatriots have been announced in the British Virgin Islands, and one in the Netherlands Antilles. There is also one property of Bulgarians in French Guiana, in South America and in Panama.

Asia

Another exotic destination that enjoys great interest from Bulgarians is Thailand. Although many of our citizens have already gone on an excursion there, the properties of our compatriots in this Asian country are officially only three.

There are also properties owned by Bulgarians on the African continent – one each in Mozambique and Ethiopia, two in Egypt. The one in Ethiopia brought its owner BGN 64,457 in rent.

Bulgarians also have four properties in distant Australia, and one in Japan.

NRA: We also know about the hidden ones, announce them

The National Revenue Agency also knows about the properties of Bulgarians abroad and the rents they receive, even if their owners have not officially declared them to the native tax authorities. The NRA receives information about them through the automatic exchange with the other member states of the European Union. When it receives such data, the revenue department compares it with what the owner has officially declared. If he has neglected to declare his property, the NRA prefers to call him first and invite him to submit a corrective declaration. If he doesn’t do it, only then will the stricter measure follow – an inspection, which, however, can turn into an audit if data on the evasion of obligations is found.

According to the tax law, every resident individual must declare the rental income acquired during the tax year from a foreign source in his annual tax return. Also there, in appendix 8, it should only indicate where the owned property is, its type, the date of purchase and the address.

Country	Declared properties	Country	Declared properties	Country	Declared properties	Country	Declared properties	Country	Declared properties	Country	Declared properties
Australia	4	Guiana (France)	1	Ireland	10	Republic of Macedonia	18	Poland	38	Finland	3
Austria	113	Georgia	1	Spain	159	Malta	4	Portugal	11	France	73
Argentina	2	Greece	2184	Italy	92	Mozambique	1	Romania	8	Croatia	12
Armenia	2	Denmark	1	Kazakhstan	12	Moldova	15	Russia	46	Montenegro	6
Aruba	7	Dominican Republic	4	Canada	1	Monaco	1	USA	27	Czech Republic	18
Belgium	42	Egypt	2	Cyprus	10	The Netherlands	12	Serbia	20	Switzerland	10
Bosnia and Herzegovina	2	Estonia	3	Latvia	7	Netherlands Antilles	1	Thailand	3	Sweden	1
Brazil	4	Ethiopia	1	Lebanon	1	Norway	8	Turkey	25	Japan	1
Virgin Islands (UK)	2	Israel	13	Lithuania	2	United Arab Emirates	29	Ukraine	40
Germany	171	India	5	Luxembourg	1	Panama	2	Hungary	4

* Note: The number of properties cannot be provided with precision, as one property may be declared by more than one person with corresponding common shares.

Sofia Simeonova