Management of bank accounts in Bulgaria for foreigners

Managing international and local money transfers from Bulgaria

Providing legal assistance in relation to bank loans and deposits in Bulgaria

If you plan to perform various payments in Bulgaria, or you intend to receive money from Bulgarian sources (for example, from the sale of a local real estate to third parties like rental companies) or if you just want to be able to pay the utility bills for your apartment via direct debit or even through withdrawals from your account and payment of your obligations in cash, but you are unable to visit or travel to Bulgaria, then you will need to open a current or a deposit bank account in any of the local commercial banks which operate on the territory of Bulgaria. Here as everywhere else in the world, different banks offer different services, i.e. – different exchange rates/charges for their services. A professional guidance is needed and in our capacity of Bulgarian Lawyers we can provide it on the base of our professional experience on the matter – as a separate service by representing you in front of all the Bulgarian banks (by opening, managing and closing the account on your behalf) or within the Legal representation on a property sale.

On the other hand, if you reside abroad but you need to receive money from your Bulgarian account without visiting Bulgaria and organizing the bank transfers by yourself, then on your behalf in our capacity of legal representatives in Bulgaria we can manage the international transfer towards your account abroad via power of attorney/letter of authorization and also if requested by you, to close the account once all transfers are performed and if do not intend to use it in the future.

Additionally we can provide full assistance with personal banking in relation to investing your money in one of the most stable banking systems in Europe at the moment by advising you on the best deposit type and opening and managing various types of deposit accounts. This way you can benefit from one of the highest interest rates on deposits in Europe and a tax free interest. Our legal advice will include the most suitable option for your needs and assistance through the whole procedure during the whole period.

Respectively if you need our help on acquiring a loan from a Bulgarian bank as part of a purchase procedure or separately we can provide full legal assistance and representation related to obtaining the necessary documents and representing you in front of the bank (including arranging Bulgarian mortgages) so you do not have to be present in Bulgaria at any point of the procedure. On the other hand if you have an existing bank loan we can arrange refinancing through a different bank (if you are not happy with the interest rates) or restructuring the loan in order to suit your needs – see our section Mortgage loan issues.

Feel free to contact us on the above matters.