The service packages, offered by INVEST GROUP Ltd. to our customers comprise each aspect of the management process from the moment of completion of the property or its purchase, through its reconstruction, furnishing, categorization, putting-up for renting out, proper advertisement, collection of income, payments, maintenance, security, servicing of companies, etc. These service packages are properly combined with view of the overall satisfying of the customers’ demands so that they can get advantage only and solely of these services, which they need and consider important and useful for each of their properties.

1. Maintenance And Management

Full Maintenance, Management and Letting of a Real Estate

Annual Fee – 500 EUR

INVEST GROUP Ltd offers this service to ease the owners of properties in our country, and guarantee significant return on their investment. We take care of the whole maintenance, management and letting for you, which saves you a lot of concerns and gives you the opportunity to have a property working for you while you are away.

This is the most applicable and most popular service of ours. We attend to the maintenance of your property, paying your current bills, as well as the annual local fees and taxes, to advertising it and to the tenant accommodation for short-term or long-term rent. We keep contacts with tour operators, providing attractions and entertainment to the tenants/tourists during their stay.

How do we execute this service?

The team of INVEST GROUP Ltd has at its disposal a qualified stuff of technicians, hygienists, gardeners, and security companies, who take care of the property maintenance. Property management includes: partial repairs, cleaning, refreshment, bed making, airing of the rooms, washing towels and linen, cleaning the tiles in the bathroom, cleaning the windows, cleaning carpets and furniture.

Through our marketing department we run different marketing campaigns on local, as well as on international level, we keep constant contacts with prominent tour operators, which represent Bulgaria as a piece of paradise, suitable for any kind of tourism.

We assist tenants, engaging ourselves with meeting them at the airport / railway station providing a bus, or we help them to rent a car.

Our team keeps constant contact with insurance companies, and as the property should be insured against any risk, such as burglaries, earthquakes, floods and fire, we make this insurance. Moreover, we co-operate in the preparation of the health or life insurance of the tenants as well.

We keep constant contact with the municipal authorities, and if you decide to rent the property out, we prepare all the necessary documentation for the issue of a license for this kind of activity which is to be received from the municipality.

We represent the company/owner in front of the local police station and we provide assistance in the timely registration of the tenants.

Our experts co-operate with bank institutions and pay the received rental income to the owner by a bank transfer to the bank account in Bulgaria or abroad. The rental amount is to be negotiated with the owner in advance in case of a short-term rent (1 – 29 nights) or we charge a commission of 50% of the first monthly rental amount in case of a long-term rent (29 or more nights).

The team of INVEST GROUP Ltd. keeps constant contact with the property owner, keeping him/her informed about current, past or future reservations, about the expenses incurred, about the income, and about other important circumstances related to the property, by way of weekly or monthly reports.

Representing the property owner, we pay all kinds of bills to the Electricity Company, Water Supply and Sewerage, telephone operators, cable operators and internet providers. Furthermore, we pay on behalf of the owner the fees charged by companies hired to take care of the hygiene, the maintenance and the security of the property.

It is important to note that the annual fee for the service we offer does not include the amounts for the charges and bills referred to above.

The owners may use their property for as long as they want, they should inform us about such an intention in advance, so that we can take it into consideration with regards to future reservations made by tenants on a long-term basis.

There are specific requirements concerning the properties which are object to the service “Full Maintenance, Management and Letting”. They should be complied with as their fulfillment ensures high quality management and profitability of the property. Please, read the requirements below:

ORDINARY REQUIREMENTS

A very important requirement is that your property must been granted Act 16 and a permission for use, so that it can work and be serviced in a legal way. For this purpose it is necessary for the procedure of the issue of these documents to be started, but this requires the preparation and filling in of a set of documents, as well as their submitting to different public institutions and departments.

Our team can do this for you.

We keep in touch with the municipal officials of the region, where your property is situated. If you desire to rent it out, you should have a license for this kind of activity. We are able to prepare the necessary paperwork and apply for a license on your behalf and to receive it from the City council, representing you as an owner of the property. The fee for this service is 50 Euros, which also covers the cost of the license.

Another essential requirement for the quality management of your property is that it has “Insurance for movable and immovable property”. For compensation over this insurance are liable damages (including damages, loss and expenses) of the insured property as a result of: fire, explosion, hailstorm, flood, freezing, landslide, demolition, earthquake and actions of misuse by a third party. We are an authorized representative of Allianz Bulgaria Holding - a world leader in the field of insurance and re-insurance. We can assist in this insurance.

Health/life insurance of your tenants must be arranged to ensure their untroubled and secure stay in the property. We are able to arrange this insurance on your behalf.

If you wish to rent your property out, it must be fully furnished according to the legal requirements, which cover the standard of its categorization.

Please, have in mind that when we accept the property for “Full Maintenance, Management and Letting”, we make just minor repairs, arisen while using your property. This presupposes your property to be in excellent order, free of any building/structural problems, etc. All electrical appliances must be in good technical condition, working and safe for use. Quite often with new developments, "snagging" problems appear, so please make sure that you have dealt with, and fixed all of them before you offer your property to us.

An important requirement is also the maintenance of the communal areas of the property, as well as its attaching gardens, swimming pools, children playgrounds, and parking lots. These all must be fully completed, in excellent order, regularly cleaned and maintained. These are of great significance for the vacation apartments which are to be rented out. We will not accept properties in apartment buildings/gated complexes which are not maintained and looked after. Our team may do this for you.

It is very important for your property to be safe with view to its successful management. Here we should note that we will not accept properties in an undesirable area or properties which are not guarded. If is difficult for you to fulfill this requirement, you can turn to us and our team will deal with the full security of your property.

In case of short-term letting, the property must be regularly cleaned, refreshed, and the linen changed and washed several times a week. This is for the sake of the calm and pleasant rest of your tenants. With our service “Washing and cleaning”, we can take care of the regular hygiene of your property for you.

Regarding the receipt of the rental income, we recommend that you open an account with a Bulgarian bank to receive your rental amount there. Thus you can save the bank charges from the international money transfers. To have a bank account is a prerequisite as we only pay the owners by way of bank transfers in a Bulgarian bank account or a bank account abroad. For opening such an account, you can turn to us for help.

An important requirement is your property to be registered in The Territorial Tax Administration with a view to its legal servicing and management. The annual tax should be paid too. According to the Bulgarian legislation the owners should pay tax on the rental income they receive. Using our service “Accounting, administrative service and return of taxes” we can provide these accounting and administrative services on your behalf, so that you comply with all laws of Republic of Bulgaria.

We reserve the right not to accept a certain property for “Full Maintenance, Management and Letting” if we consider that the property do not answer our requirements referred to above, and it cannot be put in proper order.

For management of single properties within an apartment building we charge a management fee of 9 Euros per sq.m. per annum,but minimum 500 Euros or minimum 850 Euros for Sofia and Varna.

For properties in apartment buildings which are entirely managed and maintained by our company we charge a fixed fee of 9 Euros per sq. m.or minimum 500 Euros per year(including VAT). Sofia and Varna make exception.There the fee is 850 Euros per year,(this is due to the higher operational costs in these cities) in order to provide the above services.

For houses, situated in resorts, which our company manages and maintains, we charge 9 euros per sq.m. Payment is made in advance upon signing the contract with the property owner.

IMPORTANT: If you own your property through a Bulgarian registered company, there’s an additional charge.

It covers the cost of the accounting and administrative services of your company.These services are performed by qualified financial experts who prepare all documents of yor company, issue and receive invoices, warrants, receipts, bank references on your behalf and in your name; they prepare and supply a monthly report of incomes and expenditures; inform you about the current financial state of your company. Moreover, our Financial Department provides annual tax reports for your company, submits a tax return in the Tax Administration before 31st March each year, and also pays the local fees and taxes due in compliance with the deadlines, representing you as a legal entity. We can also provide useful advice about the way these taxes and fees can be decreased for your company.

2. Property Letting

This service is meant for owners who have ensured the maintenance and the cleaning of their property personally or by using the services of another broker agency, and they want to return their investment by renting their property out.

What does it include?

INVEST GROUP Ltd. as your tour operator accommodates tenants both for long and for short term rent.

Through our marketing department we run different advertising campaigns on both local and international level and we do this through the press, internet sources, brochures, news bulletins. We keep contacts with famous international tour operators, who represent Bulgaria all over the world as a piece of paradise, suitable for all kinds of tourism.

Our team assists tenants engaging itself with meeting them at the airport / train station, ensuring bus transport for them, or helping them to rent a car. Apart from that, we organize parties and attractions during their stay by being in contact with local tourist agents, who offer sightseeing tours of local attractions – “Nature-climate” and “way of life and customs”. Our team is in contact with spa and sport centers in the winter resorts - with ski instructors and companies who service ski tracks and ski lifts; and in summer resorts we are co-operate with companies who offer a variety of sea sports. All this is offered to the tenants for amusement and entertainment.

INVEST GROUP Ltd. is constantly in contact with the property owner and keeps him informed about current, future or past reservations and the rental amounts.

Our commission is from 15% to 30% from the gross rental income in case of a short rental term (1-29 nights); or in case of long rental term (29 nights and more) we charge a commission of 50 % from the first monthly rental or the amount of one full monthly rental.

NOTE: If you have signed a contract with our company for the service”Letting” we will not be responsible for the maintenance of your property. This means that we will not be obligated to take care of cleaning, refreshing, washing and current bills payment. That is why you must have organized all that in advance. We hope and expect that you or an authorized representative of yours will be available 24 hours in order to assist the tenants of your property and also to provide everything that they will need (including their registration in the local Police Station).

3. Real Estate Service

Annual charge 250 EUR

INVEST GROUP Ltd offers this service to owners, who do not want to rent out their properties or they do it personally, or work with another tour operator. If you take advantage of our offer we will engage ourselves with and will guarantee effective and high quality management and services for your property.

What does our service include?

Our team has a qualified staff of hygienists, who do the cleaning, refreshing, bed making, airing the rooms, washing towels and linen, cleaning tiles in the bathroom, cleaning windows and cleaning carpets and furniture.

We have professional gardeners, who maintain the green areas around buildings – such as gardens, grounds, and arrange them according to your requirements and preferences.

We would like to point out that apart from “Real Estate Service and Management” we also offer some additional services, with which we aim to ensure full safety and calmness to the owners, as well as a pleasant undisturbed stay for their tenants.

Which are these services and what do they include?

INVEST GROUP Ltd. keeps constant contacts with the municipal authorities and when renting out your property we prepare and supply all the necessary documents for issuing licenses for this type of activity, and then receive it from the municipality.

We cooperate to tenants as we engage ourselves with meeting them at the airport / train station, providing a bus or helping them to rent a car.

We represent the company-owner of the property in front of the local police station and collaborate for the timely registration of the tenants.

We keep constant contacts with insurance companies and as the property must be insured against all risks such as burglary, earthquake, flood and fire, we also take care of making such insurance. Moreover, we collaborate for the tenants’ health insurance and life insurance.

The team of INVEST GROUP Ltd. is in permanent contact with the owner communicating in fluent English or by e-mail (or in some other way, preferred by the owner), as we keep him/her informed about all important circumstances related to the property.

On behalf of the owner, the company pays all current bills for electricity, telephone, water supply, cable operators and internet providers. Besides, we pay to companies who are in charge of the hygiene, maintenance and security of the property.

It is important to note that the annual charge for “Real Estate Service and management” does not include the amount of the above mentioned bills, nor the additional services which we offer. We charge 250EUR annually and 10% from the gross rental which is paid by tenants for our additional services.

Please, have in mind that for properties situated outside cities / resorts, where our offices are located, we charge further 0,20 EUR/km to cover the transport costs.

We would like to point out also that with this service we are not in charge with the current accountancy servicing of the company – owner of the property, nor with the annual financial balance and submitting the annual tax return in front of the local Tax Office.

4. Maintenance of Common Parts

Maintenance of Gardens, Swimming Pools and Common Parts of Buildings

Charge: 5 – 12 EUR sq. /m.

INVEST GROUP Ltd offers this service to owners of holiday resorts and complexes to answer to the necessity of serious maintenance of their gardens, swimming pools and common parts, so that they are clean and in proper state in compliance with the Bulgarian legislation. Maintenance is extremely important for holiday apartments which are offered for rent.

How do we realize all this?

We have a highly qualified staff of gardeners and hygienists, who can arrange your garden according to your requirements and preferences, also take care of its watering and maintenance. Our team is in contact with qualified technicians, who take care of the maintenance of elevators and swimming pools.

It is important to point out that if the building/complex has a swimming pool, the annual fee is higher as a result of the more complicated maintenance.

The annual charge is calculated according to the total area of your apartment (ideal parts plus common parts) and it varies between 5-12 EUR sq/m/ (with VAT included) per year. This charge is to be paid in advance upon signing contract with the owner of the apartment/complex regarding this service.

INVEST GROUP Ltd. pays the bills for common parts lighting to the Electricity Company, as well as bills for water supply for the garden irrigation, and also for the maintenance of the elevator and some repair works. All these bills are at the expense of the property owner.

Please have in mind that the quoted annual price will not cover unexpected repair works, because of poor quality constriction of the property. We can fix these problems only if all neighbors agree to pay for the damages which have been ascertained. Our team can undertake the maintenance of the common parts of your residential building in case all neighbors agree to use our services.

We will prepare and present an offer to you only if a representative of ours has visited the residential building.

5. Cleaning and Washing

Charge 8 – 15 EUR

INVEST GROUP Ltd has a highly qualified team of hygienists, who do the cleaning of your whole property as well as washing of towels and linen. Owners, who do not have an opportunity or do not wish to do this, can take advantage of this service.

What kind of activities does it include and what are the charges for it?

Cleaning and washing of towels and linen. The charge is defined by the property area and condition, as the minimum is 8 EUR for a small apartment. Prices for bigger apartments are a subject of further negotiation.

Cleaning of furniture and carpets with high quality technique. Having in mind the fact that this activity is performed with some of the most advanced technologies, a qualified official of our company is cleaning carpets an furniture for 10 EUR per hour.

Cleaning of tiles and accessories in the bathroom. This activity is necessary to be performed regularly, especially for properties that are used on a permanent basis. The implementation of this service is hard and expensive and that is why we charge 4 EUR per hour.

Cleaning of windows. This is a difficult and dangerous activity that has to be done periodically even if the property is not used regularly. It is really important especially for apartments which are situated in residential buildings. For this service we charge 4 EUR per hour.

It is important to note that our team has its own transport and if the property is in an area that we cover, we can offer this service to you without any further charges.

For properties situated outside the cities/resorts where our offices are located, we charge additionally 0,20 EUR/km to cover transport costs.

Please, have in mind that the prices are with VAT included and they are not negotiable. If you decide to take advantage of our service “Cleaning and Washing”, you have to contact us in advance, give us the address and ensure access to your property.

6.Accountancy, administrative servicing and tax return

Annual Fee - 200 Euros

According to the Bulgarian legislation, all foreign investors who have bought properties in our country as legal entities can be provided with accountancy and administrative services for the limited companies registered by them, so that they observe strictly all laws of Republic of Bulgaria.

The Bulgarian laws do not allow foreign investors to own a real estate on the territory of our country as physical persons. But this is not related to legal entities with foreign participation. For this reason, most investors set up a limited company in order to be able to purchase a property in Bulgaria. To own a company in our country is a difficult and responsible procedure. It is not only difficult - as you have to be very well familiar with the active legal system in Bulgaria, but also complicated - because you must closely observe the regulations of our accountancy and tax policy. The sanctions, imposed as a result of their non-compliance or delay are grand and strict, and they always involve tax inspection of your company, no matter if it is be opened with the sole purpose of purchasing a property or not, no matter if it performs any activity or not.

According to our Accountancy legislation, all registered companies must present their annual accounts, preparing an annual tax report and together with the annual tax return, these all must be submitted in the local Tax Office not later than 31-th March of each year. In case of non-submission, or presentation of a document with untrue contents or false data, a fine is imposed, which starts from 2000 BGL on (approximate 1000EUR).

If the overall accountancy of your company has not been well kept or the deadlines have not been complied with, your company will have to pay serious penalties, in accordance with all the strictness of the Bulgarian laws, and a tax inspection is also to be expected. Your company is considered as performing a kind of activity if you make any kind of improvements on your property, related to partial or full renovation or reconstruction. Furthermore, your company is considered a functioning one, if it rents the property out and receives rental income. This includes receiving or issuing invoices, receipts, warrants, bank documents, paying the local fees and taxes, as well as using the services of a qualified accountant.

We recommend using well experienced accountants, who will not only prepare all necessary papers, but they will also provide useful advice on how to cut your fees and taxes. In order to be permanently informed about your company financial status, our financial experts keep constant contacts with you in fluent English or by e-mail (or in other ways preferred by you). If your company performs some activity (for example if you manage the property or rent it out), your accountant prepares all kinds of papers, issued or received by your company or in its name, prepares and presents to you a monthly income-and-expenditure report, represents you as a legal person in front of a number of state and public institutions, and also pays the due taxes, fees and insurance installments.

If you decide to use our services of full accountancy and administrative management of your company, as we represent you in front of all institutions in our country, you have to provide us with the original papers of your company. For companies, registered with the sole purpose of purchasing a property or those which do not perform any activity, we charge 200 EUR per year, which covers the annual tax report, and the annual tax return preparation and submission in the local Tax Office. If your company is an active one, the tax is to be paid each month and it is a subject of further negotiation, depending on the services required.