Anyone Purchasing Property From Ambasun Bulgaria?

Felis_2

Dear Sir/Madam,
Has anyone heard about Peal 1 in Bankso and is it nearly completed now. There is little information coming through on this.

Things seem to have come to a standstill.

From Felis.

noel1123

Felis

We have set up a support group on the internet if you wish to join get in touch with me on 00353857477100

Thanks,

Noel.

flyball

Felis
i am also a member of the support group, i joined a short time ago and have found more in the last few weeks than i have all year.
Contact them

Bacon_shoes

How does this work?
Jag (our solicitor) is advising us to sit tight with Desi and trust his advice.
He then posts this email on the forum which conflicts and says that the VAT dodge will not work if the companies are liquidated.
As anyone on the WWW seen anything like this before and what is their advice. I cannot afford to pay the VAT, definately not if i don't get it back

As far as I understood, what Desi and Anna are suggesting in brief is that:
1) each client set up a limited liability company; 2) each client will pay
the required VAT for the transaction; 3) the VAT would be then restored to
each client.

In theory this might work. However, there might be various implications
which I will try to outline below:

1) Setting up a Bulgarian limited liability company (OOD)
- foreign individuals (i.e. each client) may set up an OOD in Bulgaria. In
fact, if the property includes ownership title over land, this is the most
common way to avoid the restriction under Bulgarian law that foreigners may
not acquire land in Bulgaria.
- setting up an OOD requires certain expenses to be made - currently the
initial capital is BGN 5000 (circa EUR 2500). There are rumours that the
initial minimum capital will be reduced to EUR1 but this idea is not yet
implemented. The initial capital is "blocked" under an escrow account until
the company is registered and then it is "released". The state fees are
approximately 100-150 EUR. The legal fees may vary. Are clients ready to
make these additional expenses
- once the company is set up, it should keep and file accounts in Bulgaria.
The accounts should show where the money for the property had come from
(i.e. loan from the shareholder or other funds). The accounts should show
also how the initial capital is BGN 5000 (circa EUR 2500) was spent, because
technically it belongs to the company until it is liquidated and may not be
repaid until that time. Account keeping and filing, tax return filing, etc.
- these are also additional expenses that the clients should bear in mind
- the Bulgarian company would require a manager and such manager is usually
obliged to pay social security and health insurance contributions in
Bulgaria, which are additional expenses
- under Bulgarian law any company may register for VAT purposes. However,
once the company is VAT-registered, it should file each month statements for
its sales and purchases. In general, the VAT registration would lead
additional obligations and probably expenses for the clients

2) Payment of the VAT for the property
- once the OOD is set up and VAT-registered, the respective property
(reserved for the respective client) may be transferred to his/her OOD. Upon
the transfer (execution of the notary deed) the client's company would have
to pay VAT to Delagio/Golf & Ski for that property. Delagio/Golf & Ski would
then submit the paid VAT to the tax authorities
- as noted above, the client's company would have to prove (in its accounts)
where the money for the property had come from. This includes also the money
for the VAT.

3) Refund of the paid VAT - it is not guaranteed at all that the VAT would
be refunded to the clients, due to the following:
- if Delagio/Golf & Ski fail to submit the paid VAT to the authorities, it
is possible that the clients' companies will not be refunded;
- the clients' companies would be new companies with no actual business
activity. In order to refund the VAT, tax authorities consider whether the
VAT was paid for the business activity of the company (i.e. whether the
company would then sell the property with a value added). It is possible
that that the tax authorities may deem that the property was not bought for
business purposes and thus the company is not eligible to VAT refund.
- if the VAT is refunded, it would be refunded to the client's company (not
to the client). Such VAT refund should be booked in the company's accounts
and actual repayment to the client might be complicated
- VAT refund is subject to a complicated procedure which may take up to 5
months and may involve a tax audit
In reply to your other question, we would think that if Delageo and Golf and
Ski are liquidated prior to the VAT being paid over by them to the
authorities, the authorities would have a priority claim and any liquidation
proceeds will be used to cover the due VAT (and other taxes) with priority
to other creditors. If the liquidation proceeds are not sufficient to cover
the due VAT, it is possible that the tax authorities would deny to refund
the VAT to the client's companies.

flyball

In response to the long & complicated letter posted by Bacon Shoes regarding the vat on the appartments. We have just recently set up a company in Bulgaria at a total cost of 700 lv, made up of 300lv solicitor fees and adminstration costs and 400lv which is in the company bank account. Their will be yearly accountancy fees but these will not be excessive. I suggest that each individual gets advice from a Bulgarian accountant, it is not as risky or complicated as the letter makes out.
Regarding the vat, yes some people may not be able to afford it BUT what would you rather do , lose the appartment and your investment for an extra few grand !!
We are supporting the idea and do not be put off by a couple of people trying to throw a spanner in the works.

Bacon_shoes

flyball wrote: »

In response to the long & complicated letter posted by Bacon Shoes regarding the vat on the appartments. We have just recently set up a company in Bulgaria at a total cost of 700 lv, made up of 300lv solicitor fees and adminstration costs and 400lv which is in the company bank account. Their will be yearly accountancy fees but these will not be excessive. I suggest that each individual gets advice from a Bulgarian accountant, it is not as risky or complicated as the letter makes out.
Regarding the vat, yes some people may not be able to afford it BUT what would you rather do , lose the appartment and your investment for an extra few grand !!
We are supporting the idea and do not be put off by a couple of people trying to throw a spanner in the works.

Flyball.
I'm not trying to be negative and good luck to you with the company set up. Which accountant did you use for advice?
My concern is that if Delagio goes into liquidation will I still get my VAT back. It would appear from the email jag posted on the forum that we will not get the money back. Now i'm all for trying to ensure that I get my apartment but having already paid for it in full I have now been told I have to pay extra for VAT which I cannot afford. If there is a risk that I will not get it back I am not sure it is worth that gamble. I am struggling to pay my mortgage on my UK house and I cannot afoord to lose that chasing a dream

B52_Love_shack

Blimey.
What is happening?
I have a cunning plan to enable us to pay the VAT on the properties.
Lets get hold of ITV for Fight Night

Nicola (School Mistress) Madge v Sheila (Dicklekic) Clarke.

I'll pay £50 for a ticket. I'm sure my mates will chip in for tickets too. Will make good TV viewing. I love to see Birds scrapping.

Its getting very personal though. Get back to the kitchen sink and stay off line as I have to trawl through all your drivel to find the relevant information

dopester

flyball wrote: »

We are fully paid up and have sent the money to help the court case, this little amount of money is the only way forward, YES it is a gamble but life is !!!. For those people that may have seen the film Gladiater We will relate a scene from the film where Russell Crow and his men are first put into the arena, his words to his men was 'Stick together ' and they came out alive --yes it is only a film but one man fighting will have less chance of surviving than a group. SUPPORT THESE GUYS WHO ARE TRYING TO HELP YOU ALL.

"They said you were a giant. I shall cheer for you." :rolleyes:

Bacon_shoes

dopester wrote: »

"They said you were a giant. I shall cheer for you." :rolleyes:

Geez. This thread trips me out. I begrudge spending a massive £70 for a passport.. let alone making flights to Bulgaria, and owning a property out there.

Go on then... get in to the arena. Fight the Hollywood fight over in Bulgaria.

You are mad

noel1123

Bacon Shoes - Can you confirm who you are for the sake of clarity please