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Useful Information for Notaries Public and providers of international legal servicesPlease subscribe to our mailing list if you wish to receive an email alert when new features are posted subscribe Notaries Public: If you have notarised documents in connection with Bulgaria please read on. Not only can you be of great service to past notarial clients, the recent changes in Bulgarian legislation may provide new business opportunities. Important changes in Bulgarian legislationAt the beginning of 2008, the Bulgarian government - in line with other European nations – introduced a central company registration system. This means that anyone who registered a limited liability company in Bulgaria to hold property with land will have to re-register the company or risk having all their assets forfeited. As you may be aware, only Bulgarian nationals or companies can buy real estate where land is involved – this is not set to change for a few years yet. Even some apartments include a share of the freehold and will have been registered in the name of company. And some agents advise buyers using a company to hold apartments ‘for tax purposes’. Even if your client used an agent; they not have been made aware of the need to re-register. The re-registration process is complex; an added complication is the ‘prescribed’ nature of the documents (Form A4 and G1). This has resulted in many agents telling buyers that they must go to Bulgaria to sign the necessary company forms before a Bulgarian notary – the forms that have to be lodged at Court must be in Bulgarian and only Bulgarian. The MyNotary network, as part of its policy to provide addition business to Premiere and listed notaries; have found a way that provides a neat solution to the problem. The network is pro-active in delivering new instructions to Premiere and listed notaries and can act as agents for direct Notaries Public clients. Full details of how to act for clients and a Newsletter template to send out to clients is provided to Premiere Notaries. Email admin@MyNotary.co.uk for more information. Notaries Public: did any of your notarial clients sell a Spanish property between June 2004 and December 31st 2006? If so, they may have been overcharged on Capital Gain Tax by as much as 20% and probably would appreciate you alerting them to the possibility of claiming a refund on a No-Win-No-Fee* basis. The MyNotary Network has been contacted by a Spanish legal firm that is challenging the Spanish government head on. A claim is being prepared for the European Court of Justice for what it describes as illegal capital gains taxes on overseas property owners. The lawyers in Spain have found that until 2007 a capital gains charge of 35 per cent was levied on property sold by non-Spaniards, despite the fact that the same tax charge was just 15 per cent for Spanish sellers. It is estimated that up to £37m is now owed to British former owners alone. Brits can now start the long process of getting their money back because, as it is suggested that the practice flies in the face of EU laws on discrimination. It may be that one of your clients was one of the 4,500 British citizens who sold Spanish property between 2004 and 2007, and were charged at the non-resident's CGT rate. Clients ask: -
The MyNotary network, as part of its policy to provide addition business to its members, is pro-active in delivering new instructions to Premiere and listed notaries, however soon all the forms needed to instruct the Spanish the law firm on a No-Win-No-Fee * basis will be downloadable from the consumer-oriented www.MyNotary.co.uk web site. And of course the forms need to be notarised! Please subscribe to our mailing list if you wish to receive an email alert as to what features have been posted subscribe
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