Hi Sammykattan
This is not a totally straightforward answer.... but ... no, as an indivudual property owner you do not need to account for VAT - but you will certainly have to account for tax due in your country of tax residency on any gain made on property elsewhere.
- if you own the property as an individual and you are not VAT registered, then you do not have to charge VAT
Although, of course if you bought as an individual and paid VAT on the purchase, you might be better off registering a VAT registered company in Bulgaria to reclaim the VAT on resale.....
it all depends upon the price and your own individual tax situation. Additionally.
- if you own the property as a company and the price of the sale is within the threshold of VAT, then you do need to charge VAT, but beyond that, you do - this is reclaimable later if you do not continue to trade.
- if you own the property as a company elsewhere, then you would need to look at local legislation for capital gains, etc
- if you own the property as an individual, you should still consider the tax considerations within your tax resident country for tax implications such as capital gains, etc.
All the best, Quest Bulgaria
