One of the packages of anti-Russian sanctions of 2022 affected the banking sector, because of which some Russian banks have fallen under sanctions. In view of this, many of our clients from Russia are wondering: is it possible now to sell real estate in Bulgaria and how to get money from the sale of the apartment? The answer:
Tinkoff Bank has set a limit on the minimum amount of SWIFT-transfer - not less than 20 thousand U.S. dollars. Also, the bank commission increased to 3% of the amount of incoming and outgoing transfers in the currency (euro, dollar, pound). In Raiffeisenbank, the commission is 6% of the transfer amount (there is no limit on the amount).
Which Russian banks are under sanctions?
It is impossible to transfer money from Bulgaria to the accounts of banks in Russia, which are under sanctions:
- Sberbank;
- VTB Bank;
- Vnesheconombank;
- Rosselkhozbank;
- Otkritie Bank;
- Bank Russia;
- Sovcombank;
- Novikombank;
- Promsvyazbank;
- Moscow Credit Bank (CREDIT BANK OF MOSCOW);
- Gazprombank;
- Alfa Bank;
- Black Sea Bank for Development and Reconstruction;
- Genbank.
What are the restrictions for buyers and sellers of real estate from Russia and how to circumvent them?
Now many Bulgarian banks have stopped opening accounts for Russian citizens, with the exception of people with a residence permit. This means that when selling an apartment, the buyer will not be able to transfer the amount received to his bank account in Bulgaria, unless this account was opened earlier.
Bulgarian law prohibits cash payments for transactions over 10,000 leva (5,000 euro). This means that the payment for the sale of the property must go through a bank.
How can you solve this problem if you want to get the money for the sold housing in Bulgaria and take it in cash out of the country?
Option 1: According to our information, two Bulgarian banks: Tokuda Bank and Bulgarian American Bank (Bulgarian American Credit Bank) open accounts for Russian citizens (to open an account you need to come in person to the branches of these banks in Burgas). KBS Bank also opens accounts for Russians, but with a prior agreement or notarial deed and under the condition that the account will be used. But in this KBS bank the application processing time is about 7 days. Then, after selling the apartment, the seller will transfer the money to this account, from which you can withdraw cash by requesting the necessary amount from the bank in advance. The money for withdrawal is usually ready within 3 days.
Alternative. If you do not want to receive money in Russia, you can open an account in a Turkish bank (Turkish banks have no problem opening foreign currency accounts for Russian citizens. Then, when selling the apartment, transfer the money to a Turkish account, from which you can withdraw cash in foreign currency.
«After February 24th company Bulgarian House helped many people to sell their apartments in Bulgaria and to transfer currency to Russia or to get money in cash in other countries. We know many effective methods which we will share with you personally. Contact us if you want to sell your apartment in Bulgaria fast»
How to withdraw the currency for the sold apartment from Bulgaria?
If you come to Bulgaria in person and open foreign currency accounts in the banks we mentioned (Tokuda and Bulgarian American Bank), then theoretically you can withdraw money from these accounts and pass them through customs.
Yes, but keep in mind, You are allowed to take cash out of Bulgaria without declaring it in the equivalent of not more than 10 000 euros per person.. For the export of large sums of money it is necessary to make a declaration, providing a document about the origin of the funds. If this is done correctly, there should be no problems.
In the case of the sale of an apartment, the basis for the declaration of export of currency from Bulgaria is a notarial deed of sale of real estate.
«Despite the sanctions, sellers in Russia can get money for the sold real estate, as Bulgarian banks continue to carry out currency transfers to accounts in Russian banks.
When the transaction is done remotely, the transfer to the seller is made by a Bulgarian lawyer from a special lawyer's account, to which the funds are transferred after the sale of the property. The lawyer chooses a Bulgarian bank that works with the bank in Russia where the seller has a foreign currency account. For example, First Investment Bank of Bulgaria continues to work with Raiffeisenbank, Tinkoff, ATB, the Bulgarian ProCreditBank also works with some Russian banks.
We do not recommend working with Tinkoff Bank, as it does not guarantee reliability of transfers. From our experience Russians to receive funds from the remote sale of the apartment better to use the services of Raiffeisenbank or UniCredit Bank.
Find out more about distance selling real estate in Bulgaria»