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Bulgaria has a two-tier banking system. The Bulgarian National Bank (BNB) is the country's central bank. Its responsibilities include supervising banks, licensing financial institutions and supporting monetary and financial stability.
The second tier consists of commercial banks operating under the central bank's supervision.
Foreign financial groups began investing more actively in Bulgaria in the late 1990s. By 2007, foreign-owned institutions accounted for more than 83% of banking assets.
Competition from international banking groups helped expand the range and quality of services. Most Bulgarian banks now offer online banking, which is useful for foreign buyers of Bulgarian property, who need to manage an account from abroad.
Mortgages for Foreign Buyers
Foreign property buyers can apply for a mortgage from a Bulgarian bank, but approval is not guaranteed. Banks assess verified income, source of funds, credit history, residence status and the property offered as security. Income received in Bulgaria may strengthen an application.
Indicative mortgage terms may include:
- Repayment term: often 10–30 years;
- Collateral: residential property, land, commercial real estate;
- Loan amount: often up to 60–70% of the property's assessed value;
- Borrowing cost: rates and fees vary by lender, applicant and current market conditions;
- Currency: depends on the lender and the available mortgage product.
Eligibility and terms vary by bank. Request a current personalised offer before relying on any figures.
Banks Operating in Bulgaria
Bulgaria has locally and internationally owned banks serving individuals and businesses. Bank names, ownership and product ranges change over time, so check the Bulgarian National Bank's current register of licensed institutions before choosing a provider.
Foreign nationals can usually apply to open a Bulgarian bank account. Banks may request a passport, proof of address, tax information and evidence of the source of funds. Account fees, card charges and processing times vary by institution.
Important: if you are tax-resident outside Bulgaria, check whether your home country requires foreign-account reporting. Russian tax residents should confirm the current notification rules and deadlines with a qualified adviser.
