Bulgarian Tax Agents Hit on Beach Property from 'Above'

Pictures taken from a helicopter by revenue agents show hundreds of properties with pools, huge houses, private roads, tennis and mini-golf courts in Sofia's suburbs. Photo by NRA

The National Revenue Agency (NRA) is continuing the probes of upscale real estate in Bulgaria, now aiming at the Black Sea coast.

On Wednesday and Thursday, NRA agents will take pictures of beach properties from a helicopter.

Until now pictures have been taken in the affluent suburbs of the capital Sofia and the second largest city of Plovdiv as well as the banks of the Ivaylovgrad dam in southern Bulgaria. 200 properties have been filmed with only 30 having clear sources of income.

NRA preliminary data shows that 70% of the most expensive real estate in Bulgaria is titled to businesses, not individuals, in order to put all construction and maintenance expenses on a corporate bill.

Bulgarian law provides for up to 8 years behind bars for large-scale tax evasion along with property confiscation.

Meanwhile, it was reported by the Bulgarian daily "24 Chassa" (24 Hours) that the largest property taken on camera so far is half the size of the National "Vasil Levski" Stadium – 4 000 square meters and a huge yard. The home, located in the southern Sofia suburbs, has 3 levels, several penthouse spaces, and 10 bedrooms.

On Tuesday, the Sofia City Prosecutor's Office ordered a probe of real estate precisely in these suburbs. Prosecutor's probes have been launched in Plovdiv and the Ivaylovgrad dam. The goal is to compare property market prices with declared income.

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