Can foreign citizens acquire ownership over land in Bulgaria

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Can foreign citizens acquire ownership over land in Bulgaria

Postby Admin » Tue Nov 20, 2012 10:32 am

Citizens of EU Member States or of Member States under the European Economic Space Agreement may acquire the right of ownership in land in accordance with the requirements laid down in law in compliance with the Treaty concerning the Accession of the Republic of Bulgaria to the European Union. Until the end of 2011 foreign individuals were restricted from owning land as a second home. As of 01.01.2012 this restriction is no more applicable and foreign investors may acquire the land, where their property in Bulgaria had been constructed. However, the restriction is still valid regarding the ownership over agricultural land and would fall off in 01.01.2014. It is rumored that Bulgaria will ask the European Commission to extend this ban for two more years, i.e. till the end of 2015.

At the current moment the restriction is valid only for foreign physical persons, but not for local corporate bodies, which are managed and owned by foreign individuals. All this means that if a foreign citizen is interested in purchasing agriculture land in Bulgaria, he/she need only to set-up a local company and to purchase the land on the name of this company.

As mentioned above, if the land is regulated /located within the boundaries of a city or a village/, the foreign citizens can purchase is at this current moment on their own names, without the need to set-up local company. Currently many foreign citizens own land in Bulgaria via their local companies. They no longer need to keep these companies and to pay extra sums for this. They can transfer the ownership rights to their names and close the company, which will save them annual fees for accountancy and other related services.

N.B. Please make difference between land /located within the boundaries of a city or a village/ and agriculture land. The local law gives you the right to build over the land, but not over agriculture land.

Bulgariandeals Team

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