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Offshore Companies Banned from Bulgarian Agriculture Land Ownership

Business » PROPERTIES | April 3, 2014, Thursday // 16:57| Views: 5904 | Comments: 3
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Bulgaria: Offshore Companies Banned from Bulgarian Agriculture Land Ownership

Offshore companies can not acquire and have ownership of agricultural land in Bulgaria, according to the latest amendments to the Agricultural Land Ownership and Use Act.

The changes to the Agriculture Land Act were passed on second reading, Thursday, Bulgarian BTV reports. The restriction applies to joint-stock companies that have issued bearer shares, as well.

Lawmakers allowed ownership of agricultural land to be granted to natural or legal persons who have been residing in Bulgaria for more than 5 years. At the suggestion of ultranationalist Ataka party, the initial period of more than three years has been increased.

The same 5-year period applies to legal persons in order to be granted ownership of agricultural land in Bulgaria. They will be permitted to purchase land in case they are registered under the Bulgarian legislation in less than five years on condition that the board members, association members or founders of the joint-stock company meet all requirements.

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Tags: Agricultural Land Ownership and Use Act, offshore companies, agricultural land
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» To the forumComments (3)
#3
dabu - 4 Apr 2014 // 09:51:56

You don't actually expect consistency from this Government, do you? Afraid this is simply part of the price of keeping together our wonderful coalition. As the saying goes, "Politics makes for strange bedfellows."

#2
madoods - 4 Apr 2014 // 09:40:40

But haven't Bulgarian politicians been wooing Middle Eastern and Chinese businessmen to buy up agricultural land and mining operations here recently?

#1
Jon Mills - 4 Apr 2014 // 07:54:23

Please clarify. Does this prevent EU Citizens buying agricultural land in the same way as a Bulgarian Citizen?
Does the 5 year residence limit also apply to Bulgarians who permanently reside outside of Bulgaria?

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