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.