Parliament Votes 5-Year Settlement For Land Sale to Foreigners
Bulgaria's Parliament conclusively passed the five-year settlement requirement for land sale to foreign citizens.
The initial proposal for amendments to the Land Ownership Act, passed at first reading, was for three years.
During the debates at the second reading, however, nationalist Ataka MP Galen Monev proposed the increasing of the period to five years and this was approved.
According to the amendments, land can be bought by foreign private persons and legal entities who have resided permanently in Bulgaria for five or more years, prior to the year in which the land is to be bought.
The requirements will not apply if a foreign citizen has inherited the land.
If a company has been registered for less than five years, will be allowed to buy land if the partners have stayed in Bulgaria for five years, without interruption.
The buyers will have to present a declaration for the origin of their funds.
- » Angelkova Expects 5% Growth in Foreign Tourists
- » India Raises Import Duties for US
- » A New German Plant Opens 2000 Jobs in Bulgaria
- » Bulgarian Farmers are Preparing to Protest over Changes in Farmland Law
- » The Average Salary in Bulgaria Increases by about 10% in Recent Years
- » Bulgarian Sauvignon Blanc Received an International Award
Havent we been reading over the last week or two how Bulgarian politicians have been encouraging Middle Eastern and Chinese businessmen to buy up agricultural land and mining operations? How will that work out under this ruling since it is unlikely that they will have lived here for 5 uninterrupted years?
as I understand this; an EU Citizen is not a 'foreigner' under EU and thus Bulgarian Law. No law can treat Bulgarians different from Germans, French, Italians etc.
The term 'foreign and foreigner' are reserved for all non EU nations and citizens.
As most large land purchases are by Bulgarian Registered companies (a company being a person in the law), what is to stop an American buying land through a Bulgarian company (as now)?
Perhaps NOVINITE can provide a service in clarifying what the government seem incapable of doing, as to whom this applies.
, without interruption. i wonder what that means excatly , how long would you be a loud to leave for, with out it being consider'd an interruption , would a two week holiday in greece be consider'd an interruption or a few days shopping in turkey one wonders what they could bring up for us eu forigners if you went to buy a field or two