According to data from the National Revenue Agency (NRA), just 4,329 Bulgarian citizens have reported owning real estate abroad in their 2024 declarations. While this is the official figure, the actual number is believed to be significantly higher due to the use of intermediaries and offshore companies to obscure ownership.

The declared properties are most commonly located in Greece and Spain, although Bulgarian investments span a total of 68 countries. Some own apartments, houses, or villas in far-flung destinations such as the Dominican Republic, Belize, the Antilles, and the British Virgin Islands - many of which are known tax havens. Other exotic locations include Japan, Indonesia, India, and Nigeria.

Despite the global spread, most real estate acquisitions are concentrated in Europe. Greece, due to its proximity and favorable conditions, has become the top destination for Bulgarian property buyers. The trend has grown sharply - from 743 declared properties in 2019 to 3,228 by 2023. Spain ranks second, followed by Germany, Austria, Italy, and the United Kingdom.

However, the figure of 4,329 is not seen as a full reflection of the real situation. Many wealthier individuals reportedly register assets under the names of companies or trusted associates to avoid attracting scrutiny. This makes it difficult for authorities to get an accurate picture of foreign property holdings.

To address this, the NRA has intensified its efforts to track undeclared assets. In May, it launched targeted checks focusing on Bulgarian nationals with properties in Greece and Dubai. These inspections aim to trace the origin of the funds used for the purchases and determine whether the relevant taxes were properly paid.

The crackdown began in July 2024, when the agency announced the start of a campaign to verify real estate transactions involving Bulgarian buyers in Greece. At that time, 695 inspections were initiated to establish key facts and 12 separate audits were opened to check the alignment between declared income and actual property holdings.

During these investigations, the tax authorities evaluate whether individuals’ official earnings correspond to the properties they own. They also consider broader household spending, including luxury purchases, foreign travel, vehicle acquisitions, and tuition fees for private schools and kindergartens.

The aim of the campaign is to tighten control over undeclared wealth and ensure full compliance with tax laws, particularly as more Bulgarians continue to invest in overseas property markets.