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Three-Year Settlement in Bulgaria Required for Land Sale to Foreigners
Business | March 11, 2014, Tuesday // 15:03
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The three-year settlement requirement was passed at first reading in Bulgaria's Parliament on Tuesday.
The amendments to the Land Ownership Act were passed with 159 votes for and seven abstained. No-one voted against.
A month ago the Constitutional Court overruled the ban on land sale to foreigners and the ruling Bulgarian Socialist Party (BSP) tabled amendments.
According to them, land can be bought by private persons and legal entities who have resided permanently in Bulgaria for three or more years, prior to the year in which the land is to be bought.
If a company has been registered for less than three years, will be allowed to buy land if the partners have stayed in Bulgaria for three years, without interruption.
The buyers will have to present a declaration for the origin of their funds.
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