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Business | April 4, 2014, Friday // 15:22
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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.
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