Article

Article by: Miss Penka Atanasova info@moradabg.com Published: 27/10/2007

On March 9, Bulgarian Parliament allowed foreign citizens to buy land in Bulgaria. Now foreigners and foreign legal persons may acquire land, plots, forests, forest stock land tracks and agricultural land. This law also regards the adjoining land of apartments, flats, houses, etc. Now it can be bought as easily as the building itself.

Foreigners, who are not permanently resident in Bulgaria will be able to own land for a second home after the expiry of the terms set in Bulgaria's EU accession treaty.

Non-Bulgarian citizens will also be allowed to have forests and land in preserved areas, unless these areas are not exclusive state property. A buyer of a piece of land in Bulgaria should make sure whether the property he is about to buy is a part of a protected area or not, because if he buys a property in a protected area he will have to follow the rules for using a land in a protected area.

Citizens of the EU who want to buy agricultural land in Bulgaria for farming and/or agriculture in Bulgaria are also allowed to do so.

So far, foreign citizens who want to acquire land in Bulgaria had to establish a local company and buy the land on their company's behalf. This was a routine, legal procedure, used by the thousands foreign buyers of Bulgarian properties. Now, after joining the European Union, Bulgria harmonized this law with the EU legislation. And foreigners who want to have land in Bulgaria no longer have to settle a company to buy it. This made acquiring land from non-Bulgarian citizens a much easier and less expensive procedure.

 

External Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=86

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=86

Please contact the author at info@moradabg.com for more information.