Land ownership eased in Bulgaria

Sofiaecho.com, 2006-12-18

     Individuals and companies from European Union states that are permanently based in Bulgaria will be able to buy land for a second home here, and will have eased access to ownership of farmland.
     This is in terms of amendments to the Ownership Act, the first reading of which was approved by Parliament on December 8.
     Reporting from Parliament, Bulgarian news agency BTA said that the amended act replaced the term "foreigner" with "national of a (EU) member state" enabling EU citizens and European Economic Area citizens - meaning the EU countries and Norway, Iceland and Lichtenstein - to be able to buy land in accordance with an approved international treaty. Foreigners would also be able to inherit land, according to the amendments.
     EU citizens who are not permanently resident in Bulgaria will still be restricted in acquiring land for a second residence, implying eased access for those who are permanently resident. Conditions set out in line with Bulgaria's EU accession treaty will govern the acquisition of agricultural land that, if complied with, could enable EU citizens to benefit immediately after accession from the lifting of restrictions on the purchase of farmland, BTA said.
     In a written explanation of the changes to the legislation, the Cabinet said that the revisions brought Bulgarian law into line with the constitutional amendments adopted in 2005 and were within the context of honouring Bulgaria's commitments to ensure free movement of capital as provided for in EU treaties.

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