0
Sign in
Hello,
Favourite properties (0)
Saved searches
Notifications (5)
Settings
Sign out
Close

Amendments to the Agricultural Land Ownership and Usage Act

2014-05-13   |  Bilyana Petkova, Lawyer at BULGARIAN PROPERTIES

According to amendments to the Agricultural Land Ownership and Usage Act, the following companies will not be allowed to acquire and possess ownership of agricultural land:

1. Trading companies where the partners or shareholders are directly or indirectly companies registered in jurisdictions with preferential tax regime – the so called offshore companies;

2. Trading companies in which the partners or shareholders are foreigners or foreign entities, apart from those that are from a state - member of the European Union or states that are parties to the Agreement on the European Economic Area, or under the terms of any other international agreement, and single-member companies established by such natural or legal persons.

An additional requirement about a residence period in Bulgaria has been introduced – the right to own agricultural land can be acquired by natural or legal persons, who have resided or which have been established in Bulgaria for more than five years.

The entities registered under the Bulgarian legislation less than five years ago, may acquire the right to own agricultural land only when the partners in the company, members of the association or founders of joint stock company have resided for more than five years in the country.

This period is required for Bulgarian nationals, for citizens of member states or states that are parties to the Agreement on the European Economic Area, for citizens of countries with which a respective international treaty has been signed. It is not necessary that these five years to be consecutive, or directly before the purchase, but must be passed at the time of signing of the final purchase contract.

When buying agricultural land, the legal persons who may buy such must present to the notary a document that proves origin of the funds, but not just the current origin funds declaration under the Law on Measures against Money Laundering.

The amendments have entered into force on April 10th, 2014.

View our agricultural land offers

  read more articles

Share
Unique residence in Old Town Nessebar
A property you can't find anywhere else in the world! OLD NESSEBAR only exists in Bulgaria and we have a unique residence for sale in this ancient city which is part of UNESCO's list of World Heritage Sites. Find your home in a place of timeless beauty which has survived through centuries and has preserved the wisdom of many cultures and civilizations. Visit this traditional-style new build residence now with a 360-degree virtual tour.
See More
Rural Houses in Bulgaria - wonderful in every season!
A real peace of heaven in the Bulgarian countryside! Your own holiday home in a magic world hidden from the stress and the noise of urban life.

Join us on a journey back to nature!
See More

REQUEST DETAILS