The regime of ownership of land plots for residential purposes was changed in Bulgaria in the beginning of 2012. Now citizens and companies of all EU and EEA countries are allowed to own residential land in their name without the need to register a Bulgarian company. The change happened after the expiration of the 5-year moratorium which was allowed by the Treaty of Accession of Bulgaria to the EU.
The change of the legislation applies to plots of land which fall into the settlement borders – towns, villages and hamlets – and which are often referred to as regulated plots of land. The regime for ownership of land with different status such as agricultural plots and forests is not changed and foreign individuals and companies will not have the right to possess such plots until the end of 2013.
For all other foreign persons, who are not citizens of EU or EEA countries, the overall restrictions to buy land in Bulgaria are still valid, which means that they need to register companies.
As this is a new regulation of the market, there are some differences in the procedures in the various regions of the country.
If you own property in Bulgaria through a company and would like to understand the particulars, please contact us to discuss your situation and advise you about your options.