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"Rough Spots" in Bulgaria's Laws on Property Acquisition

Article Date : Monday, April 03, 2006       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Bulgaria's administration of law governing the buying and selling of property are marred by rough spots, part of the country's bumpy transition from communism to a multiparty free market system, the International Herald Tribune wrote. "Foreign citizens are free to own buildings, but only Bulgarians can own land. So foreign citizens buying properties with land -- including apartments, most of which include partial land rights -- usually register as a Bulgarian firm, most often a limited liability company, in whose name the purchase is then made. A Bulgarian lawyer would handle the work for about $600." The article cites the recent changes to the Bulgarian Constitution, under which EU citizens will have the right to own land when Bulgaria's accession treaty takes effect, as it is scheduled to do Jan. 1, 2007. "But there is a seven-year moratorium, so the right will not take effect until 2014." The article warns foreigners that frauds are a small minority of problems they can face when buying property in Bulgaria. "The much greater risk is doing business with people who have little or no professional experience in real estate."

Article provided by Sofia News Agency.
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