How difficult is the property purchase process in Bulgaria?
Acquiring property in Bulgaria is a simple and straightforward process. Foreign non-residents can only purchase a structure (apartment, a condo unit, etc.) on a plot of land and cannot acquire freehold land directly. However on November 2, 2006, the Bulgarian cabinet decided that foreigners in Bulgaria will be able to buy and inherit landed property. The changes will take place seven years after membership into the EU in January 2007, i.e. in 2014. Citizens of the EU States are exempted from the 7-year suspension period and are entitled to acquire land, provided that they fall into any of the following two categories: if they reside continuously in Bulgaria, or if they are self-employed persons having permanent residence in Bulgaria and carry out agricultural activity in the country. At present, there is an alternative option – to form a Bulgarian registered company, with the buyer as sole owner and director (the buyer could choose to add other directors, e.g., his spouse).
