What is the impact (if any) on real estate of local common law in Bulgaria?
Real estate may be owned by individuals as well as legal entities, including local authorities. Foreign individuals and companies can purchase property (house, apartment, building, etc.), but not land in Bulgaria. Foreign individuals and companies can acquire property, including land, by way of legal succession. However, they must transfer the land to a local person within three years. A company that is registered in Bulgaria can acquire property, including land, without any limitation regardless of whether the shareholder or shareholders are of domestic or foreign origin. Pursuant to the latest amendment of the Bulgarian Constitution, EU citizens or entities will be able to purchase land as of 1st January 2014. However, EU citizens who have permanent residence in Bulgaria have been able to purchase land since 1st January 2007, except for agricultural and forest land as well as forests. As of 1st January 2012, all EU citizens and entities will be able to purchase land, except for agric
