EU citizens already buy property in Bulgaria as physical persons

From 01.01.2012 some of the restrictions, regarding purchasing a property in Bulgaria dropped out. It is referred to citizens of European Union (EU) or the countries - parties to the Agreement on the European Economic Area (EEAA) as well as legal entities established under the laws of EU Member States or the EEC . This is as a result of commitments made from Bulgarian side, in accordance with the Treaty of Accession of Bulgaria to the EU, where the principles of free movement of capital and equality of individuals of each EU Member State. From now on, foreigners don`t need to set a company in order to owe property. Due to Art. 29 from the Property law, foreigners and foreign legal entities may acquire ownership of buildings without limitations.

For the acquisition of agricultural land and forests is valid the 7-year limitation period in which the EU citizens and legal entities established in the EU cannot acquire such land until 01.01.2014. This does not apply to self-employed farmers who are nationals of another Member State and want to settle and legally reside in Bulgaria. The benefit is for EU citizens who want to buy land for their second home in Bulgaria, in this case they don`t have register with local entities-companies.