Foreigners will acquire land in Bulgaria after 5 years of residence

Foreign physical and juridical persons who want to buy land at home, will need first to prove that they have resided or were established in Bulgaria from more than 5 years.

This decided the deputies yesterday with changes in the law on ownership and use of agricultural land.

"This is the same as with the moratorium on the sale of land to foreigners," said the head of the parliamentary legal Commission Tchetin Kazak (DPS). He asked for revote, but the new majority again supported the text.

In the same law, but unanimously, deputies accepted the text, which banned the sale of agricultural land to commercial companies in which members are directly or indirectly the offshore companies. The restriction also applies to public limited liability companies which have issued bearer shares.