Change in law - Foreigners now allowed to own land?

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HenryKelly
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Postby HenryKelly » Mon Jan 09, 2012 8:24 pm

I am buying a house soon and there is no way I will register the sale under my own name. Why would I want to anyways?

Carry on as before.

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Postby Pascalcho » Mon Jan 09, 2012 8:37 pm

brianj42 wrote:Targobnb, you need to double double double check on this with your lawyer before you set off.

I am supposed to be in Sofia in 2 weeks to buy some plots and the lawyer has assured me that this is now the case.

But

I have written to a property lawyer in Sofia who is English and is actually recommended by the Embassy, and I know from experience is top at her job, and she says:

"According the laws you should be able to buy a house with the plot of land (the garden of the house), as the five year period has expired.
However, the reality is different: for the whole of the last year the Bulgarian parliament has not passed and approved the order in which EU nationals should buy land. How and when this law will apply in reality remains to be seen."

Which version do I trust ?


Both.
Sounds like good lawyer.

The first one is probably right in the fact they did not take the option to extend.

The second one is probably right that BG government did not approved the order.

And this is how lawyers make money in life :)

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Postby gimlet » Mon Jan 09, 2012 11:15 pm

It is worth remarking that the transitional measures only applied to those "who don't reside permanently in the Republic of Bulgaria" ("които не пребивават постоянно в Република България") - Article 29a Ownership Law.

Some posters residing in Bulgaria were reporting a year or two ago that they had bought land in their own names, but were not specific. There is not a great deal of solidarity on this Forum.

When studying Articles 29 and 29a of the Law it is difficult to see why there should be any need for further Parliamentary action to allow purchase of second homes by newly "derestricted" EU nationals.

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Postby kazz » Tue Jan 10, 2012 7:44 am

Gimlet...there's not a great deal of solidarity or indeed consistency in Bulgaria!!
I think I did post about this....the law allowed for EU citizens residing permanently (or indeed long-term) in Bulgaria to own land in their own name but advocates and notaries have been unable to agree on what documents constitute proof of long term or permanent residency.

You'd think a long term residency card would do it....but then again anyone who's ever spent more than 3 months in their holiday or semi-retirement home should have one of these but might not really meetthe criteria of residency in Bulgaria....

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Postby Moscow_Wolf » Tue Jan 10, 2012 3:38 pm

I wonder if SOME folk might wish to see this 'Private Name Ownership' stalled forever, such as, Accountants and Lawyers who get money for setting up these 'useless Company' registrations in the first place and the Accountants who take money from us every year filing mostly, ZERO returns.

If I can legally transfer my Bulgarian property into mine and my Wife's name for a few hundred BGN or less then, I think it is worth it. I will have spent the same amount over the next 5-10 years in translation and accountant fees anyway.

Just my 1 acre plus worth of contribution. :wink:

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Postby HenryKelly » Tue Jan 10, 2012 3:48 pm

I would prefer if the option to keep your house inside a company would remain as an option as I personally am not keen on having to register a sale in my personal name.

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Postby Simonita » Tue Jan 10, 2012 5:30 pm

Any particular reason Henry - apart from the current uncertainty about the legal position?

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Postby Moscow_Wolf » Tue Jan 10, 2012 5:36 pm

Simonita wrote:Any particular reason Henry - apart from the current uncertainty about the legal position?


Tax perhaps? Just a guess as I can't see any valid reason for keeping property in a company name that costs time and money every year to service.

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Postby gimlet » Tue Jan 10, 2012 7:05 pm

Well, the obvious reason would be to cloak your ownership, but then you have to cloak your ownership of the company as well, as that is all searchable stuff and it rapidly becomes complicated.

Even in England and Wales, where there is a unified register and the government sells everything you can't search for all properties owned by a named individual. You can for companies though.

It's probably even more impossible in Bulgaria because there are so many District Land Registries. So your own name might be more discrete than a company one.

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Postby DANNIA » Tue Jan 10, 2012 8:04 pm

Moscow_Wolf wrote:I wonder if SOME folk might wish to see this 'Private Name Ownership' stalled forever, such as, Accountants and Lawyers who get money for setting up these 'useless Company' registrations in the first place and the Accountants who take money from us every year filing mostly, ZERO returns.

If I can legally transfer my Bulgarian property into mine and my Wife's name for a few hundred BGN or less then, I think it is worth it. I will have spent the same amount over the next 5-10 years in translation and accountant fees anyway.

Just my 1 acre plus worth of contribution. :wink:


Agree and this is our choice too, if/when it happens!


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