Bulgaria have to lift the ban on purchase of land by foreigners
17 Nov 2017, STONEHARD
Bulgaria is under pressure from the European Commission to allow Member States' land law practices to change their legislation and to allow the purchase of agricultural land by foreigners. As a result, in the beginning of the summer, the Ministry of Agriculture drafted a bill that eliminates the rule that agricultural land in Bulgaria can only buy individuals and companies who have a five-year settlement in the country. In his motives, the department pointed out the criminal proceedings against the country and for which a fine of EUR 830 thousand was possible.
The Bulgarian political parties are debating as BSP and the United Patriots are against, and GERB is waiting. In the European Parliament, a large majority voted a resolution limiting this concentration, and in Bulgaria it is the largest, with 15% of agricultural domains holding for 87% of the arable land.
Member States are allowed to impose restrictions on the conclusion of such transactions, but not discriminatory measures. In the first place, it will be possible to grant permission be the State for such a transaction.
Parliament will be able to determine the price, the categories of buyers, as the co-owners, the farmers and neighbors of the property being the subject of the deal, and the size of the land purchased.
This article is a derivative work that consists of adaptation or modification of the cited original article. If you have any questions, please contact STONEHARD Ltd.