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MPs Cast Final Vote on Bulgarian Land Sale
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The Bulgarian Parliament is to vote Friday at third and final reading the constitutional amendments lifting the ban from land sale to foreigners.
The MPs approved the amendments at second reading on Wednesday.
The changes will entitle foreign nationals to buy land in the Balkan country, which has been possible to date but only through a Bulgaria-incorporated company.
Foreign natural and legal persons will be able to acquire Bulgarian land proprietorship at the terms and conditions deriving from the accession of Bulgaria to the EU or under an international treaty, promulgated and enforced in Bulgaria.
Because of the seven-year grace period negotiated by Bulgaria and the EU for land sale, EU citizens will actually be able to acquire Bulgarian land from 2014. The same timeline will be in force for nationals of countries outside the Union, Bulgarian MPs decided.
The amended texts are expected to enter into force by March 2005. The terms and regulations of Bulgarian land acquisition by foreigners will further be regulated under a future law on real estates proprietorship.
Experts project that the open sale of Bulgarian land to foreigners will enliven the market of tilling land in the country. |
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