FOREIGNERS may have an easier time buying real estate in Bulgaria if mooted changes to the law are approved by Parliament.
The changes are being discussed against a background of increasing interest among people from Western countries, particularly the UK, in buying property in Bulgaria. According to industry players, most purchases by foreigners are at the Black Sea coast and about 15 per cent are at ski resorts. The leading motivation for buying in Bulgaria is as an investment.
Parliament's committee on the economy last week accepted proposed amendments to a draft law on foreign investment, to make it easier for foreigners and companies with foreign participation to purchase real estate.
Legal provisions and the constitution currently make this difficult, although there are ways around these obstacles. Even when foreigners succeed in acquiring property, they have fewer rights with regard to the property than Bulgarian citizens.
To give foreigners full access to the property market, the constitution would have to be changed. However, this has a political dimension, and several political parties may be reluctant in the current climate to go through the process.
For more details, see The Reading Room, pages 10 and 11.
The changes are being discussed against a background of increasing interest among people from Western countries, particularly the UK, in buying property in Bulgaria. According to industry players, most purchases by foreigners are at the Black Sea coast and about 15 per cent are at ski resorts. The leading motivation for buying in Bulgaria is as an investment.
Parliament's committee on the economy last week accepted proposed amendments to a draft law on foreign investment, to make it easier for foreigners and companies with foreign participation to purchase real estate.
Legal provisions and the constitution currently make this difficult, although there are ways around these obstacles. Even when foreigners succeed in acquiring property, they have fewer rights with regard to the property than Bulgarian citizens.
To give foreigners full access to the property market, the constitution would have to be changed. However, this has a political dimension, and several political parties may be reluctant in the current climate to go through the process.
For more details, see The Reading Room, pages 10 and 11.
