If the Bulgarian side does not comply with the requirement of the EC, the country faces a fine of 839 thousand euros. Separately, periodic property sanctions may be applied, which provide for the accrual of interest "for inaction".  

The leadership of the European Union calls on the country's leadership to abolish the legislative norm that requires a foreign individual or legal entity to stay in Bulgaria at the time of purchase of an agricultural plot for the past 5 years. In 2016, the EC warned the Bulgarian leadership that this requirement was discriminatory. Lithuania, Latvia and Slovakia also received a "yellow card" from the EU at that time.

On 12 July 2017, the relevant amendments to the Law on the Ownership and Use of Agricultural Land (the "Law on the Ownership and Ownership of the Zemi") were published for public comment on the strategy.bg website. They abolish Article 3c, which regulates the purchase of agricultural land by foreign individuals and legal entities. The public consultation will close on 13.8.2017, after which the changes are subject to legislative approval.

We wrote about the attractiveness of investing in agricultural land in Bulgaria In this article.

MC "Window to Bulgaria"
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