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What is the meaning of limitations on acquisitions of properties?
Last update: 2007-12-20 05:10:34
What is the meaning of limitations on acquisitions of properties? “Limitations on acquisitions of properties” - Before the accession of Bulgaria to the EU ownership of land could only be acquired by Bulgarian citizens and companies duly registered in Bulgaria. Bulgarian companies 100% owned by foreign entities or individuals were entitled to acquire land as Bulgarian entities. Foreigners and foreign entities had limited property rights (right of construction, right of use) and could obtain ownership over buildings. In fulfilment of Bulgaria’s obligations under the EU Accession Agreement and the Protocol for the transitional measures, respective amendments were made to the Bulgarian Constitution. Since 1st January 2007, foreigners and foreign entities are entitled to acquire ownership rights over land in the following cases: - under the terms and conditions related to the EU accession
- on the grounds of international agreements and treaties, duly ratified, promulgated and entered
- into force
- in cases provided by the law of inheritance
Bulgaria, however, is entitled to restrict the acquisition of land for second homes of EU citizens and EU entities for a 5-year period from the date of the accession; that is until 1st January 2012. This restriction is not applicable with respect to EU citizens with a duly issued resident permit. An EU citizen with a duly issued resident permit is entitled to freely acquire ownership over land.
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