Dimitrov Ivanov & Partners - Attorneys at law
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May 7, 2014New regulation of agricultural land ownership
The latest amendments to the Agricultural Land Ownership and Use Act (State Gazette, issue 38 of 7 May 2014) introduced new rules on the acquisition and ownership of agricultural land in Bulgaria.
Under the new provisions only individuals and legal entities which have resided or have been established in Bulgaria for more than 5 years are eligible to acquire agricultural land. Legal entities which have been registered in Bulgaria for less than 5 years can acquire agricultural land if their founding shareholders, partners or members meet the above criteria.
The amendments to the ALOUA also introduce a ban Companies with managing partners or shareholders that are directly or indirectly registered in preferential tax regime jurisdictions, as defined in § 1,p. 64 in the Additional provisions of the Corporate income tax act, are banned from owning agricultural land, as well as joint stock companies that have issued bearer shares.
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