I heard a rumour today concerning the companies that we have to have for owning land. I was told after Five years of living here, it is possible to change your assets into your personal name and dump the company? Anyone with any info on this.

Hi Dave, this circumstance should be completed in the Bulgarian Constitution as well. So, the rumor is not correct.

Nadya

Thanks Nadya, Well I Guess that's ruined my day.

Well, I think this is a case of confused information.

If you are declared as resident in Bulgaria for five years, then you can apply for Bulgarian nationality. Thus you would become 'Bulgarian' and therefore do not need a company to own your home.

However, whether you want to get rid of your Bulgarian company or not will much depend upon your circumstances. There are ways with a Bulgarian company to offset costs and taxation which may prove beneficial.

Everyone should seek independent and trustworthy professional advice in all matters legal and financial.

Thanks Florry, My "
company"
is more of a hobby but I do rent premises, So my next question is, how difficult is it to get Bulgarian nationality and is Dual Nationality still possible?

Dual Nationality is NOT possible in Bulgaria

If you rent, you might be better off with a Bulgarian company anyway, irrespective of nationality. Check with your accountants.

As someone mentioned the Bulgarian Constitution why not read it, go to [url=http:
//www.
parliament.
bg/?page=const&lng=en:1b08blc1][You must be registered and logged in to see this link.]

Article 22 is interesting, as this states that,Foreigners and foreign legal entities may acquire property over land under the conditions ensuing from Bulgaria's accession to the European Union,

So it is already in the constitution. but it is my belief that it has not yet passed into law

Dead right and next year if they go fully into the EU then everything will change and a company will no longer be needed,but thats if they accept Eu policy


Mike

I think the acceptance of EU policy will defiantly happen there is so much money attached to it, Bulgaria needs loads of dosh to rebuild their infrastructure.

So from what your saying! if I have got this right, once Bg have completely joined the EU which I thought they had anyway? we won't have to go through all the present process to buy a property? or have I got this completely wrong

nu2bg wrote:

So from what your saying! if I have got this right, once Bg have completely joined the EU which I thought they had anyway? we won't have to go through all the present process to buy a property? or have I got this completely wrong

I think what Mickchev is trying to say is when Bulgaria join the Euro.

There are many amendments in the Bulgarian constitution which were placed there to satisfy entry into the EU, and these amendments state they will come into force once Bulgaria has full entry into the European Union, which took place on the 1st of January 2007.

The European Constitution states that no person from a member country can be treated differently than a national therefore anybody from a European member country living in Bulgaria can not be treated differently than a Bulgarian, which at the moment is happening in so many instances, of course it all takes time and there are time scales attached to these articles, but it looks like most of these will be written into law by the 1st of January 2012.

Have a look at the constitution at [url=http:
//www.
parliament.
bg/?page=const&lng=en:16p7aeq3][You must be registered and logged in to see this link.] and see if you can decipher the meanings better than I

Thanks for all the info on this subject, Keep trying the link but nothing so far working?

as i understand it, you will not have to have a company to buy property in bulgaria, but do remember the enforced inheritency law will determine who is entitled to your goods, a will does not stand here unlike the uk, its a minefield and you have no say in this matter. so your money and property may go to someone who you may not want it to, but under this law they have the right to it. check it out if you wish to leave your goods to someone not in line as you will find you cannot change it. so unlike the uk and you need to be aware of it.