Foreigners who purchased land or a property in Bulgaria before 2008 are being urged to re-register their Bulgarian homes or face potentially losing their property.
Because overseas nationals are not permitted to buy property in Bulgaria with land in their own name, the land portion must be bought through a Bulgarian registered company.
But in an interview with the Irish Times, Bríd Doherty of DG International Tax warned that under Bulgarian commercial law, such companies must re-register with the Bulgarian Registry Agency before December 31st this year. Any companies not doing so will be removed from the Bulgarian Registry and put into liquidation. This would result in a loss of company assets as well as responsibility for the liquidation costs.
Tzvetanka McFadden, a Bulgarian who runs Imoti Bulgarian Properties in Dublin, told the Irish Times that concern is mounting that many foreigners who own homes in Bulgaria could fail to meet the deadline.