Anyone who bought in Bulgaria before 2008 and by setting up a company could be in danger of losing their property if they haven’t re-registered their company by the end of the year.

All companies set up in Bulgaria before 2008 are required by law to have been re-registered on the country’s new online Trade register by the end of this year. Not doing so could lead to the liquidation of the company and dissolving of its assets, including the Bulgarian property. Foreigners can only buy land in Bulgaria by setting up a company, something many British people have done.

While many foreign property-owners have followed the government guidelines, many still haven’t and time is running out. Warned Polina Stoykova at agent Bulgarian Properties: “We have been promoting this for more than two years now and still a big part of the British property-buyers who have companies in Bulgaria haven’t registered them and they may lose their properties. If you have a company in Bulgaria, it is very important to organise your company registration on the on-line Trade Register as soon as possible. Our lawyers will be ready to help you go through the whole process and act on your behalf.”

The Law also requires that all Bulgarian companies, whether they are trading or not, publish their financial reports in the online register, starting from the reports for 2007. This should be done within three months after their company re-registration.

Investors in Bulgaria are advised to use a currency specialist when buying and repatriating income from investments there. For information contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in Bulgaria, collect The Overseas Guides Company’s ‘Bulgaria Property Buying Guide’