Foreigners looking for new places to invest in vacation homes have been paying more attention to Bulgaria thanks to its low prices, fair climate and breathtaking beauty, but a law in that country may threaten British homeownership. Due to vagaries in Bulgarian property law it has been necessary up to this point for Brits to buy property through a Bulgarian shell company established for just such a purpose, but what many owners don’t know is that if they didn’t re-register their company before Dec. 31, 2011, they are now defunct and their assets could be seized by the Bulgarian government. There is a solution, but experts advise foreign homeowners in Bulgaria to act quickly. For more on this continue reading the following article from Property Wire.
Bulgaria’s low prices, beautiful scenery and kind climate have tempted many Brits to buy property in the country but now a leading firm of property lawyers is warning some owners could face financial penalties and even risk losing their property because of changes in Bulgarian Law.