ALL foreigners who bought land, a house or possibly an apartment in Bulgaria and registered a company in the country before 2008 must re-register it as soon as possible – or face losing their property. Foreigners cannot buy land, or property with land, in the country in their own name; the land portion must be purchased through a Bulgarian registered company.

Bríd Doherty of DG International Tax warns 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.

According to Tzvetanka McFadden, a Bulgarian who runs Imoti Bulgarian Properties in Dublin, concern is mounting that many could fail to meet the deadline. For further information contact Imoti Bulgarian Properties at info@ibp.ie or DG International Tax on info@dgitax.com