Bulgarian Parl Overturns President's Veto on Farm Land Law
Bulgaria's parliament overturned on Tuesday a veto by the country's president on legal amendments banning offshore companies from buying farming land in the country.
The provisions of the law are fully compliant with EU law and Bulgaria's Constitution, a National Assembly statement quoted Svetla Bachvarova, the chair of the agriculture parliamentary committee, as saying.
Earlier this month, the National Assembly adopted amendments to the Agricultural Land Ownership and Use Act, whereby companies whose shareholders are registered in tax havens will not be allowed to acquire and own farming land in the country. Under the amendments, non-resident individuals or companies who have resided or which have been established in Bulgaria for more than five years will acquire the right to own agricultural land.
However, president Rosen Plevneliev referred back to parliament the amendments, saying they run counter to the country's Constitution and to European Union law.