President Vetoes Ban on Land Purchase by Offshore Companies

President Vetoes Ban on Land Purchase by Offshore Companies

President Rosen Plevneliev referred back to the National Assembly recent legal amendments banning companies whose shareholders are registered in tax havens from buying farming land in the country, saying they contradict the country's Constitution and European Union law, the government's press service said.
The head of state also objects to the practice of amending laws without an analysis of compliance with the Constitution and the EU law, the statement added.
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.

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