Changes in the regime for real estate purchases in border regions

The government admits that there is a serious issue with real estate purchases in border areas by Turkish citizens who are utilizing corporate structures based in Bulgaria and other countries. This was revealed in a response given in Parliament by Deputy Minister Athanasios Davakis, who announced changes to the legislative framework. The relevant question was submitted by the MP of the Greek Solution party, Paraschos Papadakis, who specifically mentioned companies that have Turkish shareholders but are registered in Bulgaria. He pointed out that this allows the purchase of land, fields, shops, houses, and even apartment buildings.

In his response, the Deputy Minister of National Defense announced that the legal framework, which has been in place since 1990, would be changed. He explained, “The developments in the international environment and the increasingly complex forms of economic and corporate activity make it necessary to continuously review and update it to ensure it remains effective and cannot be abused.” He also noted that “the necessary – and note carefully – legal processing has already started, with the aim of further strengthening, updating, and tightening the current regime.”

He emphasized that “this effort is progressing with institutional seriousness and, as you understand, in full accordance with EU law, so that the resulting regulations are not only strict but also legally resilient and fully applicable in practice.”
He also highlighted that “we are facing an important legislative initiative,” but pointed out that “any such legislative initiative that will reform issues related to EU law must be safe, institutionally structured, and permanent. And that is the direction we are heading.”