LAND OWNERSHIP In Bulgaria foreign citizens and foreign companies can directly acquire buildings, premises within a building and limited property rights (e.g., a construction right, right of use), but not land. Special rules are provided for the citizens and entities of the member states of the European Union (“EU”) and the European Economic Area (“EEA”). According to the Accession Act of Bulgaria to the EU, Bulgaria, upon its discretion, can keep the restrictions for acquisition of land by citizens and entities from the member states: (i) for five years starting from 1 January 2007 – for the land provided for second residence, and (ii) for seven years starting from 1 January 2007 – for agricultural land, forests and forest land. On 20 March 2007 changes to the Bulgarian Ownership Act, Forestry Act, Protected Areas Act and Agricultural Land Ownership and Use Act were promulgated in the State Gazette. The changes reflect the provisions of the Accession Act of Bulgaria to the EU into the national legislation. Indirectly, foreign companies and foreign citizens can acquire any type of real estate, including land, by registering a Bulgarian company to act as acquirer. It is possible for such a company to be 100% owned by the foreign investor.