SOFIA (Bulgaria), March 26 (SeeNews) – The European Commission said on Thursday it has opened infringement procedure against Bulgaria on investor restrictions for agricultural land.
The Commission has decided formally to request from Bulgaria to submit its observations on its laws regulating the acquisition of agricultural land, which contain revisions that may be considered to restrict the free movement of capital and freedom of establishment under EU law, the Commission said in a statement.
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Bulgaria has two months to respond to the Commission's notice.
The provisions in question include: a residence requirement in the given country; restrictions on persons without a local residence or previous local business activities; various restrictions on persons lacking professional knowledge, on ceding the use of land or on legal persons, as well as legal uncertainty related to the prior approval of sales contracts.
While member states are permitted to set their own rules to promote rural development, to keep land in agricultural use and avoid speculative pressure on land prices, this must be done within the limits of EU law, the statement read.