Wed09192018

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On The Road

on the road in bulgariaThe traffic rules in Bulgaria do not differ significantly from the traffic rules elsewhere in Europe. Every driver is acquainted with them and is aware that their breach entails responsibility, either administrative or criminal. However, some practices on the way control on the road is exercised in Bulgaria are often found strange by foreigners, which is why we think it will be interesting to explain them.

Everyone who has lived in Bulgaria, even for a relatively short time, knows that there are some “other” unwritten traffic rules as well, but they will certainly not be the subject of the present article.

 

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Re-registering your Bulgarian Company

Bulgarian Bulstat cardWe wrote for the first time about the new Commercial Registry - the new administration belonging to the present Registration Agency (literally translated from Bulgarian language as “Agency of the Entries”, which was responsible for the BULSTAT registration and the recording of the real estate transactions) in 2006, when a new piece of legislation was enacted to create the new body replacing the district courts in respect of the companies’ registrations. In addition, an obligatory process of re-registration of existing companies was introduced. Our article was based purely on the provisions of the newly adopted Commercial Registry Act (the “Act”) and being fully aware of the fact that theory often tends to differ substantially from reality in Bulgaria, we submitted that only after the Act came into force, would we be able to find out how it would be applied, and whether new practice and additional internal rules would be introduced.

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Division of Assets: Divorce

Divorce - division of assetsInvesting or moving to Bulgaria poses the question of property relations between foreign spouses and whether the legal status of real estate properties and other assets in Bulgaria differs from the status of the rest of the property of EU citizens located outside Bulgaria. We have referred to this theme in terms of inheritance, so it is time to lighten it up from the perspective of marriage and divorce as well.

The two Bulgarian statutes applicable to this subject are the Bulgarian Family Code and the Code of the International Private Law (CIPL). In order to understand them, however, we need to construe in some more detail the relevant provisions. I am sure that you will find the reasons self-explanatory.

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Update on Medical Insurance

Make sure you're coveredSince Bulgaria joined the European Union many questions were raised in relation to the scope of medical care, to which EU citizens are entitled during their stay in Bulgaria. Put another way, are EU citizens entitled to Bulgarian medical care and if they are, is it free or is there a charge?

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Power of Attorney

power of attorney douentsWhen buying land or property in Bulgaria, many non-residents are unable to attend every meeting relevant to the purchase. In this instance, they may grant someone a Power of Attorney. This Power of Attorney must be notarised in order for it to be valid and it may be used in a multitude of situations but the most common are when registering a company, opening a business bank account or purchasing a property.

A Power of Attorney (PoA) can be notarised by any qualified notary in any part of the country, regardless of the content of the PoA. This is unlike the signing of a Notary Deed for purchasing of property, where only the Notary who is territorially competent at the location of the property is allowed to prepare the Notary Deed.

 

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