Companies established outside the EU/EEA can only acquire land (for real estate and business purposes) by virtue of an international treaty or by inheritance. Otherwise local incorporation is required or short-term leases are possible. For the purposes of the OECD FDI Regulatory Restrictiveness Index, the preferential treatment accorded through international treaties is not considered.
"3.   FREE MOVEMENT OF CAPITAL
Treaty establishing a Constitution for Europe
1. Notwithstanding the obligations under the Treaty establishing a Constitution for Europe, Bulgaria may maintain in force for five years from the date of accession the restrictions laid down in its legislation, existing at the time of signature of the Treaty of Accession, on the acquisition of ownership over land for secondary residences by nationals of the Member States or the States which are a party to the European Economic Area Agreement (EEAA) non-resident in Bulgaria and by legal persons formed in accordance with the laws of another Member State or of an EEAA State.
Nationals of the Member States and nationals of the States which are a party to the European Economic Area Agreement who are legally resident in Bulgaria shall not be subject to the provisions of the preceding subparagraph or to any rules and procedures other than those to which nationals of Bulgaria are subject. [...]" (PROTOCOL Concerning the conditions and arrangements for admission of the republic of Bulgaria and Romania to the European Union, Official Journal of the European Union, L 157/29, 21.6.2005)
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"Chapter one - FUNDAMENTAL PRINCIPLES [...]
Art. 22.
(1) (amend., SG 18/05,in force from 1 January 2007) Foreigners and foreign legal entities may acquire property over land under the conditions ensuing from Bulgaria's accession to the European Union, or by virtue of an international treaty that has been ratified, promulgated and entered into force for the Republic of Bulgaria, as well as through inheritance by operation of the law.
(2) The law ratifying the international treaty referred to in para 1 shall be adopted by a majority of two thirds of all members of the Parliament.
(3) The land regime shall be established by law. [...]" (Constitution of the Republic of Bulgaria, SG 56/13 JUL 1991, as amended)
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"Art. 228. Under the contract of lease the lessor is bound to provide a property to the lessee for temporary use, and the lessee undertakes to pay him a certain price.
Art. 229. The contract of lease may not be signed for a period longer than 10 years. Persons who are capable only of activities of simple management shall not conclude contracts of lease for a period longer than three years. [...]" (Law of Obligations and Contracts, SG. 2/3 Jan 1950)
PROTOCOL Concerning the conditions and arrangements for admission of the republic of Bulgaria and Romania to the European Union, Official Journal of the European Union, L 157/29, 21.6.2005
Constitution of the Republic of Bulgaria, SG 56/13 JUL 1991, as amended.
Law of Obligations and Contracts, SG. 2/3 Jan 1950
[<a href="http://data.europa.eu/eli/treaty/acc_2005/pro_1/sign">Protocol</a>],[<a href="https://www.parliament.bg/en/const/">Constitution</a>],[<a href="http://www.bulgaria-law-of-obligations.bg/">Law</a>]