From 2019 the Anti-Money Laundering Act requires all Bulgarian legal entities and other legal entities established in Bulgaria to declare their beneficial owners and particulars of their rights in the Bulgarian Commercial register.

Not only the established companies and non-profit legal entities are included, but also associations, contractual funds, national investment funds, individuals and legal entities and other legal entities operating on the territory of the country, etc.

The beneficial owner is / are an individual or natural persons who ultimately own or control a legal entity or other legal entity, or a natural person on whose behalf a transaction of activity is performed.

In case of non-fulfillment of the obligation to declare, the persons who are obliged by the law are subject to sanction by the respective control bodies.

In case of translations or purchasing of real estates – there is an obligation for the banks, notaries, accountants, real estate agencies or lawyers under the Law on Measures against Money Laundering to report to the State agency for national security all suspicious transactions and operations of its customers and clients.

In addition to the above, all notaries currently require that both parties expressly declare in the notary deed that the price specified in the deed is the actual one.

“Valova and Angelova” law firm