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The Bulgarian authorities want to limit the possibility of fixing a lower price for the sale of property in documents than actually paid by the buyer. The provision is contained in the Government's Action Plan to Limit the Risks of Money Laundering and Terrorist Financing.
Details. The document clearly indicates a high risk that the purchase of real estate will be used to launder money obtained dishonestly. So the idea is to introduce rules in the industry. It is planned to register or license real estate companies, as well as present certain requirements for persons wishing to be realtors.
Context. Bulgaria's real estate sector has been demanding such changes for many years. Back in the previous parliament, deputies introduced a bill that required professional training from people who want to become real estate brokers. However, Parliament was dissolved before the bill could be applied. Now, the deputies have revived this idea.
Find out more. Apparently, Bulgaria is guided by its neighbors in this matter. In 2020, Albania and Montenegro announced their intention to introduce mandatory licensing of brokers.
Source: Trud.bg
Photo by Vasko Hristov on Unsplash
