Top news of spring 2024: the purchase of Tokuda Bank and changes in transaction procedures

What has changed

• The requirement to submit a declaration of no outstanding debts to the state authorities of the Republic of Bulgaria has been abolished. From now on, the presence of debts will be checked in real time in the electronic database by the notary registering the transaction. The notary may carry out such a check strictly at the moment the transaction is executed.
• Whereas previously a BULSTAT number was required only for the person named in the title deed, now, if the property was acquired during marriage, both spouses must provide BULSTAT numbers in order to sell it.
• Holders of an EGN who pay social insurance contributions will be able to carry out transactions only if they have no debts to the NAP.
• You must come to the notary to execute the transaction with a payment order for the transfer of money from the buyer to the seller already prepared. In this case, the safest way to conclude transactions will be to turn to a lawyer with a special lawyer’s account. This is the only solution for those foreigners who have not been able to open a bank account in Bulgaria. Bulgarian Expert offers the service of using a lawyer’s account when executing transactions.

BACB’s purchase of Tokuda Bank

Another piece of news this spring was BACB’s purchase of Tokuda Bank. This change will not affect the lives of most foreigners in Bulgaria, but it will most likely become an obstacle to opening accounts remotely at Tokuda Bank for third-country nationals who do not have legal status in Bulgaria. Those who were planning to open an account remotely should hurry while it is still possible.