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Beneficial Ownership Disclosure Obligation Takes Effect in Bulgaria

As of May 31st, 2019, all Bulgarian legal entities and individuals holding trusteeship positions will be required to disclose their ultimate beneficial owners to the Registry Agency. This new obligation is part of the country’s efforts to enhance transparency and combat money laundering.

Definition of a Beneficial Owner

The definition of a beneficial owner is broad and includes any individual who:

• Directly or indirectly owns at least 25% of a company
• Controls a company

If no individual meets this criteria, an individual holding a senior management position will be considered the beneficial owner.

Consequences of Non-Compliance

Failure to comply with the disclosure obligations within the deadline may result in penalties ranging from BGN 1,000 to BGN 20,000.

Accessibility of Beneficial Ownership Information

The information on beneficial ownership is currently not publicly available but will be accessible to a wide range of entities, including:

• State Agency for National Security
• Bulgarian National Bank
• Regulators
• Banks
• Other financial institutions

According to an EU directive, this information is expected to become public by January 10th, 2020.

Additional Requirements

In addition to disclosure requirements, legal entities will also need to provide detailed information to the State Agency for National Security and competent authorities upon request or in cases of:

• Establishing business relationships
• Carrying out transactions with individuals who have anti-money laundering obligations

Entities without Bulgarian permanent resident representatives will be required to appoint a Bulgarian resident individual as a point of contact.

Next Steps

The next step is for all legal entities to identify and document their ultimate beneficial owners under the new definition and disclose this information in the Commercial Register or BULSTAT Register by May 31st, 2019.