From January 2010, all property transaction payments in Bulgaria will have to be conducted through a bank.

This is due to an amendment to the country’s Notary Act put forward by the Justice Ministry, which is set to be approved by Parliament, with the aim of preventing money laundering and property fraud.

It will mean the creation of a State Depositary Bank which would serve as a guarantee for all payments, with the buyer and seller experiencing a waiting period, whilst the money is kept at the deposit bank until the deal is approved.

The Justice Minister Margarita Popova and Finance Minister Simeon Dyankov stated that they were confident that the bill will be approved by the end of the year.
The draft had been modelled on the system in France, where the bank is used by notaries and lawyers irrespective of the deal, and is used for all property related things - be it the purchase of real estate or a vehicle or other transfer of ownership or bankruptcy.