Bulgaria has become the latest European Union nation to open up its notarial services to greater competition. The action there follows legislation enacted recently in Italy to deregulate its largely closed Notary profession.
The Bulgarian government approved a measure that revoked a requirement that Notaries be Bulgarian citizens, and permits foreign nationals from any country in the EU, the European Economic Area and Switzerland to become Bulgaria Notaries. It was enacted to conform with a recent ruling by the EU’s highest court that citizenship requirements violate the union’s trade and competition practices.
The changes in Italy are part of new Prime Minister Mario Monti’s efforts to modernize the country’s languishing economy. Liberalizing the Notary profession will benefit foreign companies and interests doing business in both countries by fostering greater competition, which could lead to lower prices for notarial services.