Bulgaria

The Republic of Bulgaria is situated in the south east of Europe, and more precisely on the Balkan Peninsula. It borders on Romania (North), the Black Sea (East), Turkey and Greece (South), and Serbia and Macedonia (West).

The climate is of the moderate continental type and is similar to the climate in the north of Italy, France, and to the climate in New York and Washington DC.

Bulgaria’s population numbers about eight million people, its culture is a mixture of several ethnic groups (Turks, Gypsies, Armenians, Jews, Greeks, Wallachians, and Albanians), a consequence of its historical and geographical characteristics.

Bulgaria is in the middle of Europe, which enables it to be close to each country. In fact, the distance to England, Germany or to the Netherlands is less than three hours. Its position on the European continent allows investors to reach the entire market of the European Union and the markets of central and Eastern Europe. Thanks to this strategic position, and its entry in the European Union, Bulgaria became a booming job market, a thriving property market and still proposes a low cost of living.

During the last years, Bulgaria maintains an economical and political stability. Bulgaria has a parliamentary republican political system; the one-chamber parliament is ruled by the Constitution and the laws of the country. Since the first of January 2007, Bulgaria, now part of the European Union has harmonized its legal system in line with the EU requirements. 

Millions have been invested to improve the country’s existing infrastructure, to build new structures, and to ease the access to touristic areas. The introduction in 1997 of a currency board (1 Bulgarian Lev = 1, 95583 €) provides for a stable and predictable macro-economic environment. The Bulgarian Government has delivered strong, steady GDP growth in real terms in recent years.

As a result of a liberal financial policy and continuous economic growth, Bulgaria has become very attractive to foreign investments. In addition, local companies are also increasing their share of business in Bulgaria and abroad. The country benefits from a very competitive and highly skilled labour force when compared to the rest of Europe. 

Furthermore, there is a flat-tax system in place, with a single 10% rate applied on personal income since January 2008, and a 10% rate applied on company profits since January 2007. Value-added tax (VAT) is levied at a single rate of 20%, although tourism packages sold abroad have a rate of 7%.

Bulgaria’s booming real estate sector is another great area for investment with property prices seeing a 25% increase over the last several years while yet maintaining some of the lowest real estate prices in Europe. 


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