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Why Invest?
- Countries similar to Bulgaria such as Czech Republic and Poland have experienced 250% growth in property prices in the 5 years prior to joining the EU. Bulgaria is scheduled to join the EU in 2007
- Properties along the Black Sea coast are already seeing strong growth according to the National Statistics Institute of Bulgaria
- Bulgaria is becoming increasingly popular as a tourist destination, according to a survey by TUI the biggest European tour operator Bulgaria ranks among the top seven tourist destinations
- Currency pegged to the EURO
- Diverse natural environment, ranging from sandy beaches, mountains, lakes, forests, spa towns, rural landscape to vibrant cities
- Cost of living in Bulgaria is extremely low by western standards
- The EU is funding the Beautiful Bulgaria project to restore and protect the architecture and heritage of the country
- The EU is also funding massive improvements to the infrastructure of the country. Already twenty one roads leading to tourism sites are under way to being renovated. The project is part of the PHARE program. Over the last fifteen months road sections with a total of 144 kilometers have been repaired
- Budget airlines are operating new routes to Bulgaria from 19 UK destinations, boosting scope for investment
- Bulgaria is also receiving substantial investment to redevelop key areas, notably in Sofia, the capital city, New embassies, offices, conference centres and hotels are being built and big international firms such as Citibank, Price Waterhouse Coopers and Deloitte and Touche are moving in
Useful information for Buyers
- The currency, the Bulgarian Lev, was tied to the Deutschmark, now the Euro, through a currency board arrangement; inflation is under control. The interest rate is below 4% and GDP is growing
- Population: 7.9 million (2001). 65% live in towns
- Capital city: Sofia, population 1.3 million
- Language: The official language is Bulgarian. English is widely used. German аnd French are spoken. As Russian and Bulgarian languages are closely related, Russian speakers should be able to make themselves understood
- Principal religion: The main religion is Eastern Orthodoxy. However, Muslim, catholic and protestant denominations are represented
- International dialing code from UK is 00 359
- Local currency: The unit of currency is the Bulgarian Lev (BGN), plural leva
- Weights and Measure: Metric system
Economic Information for Investors
- EU Association Agreement, EFTA and CEFTA (Central European Trade Agreement) agreements entail duty free or reduced tariff trade in goods and services within a market of 300 million consumers
- Currency board arrangement stable and predictable macro economic environment
- Strategic geographic location, natural gateway to the large markets of CIS, Asia and North Africa
- Attractive infrastructure projects in transport, telecommunications, water and energy
- Political stability, with a majority in parliament and public consensus on key social and economic priorities
- 33 bilateral agreements on the mutual protection and promotion of foreign investment
- 35 double taxation treaties
- One of the lowest costs centres in Europe
- Among the highest market growth potential in Eastern Europe
- Manufacturing industries with spare capacity, highly qualified specialists and skilled workforce
- High priority given to the attraction of foreign investment
- Tax incentives for certain investment projects
(source: UK Trade and Investment and Sofia Morning News)
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