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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 and 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)
Bulgaria
LOCATION Situated in southeastern Europe, Bulgaria occupies the northeastern part of the Balkan Peninsula. To the North, via the Danube River, it borders on Romania, to the West – on Serbia and Montenegro and on the Former Yugoslav Republic of Macedonia. To the South its neighbours are Greece and Turkey. To the East Bulgaria touches the Black Sea, which links it also to Russia, Ukraine, and Georgia. The Black Sea borderline is 378 km (240 miles)long. The country’s total territory is 111 000 sq. km (43 000 sq. miles).
AVERAGE TEMPERATURES The average January temperature in Sofia ranges between -4° and 2°. The July temperature ranges between 16° and 27° C. Along the Black Sea, the average January temperature ranges between -1° and 6° C and the July temperature ranges between 19° and 30° C. The soft transitional Mediterranean climate and the fertile soils are very suitable for growing the century-famed Bulgarian attar-yielding rose – a valuable raw material for perfumery, medical products, food and wine, and tobacco industries
MINERAL SPRINGS Bulgaria has some 500 deposits of mineral waters with over 1,600 water sources. These are localised chiefly at the mountain foothills. The spa resorts of national significance are Velingrad, Sandanski, Bankya the mineral baths of Stara Zagora, Narechen, Sliven and Haskovo, as well as Kyustendil, Varshets, Pavel Banya, Hissarya, Merichleri, Momin Prohod, and Kostenets. Climatic sea-side resorts offering various recreation services are Albena, Balchik, Bourgas, Varna (Zlatni Pyassatzi – Golden Sands), Kiten, Pomorie, Primorsko, Nessebur (Slantchev Bryag – Sunny Beach) and Sozopol. Picturesque lakes hide in the folds of the Rila and Pirin mountain ranges. Reservoirs of recreational potential are to be found in the Rhodope Mountains – namely Batak, Vatcha, Studen Kladenets, at the foot of the Balkan Range – Ticha, as well as in some other places. There are good prerequisites for the development of adventure tourism: wild waters– rafting and canoe, diving, delta and para glidting in the river valleys of Vatcha, Iskar, Chepelarska, Struma, and Mesta rivers.
TRADITIONS Bulgaria is especially proud of its rich folklore traditions. Folk dances, music, national costumes and traditional rituals have an important place in the life of Bulgarians. Every town and village celebrates Christian holidays and folk festivities in its own special way.
WORLD HERITAGE The World Register of Historical Sites, established by UNESCO, includes seven cultural sites and two nature reserves in Bulgaria - Tracian tomb - Sveshtari, Tracian tomb - Kazanlak, The Madara Horseman, The Boyana Church-Sofia, Ivanovo Rock Monasteries, The Rila Monastery, Old Nessebar, Sreburna Nature Reserve, Pirin National Park.
PUBLIC HOLIDAYS:
January 1 - New Year
March 3 - National day of the Liberation from Ottoman Domination
Easter - Two days (Sunday and Monday) according to the Orthodox calendar
May 6 - St. George's Day
May 24 - the Day of Bulgarian Enlightenment and Culture and Slav Script
September 6 - National Day of Bulgaria's Reunion in the year of 1885
September 22 - Independence Day
November 1 - Day of the Bulgarian Revival Leaders
December 24-26 - Christmas Eve and Christmas
December 31 - New Year's Eve
BRITISH EMBASSY IN BULGARIA:
9 Moskovska Street
Sofia
+359 2 933 9222
INTERNATIONAL AIRPORTS:
Sofia airport – tel.: +359 2 937 22 12
Plovdiv airport – tel.: +359 32 60 11 11
Varna airport – tel.: +359 52 50 08 34, 50 08 40
Bourgas airport – tel.: +359 56 87 02
BORDER CROSSING POINTS YOU CAN USE FOR ENTER IN BULGARIA BY CAR
Bulgarian - Serbian Border, Kalotina - Motorway E-6, Vrushka Chuka - Belgrad-Zajcar-Koulata-Sofia Motorway, Strejimirovci - Tran-Silistra E-6, Otomansi Bulgarian - Macedonian Border, Gyueshevo - Sofia-Kyustendil-Skopje Motorway, Stanke Lisichkovo - Stip-Delchevo-Blagoevgrad-Sofia Motorway, Zlatarevo - Strumica-Petrich-Sofia Motorway, Bulgarian - Greek Border, Koulata - Motorway E-20, Novo Selo - Motorway E-80, Bulgarian - Turkish Border, Kapitan Andreevo - Motorway E-5, Malko Turnovo - Motorway E-95, Bulgarian - Romanian Border, Rousse - Motorway E-97, Kardam - Constanta-Dobrich-Kula Motorway 14, Durankulak - Motorway E-95, Silistra – Motorway 7
CUSTOMS INFORMATION
Foreign citizens are allowed to import 200 cigarettes or 50 cigars, 1 litre of spirits or 2 litres of wine, gifts up to a reasonable amount, and unlimited foreign currency if declared.
Foreign citizens are allowed to export valuable goods, imported or declared, foreign currency amounting to USD 1000 without a document and up to 10000 if declared. Special bank permission is necessary for larger sums. Cigarettes and alcohol can be exported as above.
BORDER INFORMATION:
You should be handed a yellow "statistical card" which you have to fill with your name, address, reasons for visit, etc. If you are staying in a hotel get them to stamp it for you, but if you are visiting friends or staying in private accomodation you have to go to the local police station for a stamp. In case you do not do this you may sometimes, though not always, have to pay a fine of up to USD100 when leaving the country.
You can buy the compolsory visa on the border but it will cost you about twice as much as from the Bulgarian Embassy in your own country. In case of arriving by plane new Border tax USD20 has recently been introduced and is usually added to the price of your ticket.
Further information can be gained from our Links page Contact Us
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