Business Climate
Bulgaria has one of the fastest growing property markets in Europe offering investors a winning strategy with entry into the European Union achieved on 1st January 2007.
Bulgaria's monetary and fiscal policy, macroeconomic and political stability, functioning free market economy, privatised financial sector, favorable tax rates, solid legal structure, flexible labour laws and extremely competitive wage rates have all contributed to what is a quantifiable improvement in the business climate.
Bulgaria has a stable currency with a fixed exchange rate with the Euro. The introduction of the Euro currency is anticipated to be 2009/2010. In addition there is an abundant supply of skilled labour and university graduates in technology and various other business disciplines. Construction contractors are of a high quality with a low cost base as labour costs are among the lowest in Europe.
Investment in real estate has doubled in the last 2 years with seaside resorts being most popular. Growth on the Black Sea coast has been limited by a shortage of beds in the key resorts. Interest rates continue to fall below 7% and construction funding is available for Developers at very competitive rates.
Corporate tax rates are low at 15% with further falls predicted. There are also double taxation agreements in place between Bulgaria and many European countries including Ireland and the U.K.
Foreign direct investment in Bulgaria was over €1.6 billion in 2004 and this combined with capital and infrastructure grants for EU accession in 2007 creates an excellent opportunity for sustained growth in this developing economy.
Bulgarian Tourism Climate
In 2005, Bulgaria expects more than 4.4.million visitors, and associated revenue of $2 billion which according to the Minister of Finance is an increase from 3.4 million visitors and $1.5 billion respectively from 2004. Developers have invested more than €250 million in the past 3 years in Sunny Beach, Bulgaria's most prominent summer resort on the Black Sea Coast.
To find out more on why Bulgaria is a first class investment destination, please visit:
http://investbg.government.bg/
In 2005, Bulgaria expects more than 4.4.million visitors, and associated revenue of $2 billion which according to the Minister of Finance is an increase from 3.4 million visitors and $1.5 billion respectively from 2004. Developers have invested more than €250 million in the past 3 years in Sunny Beach, Bulgaria's most prominent summer resort on the Black Sea Coast.
To find out more on why Bulgaria is a first class investment destination, please visit:
http://investbg.government.bg/