About Bulgaria
Many UK, Russian and other foreigners have discovered what a wonderful place Bulgaria is for holidays and living. The country offers so much. It's not just the low prices, but the beauty of the place and welcoming attitudes often shown by the locals.
The two most popular area outside the capital are the coast and the ski mountain area. Word has been getting out on this great little country, with many favorable reports appearing in the press and on TV. Visitor numbers have shot up, with the biggest increase of any European destination. New and cheaper flights are starting. The country is on a roll, and now in EU.
A Great Place to Holiday
Although quite a small country, Bulgaria has a whole range of attractions within its borders. Mountain ranges with skiing in winter and nature walks in summer, to the 220 miles of beach fringed coastline, known as the "Black Sea Riviera".
The climate suits those who prefer their summers hot but not stiflingly so, with temperatures around 30 degrees centigrade along the coast. Reasonable rainfall gives the countryside a pleasant lush greeness, with a huge range of plants and thick forests. Where flower covered meadows may be just past memories in much of Western Europe, here in Bulgaria they still exist, to delight the senses. Ideal growing conditions produce excellent quality foods, often organic, and good quality Bulgarian wine.
Low Cost of Living
The high taxes and production costs in EU counties can make holidays and second homes there an expensive experience. Bulgaria by contrast is low cost, remarkably so. The local currency, the Lev, is pegged to the Euro.
Some might think Bulgaria is still affected by communism. There are still ugly Soviet buildings and very run down areas, particularly inland. And many of the roads make driving a jarring experience. But, development has been proceeding apace and may tourist areas offer excellent modern facilities. It's a generally a very friendly country, with a long history of dealing with conflict that makes them tolerant and easy going. Tourism is recognised by the government as a key industry for them and foreigners are made to feel welcome.
The coast has new roads, many resorts and super sandy beaches. The beauty of the mountains and ski areas has attracted much investment too. Nowadays, you can enjoy standards comparable to many established markets, but at much less cost.
Europe's Lowest tax country
Not only is Bulgaria a sunny and agreeable place to live, it has the lowest taxes in Europe! Even lower than in Cyprus. Personal and corporate tax is a maximum 10%.
Company formation and management is simple and cheap. Investors are increasingly choosing Bulgaria as the place to base their business and hold assets.
Bulgaria seen as Tax Heaven - KPMG
Bulgaria is among the top ten countries in the world with the lowest effective rates and is preceded only by Hong Kong, tax havens like the Bahamas Islands and petro-states like Saudi Arabia, shows an analysis by KPMG consultancy.
The survey shows that the majority of rate movement in 2010 comes from Europe. The highest personal income taxes in the world are still paid by citizens of the European Union (EU) where average rates went up by 0.3% over the past year.
The low flat tax initiatives of Eastern European governments fuelling the historic downward trend have stagnated. Estonia, which first created a flat tax in 1994 and intended to reduce the rate down to 18% by 2012, has since abolished its plan. In another example, Latvia increased rates, raising its flat tax from 23% in 2009 to 26% in 2010.
In Western Europe, the upward trend initiated by Ireland last year has spread as anticipated. While the top Irish rate went up by 1% in 2010, the UK dominated headlines with a 10% increase raising its top rate from 40% in 2009/10 to 50% in 2010/11 - the highest rate increase seen globally this year.
As of 1 January 2008, Bulgaria introduced a 10% flat tax applicable for all income levels,i.e., there is no non-taxable income threshold. It replaced the previous system, which combined several different tax rates - between 20 and 24%, depending on income.
Source: KMPG, 13th October, 2011
Bulgaria rebounds as top overseas property hotspot
Bulgaria is bouncing back as a top overseas property hotspot, as figures from TheMoveChannel.com reveal it has re-entered its top ten in terms of enquiries for the first time in three years.
The property website’s August edition of the ‘Top of the Props’ report showed that 3.3% of all enquiries in July 2011 were aimed at Bulgarian property.
Dan Johnson, director of the TheMoveChannel.com, believes investors are being attracted back to Bulgaria thanks to low prices brought on by global economic troubles.
"As the Euro debt crisis continues, people are looking for bargain investments and holiday homes at low costs. Bulgaria's real estate sales have been improving all year, with buyers attracted by exceptionally low prices for winter property, so it's no surprise that interest has increased."
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