Republic of Bulgaria
Bulgaria, officially the Republic of Bulgaria, is a country in Southeastern Europe, and the oldest contemporary country in Europe. It borders the Black Sea to the east, Greece and Turkey to the south, Serbia and the Republic of Macedonia to the west, and Romania to the north, mostly along the Danube.
Indisputably it is more secure than Turkey, prices are considerably lower compared to Spain, France, Italy and most European countries, Bulgaria has high economic growth, stable currency and political system. The country has one of the most liberal legal systems in terms of investments, ensuring their safety. The political system is based on the principles of democracy and pluralism. Bulgaria is a parliamentary republic with local governance. It is inadmissible to form autonomous territories or divide by indication of ethnic or religious affiliation. The accession of the country to the European Union is another factor contributing to its attractiveness. The boom in investment and construction matches to the last details the experience of the most developed countries in the world.
The infrastructure within and between towns is well organised and developed. Recreational villages are in proximity with the three international airports in the country - Sofia, Burgas and Varna; they are linked to large district centres via a good road network (Sunny Beach resort is just 38 kilometres away from Burgas and the airport of Burgas, has regular transport links and a first-class road). Prices and conditions offer excellent opportunities for a good time, unforgettable entertainment and emotions, stable investments and high return on investment.
Prices of properties in Bulgaria rise every year (30% on a yearly basis, according to the REMI index) which turns the present moment into a brilliant chance for profitable investment. Stability and safety of foreign citizens can be backed by a lot of facts:
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Yearly growth of foreign investments
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Membership into the European Union
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Member-state of NATO
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Bulgaria has been one of the most wanted tourist destinations since 2004 (according to publications in The Washington Post and The Evening Standard)
The economy of the country is characterised by:
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Increase of GDP for 2003-2004 by 5% and a constant growing trend by now
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Increase of credit rating: BBB
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Constant decrease in unemployment rate (circa 11-12%)
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Low interest rates on mortgages (under 8.5%)
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Intensified competition on the mortgage supply market
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Additional sources of financing for purchase of property (investment funds, housing associations, etc.)
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The tax legislation fosters investment in real estate (circa 0.15% yearly tax on the value of the property)
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Double tax avoidance agreements with 55 states.
Climate
The climate of the country is temperate with four distinctive seasons. Temperatures on the Black Sea coast during the spring-summer season vary between 23-30° С, and the seawater temperature is between 17-25° С. Winter is relatively mild, with abundant snowfall in the mountains creating exceptionally good conditions for winter sports. Bulgaria’s relatively small territory offers the incredible opportunity to visit almost any part of the country in just few hours either for summer rest at the sea or ski tourism in the mountains. Nature is abundant in mountains, plains, rivers and a sea making it one of the most beautiful on the Balkan Peninsula.
Language
The official language of Bulgaria is Bulgarian which is spoken by all the population. Bulgarian uses the Cyrillic alphabet as opposed to the Roman alphabet commonly used in Western Europe.
With EU membership it is a requirement that all public signage is displayed in the Roman alphabet as well as the local Cyrillic. Foreigners visiting Bulgaria will therefore experience limited problems navigating and interpreting signs.
In addition to Bulgarian, the younger generation in Bulgaria all learn English in school. Visitors to Bulgaria will therefore find the English language is widely spoken by the local population. In tourist areas almost all the local population will speak fluent English, additionally many menus, forms etc. will also be translated due to the number of visitors to these areas. Due to its history and similarity, Russian is widely understood and spoken by Bulgarians, particularly amongst the older generation. Other languages that are common include French; Greek, Serbian and Turkish
With EU membership it is a requirement that all public signage is displayed in the Roman alphabet as well as the local Cyrillic. Foreigners visiting Bulgaria will therefore experience limited problems navigating and interpreting signs.
In addition to Bulgarian, the younger generation in Bulgaria all learn English in school. Visitors to Bulgaria will therefore find the English language is widely spoken by the local population. In tourist areas almost all the local population will speak fluent English, additionally many menus, forms etc. will also be translated due to the number of visitors to these areas. Due to its history and similarity, Russian is widely understood and spoken by Bulgarians, particularly amongst the older generation. Other languages that are common include French; Greek, Serbian and Turkish
Cost of living
The cost of living is quite low compared with other European countries is quite low. For example some costs for breakfast & dinner can start around 10 leva. Bulgaria is also renowned for the excellent quality of its wine and is a major exporter of wine to Europe. Beer is also lower in price & brewed in Bulgaria as well as imported.
Tourism
Tourism is a key component in the Bulgarian economy with 3 million tourists visiting Bulgaria last year. The advantage of the low cost of living compared to with other big cities is a major point for attracting people to Bulgaria along with its lifestyle.
