Last update12:12:22 PM

Back You are here: Home Legal and Finance Finance

Money, Money, Money: Bulgarian Millionaires

bulgaria a large number of millionairesWith so much doom and gloom about global recessions it’s hard to focus on the fact that some people are actually still making money and that some of these people are in Bulgaria. In fact, next time someone tells you that you will never sell your Bulgarian property to a rich Bulgarian because they don’t exist, think again – Bulgaria now has around 10 thousand millionaires and some say this is a conservative estimate.

Read more: Money, Money, Money: Bulgarian Millionaires

International Business Investment in Bulgaria

attracting more businessBulgaria’s accession to the European Union opened up a vast global trading association to the once communist country, whose former trading partners were limited to affiliates of the Soviet bloc. The economic growth rate of around 5.5% - 6% a year coupled with some of the lowest taxation rates in Europe has attracted investors from across the globe. Many have been pleasantly surprised by the wealth of commercial talent available here and have set up arms of their famous international businesses. This has caused more jobs and contributed to the country’s economic health.

Read more: International Business Investment in Bulgaria

Bulgaria Tax | 2014 Changes

taxes in bulgaria 2009A look at any changes in Bulgaria tax for 2014. This information is not only important to expat residents in Bulgaria but also to those with a property in Bulgaria who are fiscally resident elsewhere. Corporate Tax - Corporate Tax (corporation or profit tax) will remain at 10%, one of the lowest in Europe.

Read more: Bulgaria Tax | 2014 Changes

Is the Credit Crunch Affecting Expats?

credit crisis and expats in bulgariaHow is the credit crunch affecting British expats living in Bulgaria? Quest Bulgaria talks with a selection of Brits about their finances and whether the current world financial crisis is impacting their lives. Jennifer, a single retired person, is living on a UK pension in north west Bulgaria. She told us,

Read more: Is the Credit Crunch Affecting Expats?

Attitudes to Money

bulgarians in a better financial positionTake care of the pennies and the pounds will take care of themselves has come to have more meaning in the current economic climate. Over spending, easy credit and under saving has long been the British mentality, a great deal of which is now coming home to roost, but how do the Bulgarians look at their income?

Interestingly the Bulgarians have a similar old adage but it seems as if they follow the saying more closely, taking care of the little things so that they add up to big things.

Read more: Attitudes to Money

Held Back by the Credit Crunch?

property buyers in bulgariaWhile the United Nations start climate change talks in the Polish city of Poznan today, and with ever more doom and gloom economic headlines, we take a look at whether the increasing price of travel and the credit crunch will stop property buyers from purchasing a second home or real estate in Bulgaria.

Research has recently been conducted by Savills which demonstrates that rising travel costs are having no impact on those buying property overseas. Indeed there are some 430,000 properties owned overseas by those living in the UK with an estimated value of 58 billion British pounds.

Read more: Held Back by the Credit Crunch?

The global financial crisis and Bulgaria

is the credit crunch affecting bulgaria?It would be unusual for any country in Europe not to experience some fallout from the global credit crunch and Bulgaria with its mass of foreign investment has started to experience the effects of the crisis although not to the extent of other European countries like the UK. The main impact is being felt economically and a downturn in economic growth has been predicted for next year – the first in the last five years, but still growth rates will be one of the highest in the EU. So whilst Bulgaria may be feeling the pinch, it is by no means suffering.

Read more: The global financial crisis and Bulgaria

Bank Helps with Buying in Bulgaria

help on bulgarian property mortgagesWhat are banks doing to actively help their customers in the current credit crunch, when they wish to buy property in Bulgaria? Irini Tzortzoglou, Deputy Manager of Piraeus Bank UK, who offer overseas mortgages for Bulgarian property says, “One of the effects of the recent world-wide financial crisis is we have all come to understand a bit more about how and where banks find the money they lend to their customers", and goes on to say,

Read more: Bank Helps with Buying in Bulgaria

Spotlight on Economic Growth and Stability

onwards and upwards - bulgariaWith new figures having been released about the healthy state of the Bulgarian economy, international property specialists, Obelisk International report on their assessment of the Bulgarian economy. Having performed excellently in Q1 of 2008, Bulgaria’s economy is in good shape. Gross domestic product (GDP) increased by 6.3% in Q2 of 2008 - this South-eastern European country now boasts the 3rd highest growth rate in the EU. According to The Economist, GDP is set to stabilise at just over 6% between 2008 and 2010. Inflation in Bulgaria has risen significantly during the first half of 2008. This rise has been primarily attributed to the increase in food prices. However, The Economist predicts that inflation will reduce in 2009, a sign that is already showing; inflation decreased to 14.5% in July 2008 from 15.3% in June 2008. Statistics for July 2008 showed that Bulgaria’s unemployment rate stood at 5.95%, a 1.28% reduction on the same period of the previous year.

Read more: Spotlight on Economic Growth and Stability

Mortgages for Bulgarian Property: Update

update on mortgages for bulgarian propertyWe are now a good / bad year into the global credit crunch and more recently things have picked up pace, both with regards to government rescue plans as well as the fall out upon numerous economies with the forecast now being for a global recession. As the name suggests this will affect all countries, although some will be affected more than others.

Read more: Mortgages for Bulgarian Property: Update