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Investment Climate

                                                                                      Competitive advantages of Bulgaria

• Economic and political stability;

• Financial stability – Currency Board until entry into the Euro zone;

• Membership in NATO and EU;

• Strategic geographic location;

• Liberalized access to markets with more than 560 million consumers;

• The lowest corporate tax in the EU: 10%;

• Zero percent capital gains tax for investments in 130 municipalities with high unemployment (out of 264 municipalities);

• Increased depreciation rates (50%) for investment in new machinery, industrial equipment and appliances, computers, peripheral devices and software;

• Use of tax credit under the special procedure for charging VAT on imports for the implementation of investment projects over BGN 10 million;

5% withholding tax on dividends;

10% “flat tax” on personal income;

• 1 procedure, 1 charge up to 2 days to register a company in the electronic commercial register of the Registry Agency;

• Continuing improvement of the administrative environment – removed or alleviated are 83% of all regimes proposed for mitigation; Removal of the unnecessary, mitigation and transfer of some regulatory regimes of the NGO sector;

• The lowest operational costs in the EU;

• Incentives for promotion of investment under the Investment Promotion Act.

TheThe basis of the Bulgarian economy is free economic initiative. The economy of Bulgaria is an open market economy with a developed private sector and a limited number of state enterprises. Bulgaria has been a member of the World Trade Organization since 1st of December 1996. Since 1st of January 2007 Bulgaria has also been a member of the EU.
Bulgarian economy is characterized by economic, political and financial stability. The country has a strategic geographic location, liberal access to markets, consisting of more than 560 million consumers, and the lowest corporate tax in EU – 10%. Investments in municipalities with high levels of unemployment enjoy tax-free status. There are also increased amortization norms (of 50%) for investments in new machinery, manufacturing equipment and other apparatus, computers, peripheral computing devices, and software.

Bulgaria offers tax credits in accordance with special provisions for VAT assessment for the import of material, related to investment projects amounting to more than 10 million BGN. There are also provisions for a 5% tax upon dividends and a 10% “flat tax rate” on the incomes of individuals. Bulgaria enjoys the lowest operating costs in the EU. The level of national indebtedness and the state deficit for 2011 is also among the lowest in the EU. Bulgaria is one of the three countries in the EU that has not changed tax rates as a result of the financial crisis. As of 1st of January 2011, the country has the lowest tax burden for households and businesses in the whole European Union. Its far sighted fiscal policy and stable business environment make Bulgaria one of the most stable countries in the EU. Bulgaria has a population of 7,351,234 as of 1st of February 2011, with 72.9% of its people living in either cities or villages. The country is mainly famous for its yoghurt and other dairy products, for its rose oil products, and for its wines and brandies. One of Bulgaria’s preeminent industries is tourism.

Information on the import duties on goods, originating from third world countries, applied by the EU

Since 1st of January 2007, Bulgaria has applied the Common Customs Tariff of the European Union (customs and tariffs applied by the EU on goods imported from third countries). Information on custom duties, which have to be paid on goods imported into the EU from third countries, can be found on the Internet through the so called TARIC system of the EU and on the website of the National Customs Agency.

The European Customs Information Portal

The European Customs Information Portal brings together in one website a variety of relevant information on the EU legislation and explanatory documents on the safety and security amendment of the Community Customs Code. Here, you can also find news, and links to databases, documents and procedures used by the national customs administrations. The portal also offers interactive “model transactions” which explain the main steps in standard import, export, and transit customs procedures into and out of the European Union

GlobalEurope: a stronger partnership towards market access development

The European Union Market access policy has the potential to generate real economic benefits for its Member States and for the business as a whole, as well as making a key contribution to growth and jobs inEurope.

The renewed EU Market Access Strategy was launched in 2007: Global Europe: a stronger partnership to deliver market access for European exporters

Trade barriers in the global economy include the following: tariff barriers, burdensome customs procedures, technical regulations and standards, misuse of sanitary and phytosanitary measures, restrictions on access to raw materials, poor protection of intellectual property rights, barriers to trade in services, restrictive government procurement rules, use of trade defence instruments that are incompatible to rules of the World Trade Organization (WTO), unfair use of state aids and other subsidies.

The partnership between the European Commission,MemberStates, and EU business has led to overcoming the difficulties in accessing third country markets. The Directorate General for Trade of the European Commission regularly publishes reports and newsletters which provide detailed information on the work of overcoming trade barriers and the achieved outcomes. Detailed information on the implementation of the EU Market Access Strategy can be found on the website of the Directorate General for Trade of the European Commission

Information Resources of the European Union, which can be used by commercial operators

EU legislation database (Eur- lex). Eur-lex website, provides free access to European law. The website is available in all official languages of the European Union. Eur-lex offers daily editions of the Official Journal of the European Union online which are structured in chronological order. The database offers a variety of options for document browsing and retrieving.

Market Access Database. The European Union Market Access Database , provides wide information on import duties and documentary import requirements, trade barriers, sanitary and phytosanitary measures, applied by countries outside of the European Union. On the website, there is also a complaint register section, through which the EU economic operators can notify the European Commission of trade barriers to third country markets. The database also contains statistical information on trade flows between the EU (including individual Member States) and non-EU countries and offers options for obtaining reports based on product tariff number, country of origin, or country of destination. The European Commission has developed a Market Access Database User Guide, which provides full description of its capabilities.

Taric Consultation Module – the EU Integrated Community Tariff (Taric) allows you to make a consultation on the trade flow conditions flows between the EU (including individual Member States) and non-EU countries – customs duties, tariff preferences, and tariff quotas. Taric contains information on whether a particular product is eligible for “export refund” and, if so, what is the refund size.

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