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Bulgarian properties for sale - offers a wide selection of houses, apartments and flats in Bulgaria at reasonable prices.

Bulgarian properties by
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of Bulgarian properties

Čirpan
Aksakovo
Alfatar
Anton
Antonovo
Apriltsi
Arapya
Ardino
area Akladi-Cheiri
area Kozludja
Arkutino
Asenovgrad
Avren
Avtogara
Aytos
Balchik
Banite
Bansko
Belogradchik
Beloslav
Belovo
Berkovitsa
Blagoevgrad
Blvd. Bulgaria
Blvd. Tsarigradsko shosee
Bobovdol
Bolyarovo
Borino
Borovan
Borovets
Borovo
Botevgrad
Boychinovtsi
Boynitsa
Bozhurishte
Bratsigovo
Bratya Daskalovi
Breznik
Brezovo
Brusartsi
Buchin prohod
Burgas
Byala
Byala slatina
Car kalojan
Cenovo
Center
Central part
Central railway station
Centre
Chavdar
Chelopech
Chepelare
Chernoochene
Cherven brjag
Cherven ploshtad
Chiprovci
Chuprene
Dalgopol
Devin
Devnya
Dimovo
Districts at the foot of Vitosha Mountain
Dobrich - villages
Dolna Mitropoliya
Dolni chiflik
Dolni dabnik
Downtown
Dragoman
Druzhba factory
Dryanovo
Dupnitsa
Dve mogili
Elena
Elenite Resort
Elhovo
Elin Pelin
Etropole
Euxinograd Area
Gabrovo
Galabovo
Gardova glava
Garmen
General-Toshevo
Georgi-Damyanovo
Glavinitsa
Godech
Golden Sands Sea Resort
Golyamo buchino
Gorna Malina
Gorna Oryahovitsa
Gotse Delchev
Gulyantsi
Gurkovo
Hadzhidimovo
Hajredin
Harmanli
Haskovo
HEI
Hisarja
Ihtiman
in Akaciite
in Akaciya
in Alen mak
in American college area
in Asenov
in Asparuhovo
in Avren
in Baba Tonka
in Balgarka
in Balik
in Banevo
in Banishora
in Baykal
in Baykusheva mahala
in Belenci
in Beli brezi
in Belomorski - Ostromila
in Belovodski pat
in Benkovski
in Bichkinya
in Bolta
in Bolyarovo
in Bononiya
in Borovo
in Botunec
in Boyan Balgaranov 1
in Boyana
in Bratya Miladinovi
in Briz
in Buckston?
in bul. Balgariya
in bul. Simeon Veliki
in Bunkera
in Buzludzha
in Carkva
in Centar
in Central part
in Central South region
in Centre
in Chaika
in Chataldzha
in Chayka
in Chelopechene
in Chervena prast
in Cholakovci
in Cveten
in Cvetnica
in Dabnika
in Dame Gruev
in Darvenica
in Daskalovo
in Dianabad
in Dimitar Milenkov
in Dimova mahala
in Divdyadovo
in Dobrotica
in Dobrudzhanski
in Doctor's Garden area
in Dolapite
in Dolno ezerovo
in Downtown
in Dragalevtsi
in Draganovec
in Druzhba
in Druzhba - 2
in Druzhba 1
in Druzhba 3
in Druzhba 4
in Druzhba-1
in Dyado Dyanko
in East industrial estate
in East industrial zone
in Elektron
in Elenovo
in Etara
in Ezerovo
in Fakulteta
in Filipovci
in First industrial zone
in Fondovi zhilishta
in Food processing zone
in Gaganica
in Gagarin
in Galata
in Geo Milev
in Georgi Benkovski
in Gevgeliyski
in Gnilyane
in Gorna banya
in Gorno ezerovo
in Gorublyane
in Gotse Delchev
in Goznica
in Gracka mahala
in Gramada
in Grivica
in Hadzhi Dimitar
in Hadzhiconev most
in Hashove
in Herson
in Himik
in Hipodruma
in Hisarlaka
in Hladilnika
in Hristo Botev
in Hristo Botev - sever
in Ilevci
in Ilinden
in Iliyanci
in Imdustrial estate
in Industial estate "East"
in Industrial estate
in Industrial estate "North"
in Industrial zone
in Industrial zone "North"
in Industrial zone "South"
in Industrial zone "West"
in Iskar railway station
in Ivan Vazov
in Izgrev
in Iztok
in Kambanite
in Kaptazha
in Kargon
in Karpuzitsa
in Karshiyaka
in Kartala
in Kaysieva gradina
in Kazichene
in Kemera-Hudozhnik
in Kiliite
in Kinotsentara
in Klepalo
in Knyazhevo
in Kolusha
in Kolyo Ficheto
in Kolyo Ganchev
in Kolyu Ficheto
in Komatevo
in Komluka
in Kosharnik
in Krasna polyana
in Krasno selo
in Krastova vada
in Kraymorie
in Kremikovci
in Kriva reka
in Krum Bachvarov
in Kuciyan
in Lagera
in Lazur
in Levski
in Levski-G
in Levski-V
in Lisec
in Lozenec
in Lozenets
in Lozevo
in Lozovo
in Lyuben Karavelov
in Lyulin -Centre
in Lyulin-1
in Lyulin-10
in Lyulin-2
in Lyulin-3
in Lyulin-4
in Lyulin-5
in Lyulin-6
in Lyulin-7
in Lyulin-8
in Lyulin-9
in Magistralna
in Makak
in Malashevci
in Malcho Malchev
in Malinova dolina
in Malka Kutlovica
in Manastirski livad i- East
in Manastirski livadi - West
in Mara Dencheva
in Matnica
in Meden rudnik
in Medkovec
in Metalurg
in Mladezhki halm
in Mladost
in Mladost-1
in Mladost-1A
in Mladost-2
in Mladost-3
in Mladost-4
in Moderno predgradie
in Morska gradina
in Moshino
in Motopista
in Musagenica
in Musagenitsa
in Nadezhda
in Nadezhda-1
in Nadezhda-2
in Nadezhda-3
in Nadezhda-4
in Nadezhda-5
in Nadezhda-6
in Nedevtsi
in Neptun
in Nevyastata
in North industrial estate
in North industrial zone
in Novo selo
in Obelya
in Obelya-1
in Obelya-2
in Oborishte
in Obshtinata
in Old central part
in Orlandovci
in Osogovo
in Osvobozhdenie
in Ovcha kupel
in Ovcha kupel-1
in Ovcha kupel-2
in Pavlovo
in Petrovica
in Plovdiv downtown
in Pobeda
in Podbalkanska
in Poduyane
in Pogrebite
in Poligona
in Proslav
in Proynovtsi
in Radichevets
in Ralica
in Raykovo
in Razsadnika
in Reduta
in Republika
in Rilci
in Rodina 3
in Saedinenie
in Samara 1
in Samara 2
in Samuil
in Sarafovo
in Sarani
in Saraya
in Second industrial zone
in Serdika
in Seslavci
in Severna promishlena zona
in Simeonovo
in Simeonovo-Dragalevci
in Sini kamani
in Sitnyakovo
in Slatina
in Slaveykov
in Slaviya
in Smirnenski
in Smolyan
in Sofia downtown
in Sredna kula
in Sredok
in St. Konstantin & Elena- resort
in Stara chast
in Stefan Karadzha
in Storgoziya
in Strelbishte
in Stroitel
in Strumsko
in Student's town
in Suhata reka
in Suhodol
in Sunny Beach Sea Resort
in Sunny day- resort
in Sveta gora
in Sveta troica
in Sveti Ivan Rilski
in Sveti Nikola
in Svoboda
in Teva
in Tlychnici
in Tolstoy
in Trakiya
in Trandevica industrial estate
in Trebich
in Trendafil 2
in Tri chuchura - sever
in Triagalnika
in Troshevo
in Tsarevets
in Ustovo
in Vabel
in Varchevci
in Varosh
in Varosha
in Varosha-Air
in Varusha
in Vasil Levski
in Vasiliko
in Vazrazhdane
in Vazrazhdane-1
in Vazrazhdane-2
in Vazrazhdane-3
in Vazrazhdane-4
in Vazrozhdenci
in Vazstannicheski
in Velchevci
in Vida 1
in Vinitsa
in Vitosha
in Vladimir Zaimov
in Vladislavovo
in Voden
in Voenna bolnitsa
in Voenna rampa
in Vrabnica
in Vranya
in Vrazhdebna
in West industrial zone
in Yalta
in Yavorov
in Yug
in Yugoiztok
in Yuzhna promishlena zona
in Zaharna fabrika
in Zapad
in Zapaden park
in Zdravec
in Zdravec - sever
in Zheleznik
in Zheravica
in ZK Trakia
in Zona B
in Zona B-18
in Zona B-19
in Zona B4
in Zona B-5
in Zora
in Zornica
Industrial area
Iskâr
Isperih
Ivanovo
Ivaylovgrad
Jablanica
Jakimovo
Kajnardzha
Kalojanovo
Kameno
Kaolinovo
Kardzhali
Karlovo
Karnobat
Kaspichan
Kavarna
Kazanlak
Knezha
Kolhozen pazar
Kostenets
Kostinbrod
Kotel
Kovachevci
Kozloduj
Kresna
Krivodol
Krumovgrad
Krushari
Kubrat
Kuklen
Kyustendil
Lesichovo
Letnica
Levski
Ljaskovec
Ljubimec
LK Trakia
Lom
Lovech
Loznica
Lukovit
Madzharovo
Maglizh
Makresh
Malko Tarnovo
Marica
Mezdra
Mineralni bani
Mirkovo
Mizija
Montana
near Čirpan
near Aksakovo
near Alfatar
near Antonovo
near Apriltsi
near Ardino
near Avren
near Aytos
near Balchik
near Banite
near Bansko
near Belitsa
near Belogradchik
near Beloslav
near Belovo
near Berkovitsa
near Blagoevgrad
near Bobovdol
near Bolyarovo
near Borovan
near Borovo
near Botevgrad
near Boychinovtsi
near Boynitsa
near Bozhurishte
near Bratya Daskalovi
near Breznik
near Brezovo
near Brusartsi
near Burgas
near Byala
near Byala slatina
near Car kalojan
near Cenovo
near Chavdar
near Chelopech
near Chepelare
near Cherven brjag
near Chiprovci
near Dalgopol
near Devnya
near Dimitrovgrad
near Dimovo
near Dobrich - villages
near Dolna Mitropoliya
near Dolni chiflik
near Dolni dabnik
near Dragoman
near Dryanovo
near Dupnitsa
near Dve mogili
near Elena
near Elhovo
near Elin Pelin
near Etropole
near Gabrovo
near Galabovo
near Garmen
near General-Toshevo
near Georgi-Damyanovo
near Glavinitsa
near Godech
near Gorna Malina
near Gorna Oryahovitsa
near Gotse Delchev
near Gulyantsi
near Hadzhidimovo
near Hajredin
near Harmanli
near Haskovo
near Hisarja
near Hitrino
near Ihtiman
near Iskâr
near Isperih
near Ivanovo
near Ivaylovgrad
near Jablanica
near Jakimovo
near Kalojanovo
near Kameno
near Kaolinovo
near Kardzhali
near Karlovo
near Karnobat
near Kaspichan
near Kavarna
near Kazanlak
near Knezha
near Kostenets
near Kostinbrod
near Kotel
near Kovachevci
near Kozloduj
near Krivodol
near Krushari
near Kubrat
near Kyustendil
near Lesichovo
near Letnica
near Levski
near Ljaskovec
near Ljubimec
near Lom
near Lovech
near Loznica
near Lukovit
near Maglizh
near Makresh
near Malko Tarnovo
near Marica
near Medical Academy
near Mezdra
near Mineralni bani
near Mirkovo
near Montana
near Nesebar
near Nevestino
near Nikola Kozlevo
near Nova zagora
near Novi pazar
near Opan
near Orjahovo
near Panagjurishte
near Parvomaj
near Pavel banja
near Pavlikeni
near Pazardzhik
near Pernik
near Peshtera
near Petrich
near Pirdop
near Pleven
near Polski trambesh
near Pomorie
near Popovo
near Pordim
near Pravets
near Primorsko
near Provadija
near Radnevo
near Radomir
near Razgrad
near Razlog
near Rodopi
near Roman
near Rudozem
near Ruen
near Ruse
near Ruzhinci
near Samokov
near Sandanski
near Satovcha
near Septemvri
near Sevlievo
near Shabla
near Shumen
near Silistra
near Simeonovgrad
near Sitovo
near Sliven
near Slivnitsa
near Slivo pole
near Smjadovo
near Smoljan
near Sozopol
near Sredec
near Stambolovo
near Stara Zagora
near Straldzha
near Strazhica
near Strumjani
near Suhindol
near Sungurlare
near Suvorovo
near Svilengrad
near Svishtov
near Svoge
near Targovishte
near Tervel
near Teteven
near to Airport
near Topolovgrad
near Tran
near Trjavna
near Trojan
near Tsarevo
near Tundzha
near Tutrakan
near Ugarchin
near Valchedram
near Valchi dol
near Varbitsa
near Varna
near Varshets
near Veliki preslav
near Veliko Tarnovo
near Venets
near Vetrino
near Vidin
near Vratsa
near Zemen
near Zlataritsa
Nesebar
Nevestino
New central part
Nikola Kozlevo
Nikopol
Nov hlebozavod
Nova zagora
Novi pazar
Novo selo
Okrajna bolnitsa
on bul. Balgariya
on bul. Hristo Botev
on bul. Nikola Gabrovski
on the Ring road
Opan
Orjahovo
Padaloto
Pamporovo Ski Resort
Panagjurishte
Parvomaj
Pavel banja
Pavlikeni
Pazardzhik
Pernik
Peshtera
Petrich
Pirdop
place Mechkata
Pleven
Polski trambesh
Pomorie
Popovo
Pordim
Pravets
Primorsko
Provadija
Radnevo
Radomir
Rakitovo
Rakovski
Razgrad
Razlog
resort Albena
resort Kamchia
resort Starozagorski bani
resort Tsigov chark
Rodopi
Roman
Rudozem
Ruen
Ruse
Ruzhinci
Samokov
Sandanski
Sapareva banja
Satovcha
Septemvri
Sevlievo
Shabla
Shtarkelovo gnezdo
Shumen
Silistra
Simeonovgrad
Simitli
Sitovo
Sliven
Slivnitsa
Slivo pole
Smjadovo
Smoljan
Sofia downtown
Sozopol
Sports hall
Sredec
Stambolovo
Stara Zagora
Straldzha
Strazhica
Strumjani
Suburban area
Suhindol
Sungurlare
Sunny Beach Sea Resort
Suvorovo
Svilengrad
Svishtov
Svoge
Targovishte
Tehnikumite
Tervel
Teteven
The railway station
Topolovgrad
town Momin prohod
town of Aheloy
town of Ahtopol
town of Aksakovo
town of Alfatar
town of Antonovo
town of Aprilci
town of Apriltsi
town of Ardino
town of Asenovgrad
town of Aytos
town of Balchik
town of Balgarovo
town of Bankya
town of Bansko
town of Banya
town of Batak
town of Batanovci
town of Belene
town of Belica
town of Belogradchik
town of Beloslav
town of Belovo
town of Berkovica
town of Boboshevo
town of Bolyarovo
town of Botevgrad
town of Boychinovci
town of Bozhurishte
town of Bracigovo
town of Bregovo
town of Breznik
town of Brezovo
town of Brusarci
town of Buhovo
town of Byala
town of Byala cherkva
town of Byala slatina
town of Chepelare
town of Cherven bryag
town of Chiprovci
town of Chirpan
town of Dalgopol
town of Debelec
town of Devin
town of Devnya
town of Dobrinishte
town of Dolna banya
town of Dolna mitropoliya
town of Dolna oryahovica
town of Dolni chiflik
town of Dolni dabnik
town of Dospat
town of Dragoman
town of Dryanovo
town of Dulovo
town of Dunavci
town of Dupnica
town of Dve mogili
town of Elena
town of Elhovo
town of Elin Pelin
town of Etropole
town of General-Toshevo
town of Goce delchev
town of Godech
town of Gorna oryahovica
town of Gurkovo
town of Harmanli
town of Hisarya
town of Ignatievo
town of Ihtiman
town of Ivaylovgrad
town of Kableshkovo
town of Kalofer
town of Kameno
town of Karlovo
town of Karnobat
town of Kaspichan
town of Kavarna
town of Kazanlak
town of Kermen
town of Kilifarevo
town of Kiten
town of Knezha
town of Kocherinovo
town of Koprivshtica
town of Kostandovo
town of Kostenets
town of Kostinbrod
town of Kotel
town of Koynare
town of Kozloduy
town of Kresna
town of Krichim
town of Krivodol
town of Krumovgrad
town of Kubrat
town of Kuklen
town of Kula
town of Letnica
town of Levski
town of Lom
town of Loznica
town of Lyaskovets
town of Lyubimec
town of Madan
town of Madzharovo
town of Maglizh
town of Malko Tarnovo
town of Marten
town of Melnik
town of Merichleri
town of Mezdra
town of Momchilgrad
town of Nesebar
town of Nova Zagora
town of Novi Iskar
town of Novi pazar
town of Obzor
town of Omurtag
town of Opaka
town of Oryahovo
town of Parvomay
town of Pavel banya
town of Pavlikeni
town of Perushtica
town of Peshtera
town of Petrich
town of Pirdop
town of Plachkovci
town of Polski trambesh
town of Pomorie
town of Popovo
town of Pravec
town of Primorsko
town of Provadiya
town of Radnevo
town of Radomir
town of Rakitovo
town of Rakovski
town of Razlog
town of Rila
town of Roman
town of Rudozem
town of Sadovo
town of Samokov
town of Sandanski
town of Sapareva banya
town of Senovo
town of Septemvri
town of Sevlievo
town of Shabla
town of Shipka
town of Shivachevo
town of Simeonovgrad
town of Simitli
town of Slavyanovo
town of Slivnica
town of Slivo pole
town of Smyadovo
town of Sopot
town of Sozopol
town of Sredec
town of Straldzha
town of Strazhitsa
town of Strelcha
town of Suhindol
town of Suvorovo
town of Sveti Vlas
town of Svilengrad
town of Svoge
town of Tervel
town of Teteven
town of Tran
town of Troyan
town of Tryavna
town of Tsarevo
town of Tutrakan
town of Tvardica
town of Ugarchin
town of Valchedram
town of Valchi dol
town of Varshec
town of Veliki preslav
town of Velingrad
town of Vetren
town of Vraca
town of Yablanica
town of Yakoruda
town of Zavet
town of Zemen
town of Zlatarica
town of Zlatica
town of Zlatograd
Trakata
Tran
Trjavna
Trojan
Tsarevo
Tundzha
Tutrakan
Ugarchin
Valchedram
Valchi dol
Varbitsa
Varna
Varshets
Veliki preslav
Veliko Tarnovo
Venets
Vetrino
Vidin
village of Ablanica
village of Aldomirovci
village of Alekovo
village of Aleksandrovo
village of Alino
village of Altimir
village of Anton
village of Aprilovo
village of Arbanasi
village of Asparuhovo
village of Atiya
village of Avren
village of Bachevo
village of Baevci
village of Balanite
village of Balgarevo
village of Balkanec
village of Balsha
village of Balvan
village of Banovo
village of Banya
village of Bardeni
village of Bardo
village of Bata
village of Batovo
village of Bayachevo
village of Bdinci
village of Bebrovo
village of Belashtica
village of Belchin
village of Belchinski bani
village of Belevehchevo
village of Belgun
village of Beli iskar
village of Belica
village of Belila
village of Belopopci
village of Belyakovec
village of Benkovski
village of Bezden
village of Bezhanci
village of Bezvodica
village of Bilo
village of Bistritsa
village of Blaskovci
village of Blatec
village of Bliznaci
village of Bliznak
village of Bogatovo
village of Bogdanci
village of Bogdanovci
village of Bolyarci
village of Bornarevo
village of Borovci
village of Borovica
village of Bosnek
village of Botevo
village of Bov
village of Boyana
village of Boykovec
village of Bozduganovo
village of Bozhanovo
village of Bozhentsite
village of Bozhurec
village of Branishte
village of Brestnica
village of Brestnik
village of Brodilovo
village of Buhovci
village of Burya
village of Busmanci
village of Buynovci
village of Buzovgrad
village of Car samuil
village of Caracovo
village of Careva livada
village of Carevci
village of Carichina
village of Carichino
village of Carkva
village of Cerovec
village of Charkovo
village of Chekanchevo
village of Chelopech
village of Chepinci
village of Cherna mogila
village of Chernevo
village of Cherni osam
village of Cherni vit
village of Cherni vrah
village of Chernichevo
village of Cherno more
village of Chernograd
village of Chernomorci
village of Chernomorets
village of Chernovrah
village of Chernyovo
village of Chibaovci
village of Chukovo
village of Conevo
village of Cvetkova bara
village of Dabovica
village of Dalbok dol
village of Dalgodelci
village of Damyanica
village of Debelt
village of Debrene
village of Detelina
village of Devetak
village of Dibich
village of Dimchevo
village of Dinkata
village of Divotino
village of Dobralak
village of Dobrevci
village of Dobri dol
village of Dobri dyal
village of Dobrina
village of Dobrodan
village of Dobrogled
village of Dobromirka
village of Dobroslavci
village of Dobrotich
village of Dolen
village of Dolishte
village of Dolna beshovica
village of Dolna dikanya
village of Dolna gradeshnica
village of Dolna mahala
village of Dolna malina
village of Dolni bogrov
village of Dolni Lozen
village of Dolni pasarel
village of Donino
village of Dorkovo
village of Dospey
village of Dragichevo
village of Dragoevo
village of Dragor
village of Dragovishtica
village of Dramsha
village of Dren
village of Drenovec
village of Drenta
village of Dumnici
village of Durankulak
village of Dyadovo
village of Dyulino
village of Dzhigurovo
village of Dzhinot
village of Elenino
village of Eleshnica
village of Emona
village of Enchec
village of Enevo
village of Ezerche
village of Ezerec
village of Ezerovo
village of Fazanovo
village of Gabarnica
village of Galabec
village of Galabovci
village of Galabovo
village of Gara Elin Pelin
village of Garvan
village of Gega
village of Gela
village of Gelemenovo
village of General Kantardzhievo
village of General Todorov
village of General-Kolevo
village of Gergini
village of German
village of Gesha
village of Geshanovo
village of Ginci
village of Glozhene
village of Golema rakovica
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village of Malka zhelyazna
village of Malki chiflik
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village of Malko ?ranovo
village of Malo buchino
village of Malo malovo
village of Manoya
village of Marchaevo
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village of Marinka
village of Marino pole
village of Markovo
village of Maslarevo
village of Medovene
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village of Meshtica
village of Metodievo
village of Mihalci
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village of Mirolyubovo
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village of Mlada gvardiya
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village of Nefela
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Bulgaria Map

BULGARIA is located between Europe, the Middle East, Russia and Africa

POPULATION: 7.8 million

FOREIGN LANGUAGES: English, German, French, Russian, Spanish, Turkish

COLLEGE DEGREE: 15%

REAL GDP GROWTH: 5.6%

INFLATION: 6.8 %

CURRENCY: 1 Euro = BGN 1.95583

S&P CREDIT RATING: BB


Location and Population

Bulgaria is located in the Southeastern part of the Balkan Peninsula. Bulgaria is 520 km. east to west and 330 km. north to south. It stands at a crossroads between Europe, and the emerging markets of the Middle East, Russia and Asia, sharing borders with Greece and Turkey to the South, FYROM to the Southwest and Serbia to the West. The Danube River is the Northern border with Romania and Black Sea is the country s Eastern border. Bulgaria ranks 15th in size among European countries where 7.8 mln. people live in a area of 111 000 km².
Within 500 km of Bulgaria s capital Sofia, over 60 mln. people are concentrated throughout 10 countries.
Bulgaria is divided into 28 districts and 263 municipalities within 6 regions of economic development.
Bulgarian largest cities: Sofia (pop. 1 130 000), Plovdiv (pop. 340 000), Varna (pop. 320 000) and Bourgas (pop. 210 000), Rousse (pop. 185 000).

Political Situation

Politically, Bulgaria is one of the most stable countries in the Balkan region. Bulgaria adopted the current constitution in July 1991 and became a Parliamentary Republic.

New Bulgarian Government
The most recent Bulgarian elections were on June 25, 2005, the Parliament exercises legislative power and parliamentary control, the Judiciary is independent.
The government formed by the Bulgarian Socialist Party (BSP), the Simeon IINational Movement (SNM) and the ethnic Turkish Movement for Rights and Freedoms (MRF) should be able to push through the measures required forBulgaria's EU accession. The government has committed itself to a cautious budget policy and the continuation of the currency board.

The new government (the Coalition of Bulgaria) enjoys a 169-seat majority in Bulgaria’s 240-seat Parliament - a wide enough majority to not only force through any legis­lation it deems necessary, but even to amend the country’s constitutional processes to ensure all relevant changes are adopted for EU membership. For the first time in a long while, European commentators are finding themselves marveling at Balkan stability.
In December 1997, Bulgaria was invited by the European Union to open accession negotiations for admission to membership of the Union. In March 2004 Bulgaria joined NATO and in June of that year, negotiations with the EU led to a Treaty with full membership planned for 2007. Meanwhile it is already a member of the EU Customs Union with duty free movement of goods in both directions. It also has free trade agreements with many other countries, giving unrestricted access to a trading market with 560 million consumers.


Economy

Although one of poorest of the new EU entrants, Bulgaria remains one of the most economically disciplined:

  • GDP growth of 6.3%, which is forecast to continue for the next two years.
  • Unemployment fell to 11.7% in June 2005 and is expected to continue to fall as foreign companies continue to outsource and utilize the skilled labor resources of the Country
  • Bulgaria has run a fiscal surplus for the past 2 years which has allowed gross government debt as a per­centage of GDP to fall from 77% in 2000 to 41% in 2004
  • In 1997 a sound monetary and fiscal policy was adopted and a Currency Board established. The Bulgarian currency, the Lev was tied to the Euro at a fixed exchange rate of 1.95583 (it is expected to formally adopt the Euro in 2009). These measures have resulted in sound economic growth, a stable economy, low inflation and a declining government deficit.
  • Bulgaria will receive €3,5bn. in funds for infrastruc­ture development upon joining the EU.
Bulgaria has FREE TRADE AGREEMENTS WITH EU, EFTA, CEFTA, Turkey, FYROM, Albania, Estonia, Lithuania, Latvia, and Israel.

In its 2002 report, the European Commission assessed Bulgaria as a "functioning market economy" with a high degree of macroeconomics stability. With no restriction on transfer of profits, royalties and fees or on repatriation of invested capital, it has already met most of the criteria for inclusion in the Euro-zone.


Transport and Logistics

Transport Infrastructure

International highways cross the country making vital connections to Western Europe, Russia, Asia, Adriatic, the Aegean and Black Seas.

Transport Corridors Railway Network
Transport Corridors
 
Railway Network
 
Road Network Water Transport
Road Network
 
Water Transport
 
Air Transport - Airports  
Road Network  


Legislation and Institutions

Bulgaria is a Parliamentary Republic and the Legislature is the basic power within the country. The Constitution provides for a multi-party, parliamentary system and free elections on the basis of universal suffrage. The National Assembly is vested with the legislative power and exercises parliamentary control. Its mandate is for a term of four years. The President serves as Head of State, and is directly elected once every five years for a maximum of two terms. The President is the Supreme Commander in Chief of the Armed Forces of the Republic of Bulgaria as well. The President appoints the Prime-Minister designate to form a government schedules the elections for a National Assembly and for the bodies of local self-government and sets the date for national referendums, pursuant to a resolution of the National Assembly promulgates the adopted laws with a decree countersigned by the Prime Minister or the minister concerned.

The Council of Ministers is the principal body of the Executive Branch. Chaired by the Prime Minister, it heads and implements the domestic and the foreign policy of the state, ensures the public order and the national security, exercises overall guidance over the state administration and the Armed Forces.

The municipality is the basic administrative territorial unit at the level of which self-government is exercised. The Municipal Councils, one of the local bodies of the executive branch, determine the policy of the municipality with regards to its development, the preservation of the environment, the health, social, educational, cultural activity, etc. The chief executive in the municipality is the Mayor. He manages the entire executive activity of the municipality, and is responsible for the public order maintenance, organizes the implementation of the municipality budget. The region is an administrative territorial unit where the state authority is decentralized for the purpose of pursuing an effective regional policy. The government of the region is performed by a regional governor, appointed by the Council of Ministers.

Bulgaria has an independent judiciary and based on Three-Instances-procedure. The Supreme Administrative Court and the Supreme Court of Cassation oversee the application of all laws by lower courts and judges the legality of government actions. A separate Constitutional Court rules on the constitutionality of laws and treaties. Judicial reforms are being implemented to bring Bulgaria s judiciary to European Union standards. The Supreme Judicial Council was established to organize the activities of the judiciary.


Investment Climate in Bulgaria

Predictability
  • Five year average GDP growth of 4.9%
  • Budget surplus, low inflation, currency peg to EUR
  • 80% private economy
  • EU accession in 2007, NATO member
  • Investment grade rating BBB by S&P and Fitch
  • Foreign direct investment at 11.7% of GDP (EUR 2.3 bn in 2004)

Quality
  • Quality of human capital:
    - Education levels among Europe top 5%
    - 7% of workforce has engineering degrees
    - English language studied by 70% of students
    - Motivated and entrepreneurial attitude
     
  • Quality of business environment:
    - Strong institutional support for foreign investors by IBA
    - No restrictions to capital flows
     
  • Quality of life:
    - Ample opportunities for all-season outdoor recreation
    - Diverse cultural heritage and art activities
    - World renown food and beverages

Competitiveness
  • Highly qualified workforce, especially in engineering field
  • 10% corporate tax rate
  • Tax exemptions and investment incentives for qualified investment
  • Among lowest operational cost in a European market economy
  • Duty free agreements covering markets with 550 million customers
  • Foreign direct investment at 11.7% of GDP (EUR 2.3 bn in 2004)
  • 58 Double Taxation Treaties and 56 Agreements on the mutual protection and promotion of foreign investment


Industrial Zones in Bulgaria

Industrial Zones development is an important factor for attracting new production enterprises. The Bulgarian state is stimulating Green field investments.

The Bulgarian state is trying to help attracting of new investors through a system of incentives formulated mainly in the Encouragement of Investment Act and Corporate Income Tax Law.
Up to the end of 2005 the following industrial zones are working or are in a process of creation in Bulgaria: Maritza Industrial and Commercial Zone (Radinovo village near by Plovdiv city), Rakovski Industrial Zone, Kuklen Industrial and Commercial Zone, Hi-Tech Industrial Park Opticoelectron – Panagiurishte city, as other industrial zones with different development stages like the zone in Rousse, Burgas and Elin Pelin.
One of the best successful examples for Public-Private Partnership is Rakovski Industrial Zone which is located near Plovdiv city. In accordance with expert’s opinion Rakovski Industrial Zone, which development has started in the middle of 2004 and it enjoys a great interest so far, has all premises to become in Zone №1 in Bulgaria.

According to the Colliers International 2004 annual market report, "the industrial real estate market has taken off!
Current supply of industrial property is mostly coming from privatized properties, which were constructed in the late forties and beginning of the fifties. The existing structures therefore are of little or no value. The supply of contemporary warehouse space is very limited. Most of the structures are stand alone or small-scale projects and are usually owner occupied. Rakovski Industrial Zone is the first green field development of such scale, which offers tailored to particular needs space for rent and sale. The tendency towards consolidation, i.e. development of large-scale projects, rather than stand-alone facilities is valid for the industrial real estate sector as well. Industrial parks are actually the oldest cluster developments dating back from the 17 hundreds. Industrial parks are located either at ports /sea or river/, close to airports if they rely mainly on air-freight, on railroad terminals and/or on main transportation corridors. It is crucial for an industrial development to be located on the crossroads of strategic locations next to major transportation arteries so that the supply and distribution is obstacle free. Due to the strategic location of Bulgaria, 5 out of the 10 Trans-European Corridors pass through the country. And 3 out of these five pass in close proximity to Rakovski Industrial Zone – the first industrial cluster in Bulgaria, facilitating the movement of goods all around Europe…

The experience of the Central and East Europe approve convincingly that the industrial zones are centers for foreign and local production enterprises development and bring to a catalytic effect for attracting investments and local economies development.

Disposing of new manufactures in industrial zones in Bulgaria in the recent years seems to get a great interest from local and foreign investors. Reasons are pretty clear - such a union of productions, facilitates their own functioning, reduces the expenses, raises the competitive power and it has proved its world-wide effectiveness a long time ago. Besides that kind of unions involves certain incentives by the side of Bulgarian state. It is an unwritten rule that the investments are in a direct ratio to the good business climate, good technical infrastructure and the good quality of life.
Bulgaria enforces the European industrial politic principles in developing and implementing of the competitive power raising politics, for enterprise developing of the small and middle companies, encouraging the export business and the investments. The main purpose of the industrial politics is entire improvement of the business environment so the Bulgarian economic could resist the EU market forces competitive pressure.

Rakovski Industrial Zone Maritza Industrial and Commercial Zone
- The first industrial zone in Bulgaria offering attractive conditions for establishing production, warehousing and logistic;

- Terrain of 815 000 square meters in the village of Stryama, Municipality of Rakovski;

- Distance to the capital, the city of Sofia – 140 km; Providing land, fit for industrial construction;

- Providing production buildings for renting or purchasing;

- 100% exemption of corporate income tax; Nice climate;

- More information ...
- Three sectors with the total area of 1 950 000 m²; An excellent transport access;

- Direct connection to the International motorways crossing the country and making connections to Western Europe, Russia, Asia, Adriatic, Aegean and Black Sea;

- Providing land, fit for industrial construction;

- Construction of industrial production facilities upon leasing scheme with bank financing;

- Providing production buildings for renting or purchasing;

- More information ...


Investment Incentives in Bulgaria

The incentives are available to companies registered in Bulgaria, regardless owner’s nationality.

10% corporate tax as of January 1, 2007;
0% for manufacturing companies in areas with high unemployment

Regions with high unemployment
Incentives are available for investments in high unemployment regions included in a list approved by the Minister of Finance. The incentives are subject to some advance and subsequent filing requirements and notifications. Where the value of the exemptions/incentives and other state aids for regional development exceeds BGN 75 million, a clearance from the Competition Protection Commission is required. Where the amount of the state grants and subsidies (including the tax incentives) does not exceed BGN 200,000 in a three-year period, the tax incentives can be used under less strict conditions.

Tax exemption for manufacturing companies
Manufacturing companies which invest in high unemployment regions are entitled to complete exemption from corporate income tax, subject to the following basic conditions:
  • All business sites and premises of the taxpayer have to be located in the respective high unemployment region;
  • All assets of the taxpayer (except for cash in bank accounts and investments in associates and subsidiaries) have to be located in the respective high unemployment region;
  • The taxpayer should not have outstanding and non-disputable liabilities for taxes or social insurance or penalty interest thereon for the respective year in which the exemption is claimed.

The amount of the tax credit for each year should be invested in manufacturing activities within a period of three years after the end of the year in which the exemption was claimed. The eligible investment should consist of fixed tangible assets or licenses, patents and know-how at a value not exceeding 25% of the costs of the fixed tangible assets. The investor is also required to invest own funds of at least 25% of the amount of tax credit. Some other additional conditions are also required to be met. The assets acquired could not be disposed for a period of 5 years, except for in cases of merger or reorganization.

The incentive is available continuously, subject to meeting its conditions in each respective year. If the respective region is excluded from the list of the high unemployment regions, the incentive can be applied only for another 5 consecutive years. Where a company started preparatory work for investing in a high unemployment region, but prior to commencement of manufacturing the region was excluded from the list, the company is still eligible to use the incentive for a period of four years.
  • Opportunity for R&D expenditure write-off
Reduction of corporate tax base with the expenditure made for research and development (R&D) in cooperation with research institutes and/or universities;
  • Depreciation of 2 years for computers and new manufacturing equipment;
  • 2-year VAT exemption for imports of equipment for investment projects over €5million, creating at least 50 jobs

Special preferential VAT regime for imports of goods necessary for the implementation of an investment project:

VAT-registered investors performing certain eligible investment projects are entitled to import assets needed for the project without effective payment of import VAT. Moreover, such investors are entitled to refund VAT incurred on local purchases within 10 days after filing of the tax return, provided that at least 80% of the monthly VAT charges incurred on purchases are paid through a VAT account.
In order to benefit from the special investment rules, the investor needs to obtain an advance approval from the Ministry of Finance. In order to receive the approval, the investment project must meet certain conditions:
  • The size of investment should be at least BGN 10 million (EUR 5 m) for a period not exceeding 2 years;
  • The period for the completion of the project should not exceed two years;
  • The project should result in the creation of at least 50 new jobs;
  • The project should be eligible for state aid for regional development;
  • The investor should prove his ability to finance the project.

7% withholding tax on dividends and liquidation quotas
0% for EU tax residents holding at least 20% of the Bulgarian company

Dividends and liquidation shares, calculated by a local person in favour of a foreign natural or legal person, local for an EU member country, are not subject to withholding tax under the conditions that:
  1. According to the tax legislation of the respective EU member-country, the person is considered as local of this country for tax purposes and, by force of an agreement for avoiding the double tax levying with a third state, is not considered as local person of a state out of the EU.
     
  2. The person is levied with corporate tax, without having the right of choice or exemption from levying with this tax.
     
  3. The person is the actual owner of the income and holds at least 20% of the shares/stocks of the local entity.

24% highest bracket for personal income tax monthly income over €300

Up to 1 year minimum salary and reimbursement of social/health care security for employing young people and disadvantaged people through the Employment Agency

Programmes and measures for employment of young and/or disadvantaged people on the labour market in Bulgaria:

If the requirements below are met, the Employment Agency may cover the amount of salary expenses and the due installments on account of the employer to the funds of the Social Security Institute and to the Health Insurance Fund for the duration of the employment contract for each hired person (but no longer than 12 months), as well as the expenses for training for acquiring professional qualification (no longer than 6 months).

Requirements:
  • The person has to be directed by the division of the Employment Agency on the basis of contract between the Agency and the employer
  • Unemployed up to 29 years of age or disabled militaries
  • Unemployed up to 29 years with reduced working capacity
  • Young people from social institutions who have completed their education
  • Unemployed with permanently reduced working capacity
  • Unemployed – single parents (adoptive parents) or mothers (adoptive mothers) with children up to 3 years of age
  • Unemployed women over 50 years of age and men over 55 years of age

The same incentive is valid for employer who admits for training for acquiring professional qualification and/or work on probation unemployed persons under 29 years of age, directed by the divisions of the Employment Agency on the basis of the contract concluded, for the term of education or work on probation, but no longer than 6 months.

Programmes and measures for training during lifetime:
An employer who provides maintaining and improvement of the qualification of the hired workers and employees can apply for granting of half of the maximum determined size of the sums for training of one person (the maximum sum is BGN 450 according to the National Operative Employment Plan).


The Encouragement of Investment Law:

The national investments stimulating strategy in Republic of Bulgaria is developed on the ground of the Encouragement of Investment Low.
The new Encouragement of Investment Low regulates the terms and procedures for investing in Bulgaria. The law equally applies to Bulgarian and foreign investors.

According to the new law, the Minister of Economy is the leading executive authority that shall perform the state policy in the investment sphere. In the implementation of this activity the Ministry of Economy prepares a strategy for encouraging investment in cooperation with other authorities of the executive power. In compliance with this strategy and the regional development strategies regional Governors shell develop investment encouragement programs for the respective region and coordinate their implementation.

Investment incentives
The Encouragement of Investment Law sets forth preferential treatment measures for investment meeting certain criteria specified in the said law as follows:
  1. The investment to be in fixed assets acquisition with the purpose of creating new or enlarging or modernizing existing production of goods and/or services;
     
  2. New jobs to be created;
     
  3. The investment project to be implemented within 3 years;

Investment incentives according to the Investment category
The measures are differentiated according to the class of investment. There are three classes, depending on the investment project value. The value thresholds are stipulated in the Rules on the Enforcement of the Investment Encouragement Law as follows:
  • 1st class – investment over BGN 70 million (€ 36 million).

    For 1st-class investments, InvestBulgaria Agency assists investors by providing:

    • Individual information and administrative services;
    • Assistance with real estate acquisition – On the request of the 1st-class investor the Agency may propose to the corresponding authorities owning the land plot, selected by the investor, to sell ownership rights or establish limited ownership rights over the respective real estate (private state or private municipal property), necessary for the implementation of the investment project without opening tender procedure or on preferential price;
    • Assistance for receiving infrastructure support – the state, through the Minister of Economy and Energy, supports eligible 1st-class investment projects through construction of the necessary technical infrastructure to the borders of the investment project site.

     
  • 2nd class – investment from BGN 40 to 70 million (€ 20-36 million).

    For 2nd-class investments, InvestBulgaria Agency provides investors with:

    • Information services
    • Individual administrative services with respect to all central and regional government authorities. Investors will have the opportunity to authorize officials of the Agency to obtain from the corresponding competent bodies, on behalf of investors and for investors’ account, all necessary documents for the implementation of the particular investment project as may be required under the existing legislation.

     
  • 3rd class – investment from BGN 10 to 40 million (€ 5-20 million).

    Apart from faster administrative service, 3rd-class investments receive information services by InvestBulgaria Agency as follows:

    • Country economic analysis and sector information materials;
    • Information about potential partners in the country;
    • Advice regarding all administrative procedures concerning the implementation of the investment project.

For all investment classes, central and regional government authorities, as well as municipal authorities provide faster administrative services (issue of licenses, permits, etc.) to investors i.e. within 1/3 shorter periods than the usually needed.


Why Invest in Bulgaria
  • Strategic geographic location
  • Highly-skilled, multilingual workforce at Europe's most competitive wages
  • Stable and predictable business and political environment
  • EU membership on January 1, 2007 gives access to markets of over 560 million consumers
  • The lowest operational costs and tax rates in a European market economy
  • Industrial goods traded duty free between Bulgaria and the EU, EFTA, CEFTA and Turkey
  • Excellent climate, natural scenery, food and hospitality
  • Flat corporate income tax rate of 10%
  • VAT exemption on equipment imports for investment projects over Eur 5 million
  • Annual depreciation rate of 30% for machinery & equipment, 50% for new equipment used in entirely new investment or expansion and 50% for software and hardware
  • Acquisition of land and property through Bulgarian registered company with 100% foreign ownership
  • Administrative services through InvestBulgaria Agency
  • 55 treaties for avoidance of double taxation
  • 52 agreements on mutual protection and promotion of foreign investment
  • NATO membership – March 2004
  • Institutional support for major foreign investments projects
  • Robust legal framework focused on attracting and protecting foreign investment
  • Low regulatory obstacles and start-up costs
  • Significant reduction in bureaucracy
  • Adoption of International Accounting Standards (IAS)
  • Bulgaria is among the leading investment destinations in Europe.
  • In 2004, the country has attracted 7% of the total DFI in Central and East Europe and has positive perspectives for the future.

FOREIGN INVESTMENTS (FDI) IN BULGARIA

Bulgaria takes 12th place in the world by FDI inflow, the World report of the United Nations conference for trade and development (UNCTAD), announces.

Over the last four years Bulgaria attracted more than EUR 5.7 billion foreign investments, which is 45% of the investments gathered in the years between 1992 to 2003.

Record high level of FDI was in 2003 and 2004. Bulgaria's 2004 foreign investments reached EUR 1.958 billion thus setting a record-high level. The total amount of foreign investments for the period 2001-2004 makes 62% of the whole direct foreign investments for the past 13 years.


FOREIGN DIRECT INVESTMENTS AS % OF GDP, 2004

Bulgaria is the European leader in attracting FDI.
FDI Diagram

TENDENCIES

Prospects for 2006
GDP growth is expected to achieve around 4 % in 2006. The acceleration in 2004 and 2005 was based on continued strong domestic demand resulting in a highly imbalanced growth composition. In 2005, growth was further stimulated by already announced measures of slightly expansionary fiscal and wage policies in view of national elections by mid-2005. This is likely to be followed by some adjustment in 2006 to rebalance the economy and to bring it closer to its medium-term potential growth rate. The projected growth path, driven by a similar development of domestic demand and, on the supply side, a good performance of all three broad sectors, will continue to trigger substantial imports, given the still weak industrial base of the economy. Private consumption remained very strong because of high credit growth, higher employment and increases in net income, which benefited from cuts in income tax rates and a 25% increase in the minimum wage planned for 2005. These effects on consumption are likely to moderate in 2006, but strong investment in view of the opportunities expected from EU accession in 2007 should prevent the economy from a more significant slowdown. Net exports have a strongly negative contribution to GDP growth until becoming less negative in 2006 as a result of a slower expansion of private consumption. In view of continuing high GDP growth, net employment gains would make an unemployment rate of 10% or lower possible in 2006. This assumes that the induced increase in the participation rate is likely to be higher than the decline in the working-age population.


EXPECTATIONS for 2006

GDP growth, 2005 -2007
GDP Diagram

Annual average inflation, 2006
Average Inflation Diagram


Bulgaria 2006-2010
  • Bulgaria will become a member of the European Union in 2007;
  • EU budget for 2007-2013 (adopted on 16 December 2005) foresees €11.1bn for Bulgaria (1.29% of the EU budget) for the 7 year period;
  • Budget of €4,5 bnis allocated to Bulgaria for the period 2007 -2009;
  • It is expected Bulgaria to change its national currency with euro in 2010;
  • Wages in Bulgaria will increase some 6% in next 5 years, reaching USD1.49 per hour in 2010;
  • Bulgaria is a perfect starting point for 125 million consumers from Balkan marketwith its strategic location, stable economy, low expenditures and possibility for free trade, high skilled labor force and relatively low operational costs;
  • Stability and predictability

 

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