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1.Highly-skilled, multilingual workforce at Europe's most competitive wages
2.Stable and predictable business and political environment
3.EU membership on January 1, 2007 gives access to markets of over 500 million consumers
4.The lowest operational costs and tax rates in a European market economy
5.Industrial goods traded duty free between Bulgaria and the EU, EFTA, CEFTA and Turkey
6.Excellent climate, natural scenery, food and hospitality
7.Flat corporate income tax rate of 15% (2006 expected rate: 12%)
8.VAT exemption on equipment imports for investment projects over Eur 5 million
9.Annual depreciation rate of 30% for machinery & equipment, 50% for new equipment used in 10.entirely new investment or expansion and 50% for software and hardware
11.Acquisition of land and property through Bulgarian registered company with 100% foreign ownership
TOURISM
In 2003, tourist arrivals increased more than 18 percent from 2002 to more than 3.5 million according to the Ministry of Economy. Greek tourists arrivals increased by nearly 40 percent from the previous year, but Britons increased the most as a percentage, up by more than 43 percent.
In 2005, Bulgaria expects more than 4.4 million visitors, and associated revenue $2 billion according to the Ministry of Finance, an increase from 3.4 million visitors and $1.5 billion respectively in 2004.
Developers have invested more than $250 million in the past three years in Sunny Beach, Bulgaria’s most prominent summer resort. Based on totals in 2003, this year Sunny Beach will attract an estimated 300,000 visitors, predominately from the Scandinavian countries, Germany and Great Britain. Development includes15 new hotels started a new aquapark.
REAL ESTATE IN BULGARIA
Since the introduction of the currency board in 1997 Bulgaria has been politically stable country with a developing economy and the preferential conditions and guarantees for foreign investors have generated excellent business opportunities and investment growth potential. Bulgaria real estate prices are by far lower than other destinations in Europe but the estimated acceptance of Bulgaria in the European Union provides unprecedented growth potential that will certainly boost the prices of the Bulgaria real estate in the near future. Bulgarian market or real estate is still unexplored and undeveloped to a certain extent, which makes it very attractive and profitable.
According to the Bulgarian law, embodied in the Constitution of the Republic of Bulgaria and the Property Act foreign physical and also juridical persons such as companies cannot acquire the ownership of land in the country. However, they are permitted to acquire the ownership of houses or flats and limited ownership rights with regard to every kind of immovable property situated in Bulgaria. Under the heading limited ownership rights the Bulgarian law understands the rights of use (usus), the right to build a house on a piece of land (superficie) and the servitudes (e.g., the right of access to the street through another person's piece of land).
The limitation to acquire ownership of land does not exist for local judicial persons – such are all the judicial persons registered in Bulgaria no matter the size of foreign participation.
Automotive
Automobile industry facts
1. Bulgarian companies in the electronic sector work exclusively for big foreign automobile manufacturers
EPIQ Electronic Assembly, Botevgrad, a wholly-owned subsidiary of the Belgium group EPIQ, produces:
- printed boards and electronic modules for Delphi and Valeo to be built in Opel, Ford, Peugeot and Citroen
- sensors for measuring the waste gases temperature for SAAB, FIAT, BMW and Mac
- infrared sensor systems for compartment temperature control
2. Wide experience in the production of automobile wire harnesses:
• EMKA – Sevlievo supplies automobile wire details for DaimlerChrysler
Arkomat Bulgaria – Kazanluk (former Turkish subsidiary of Volkswagen, which moved its operations to Bulgaria in 2000) - produces automobile wires for VW Golf, Passat, Audi A4 and other VW models
Nursan Otomotiv – Bourgas, subsidiary of the Turkish Nursan Holding, produces automobile wires for Valeo to be built in Peugeot, Citroen and FIAT
3. Strong traditions in manufacturing metal castings, automobile batteries and filters.
4. R&D achievements:
The gear-box concept of the last generation Mercedes-C class - Sofia Technical University
Major technology for manufacturing aluminum wheel rims through counter-pressure casting - Pleven
Infrared night vision system similar to Night Vision on the 2000 DeVilleone of GM Cadillac and currently used in the Bulgarian army - Pazardjik
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