Bulgaria is located in the southeast of Europe. It is one of the nine countries that make up the historic and famous region of the Balkans. It is bordered to the north by Romania, to the south by Greece and Turkey, to the west by Serbia and North Macedonia, and to the east by the warm and beautiful Black Sea.

It is a territory with a low population density. It has only 6,916,548 inhabitants, most of whom are Christians. 

The capital is Sofia, where most of the population lives and where the political, economic and cultural activity of the country is concentrated.

In terms of geography, Bulgaria is quite diverse. The landscape is composed of snow-capped peaks in the Balkan Mountains (Rila and Pirin). To the east of the territory the coast is watered by the waters of the Black Sea, which in most of the year the weather is warm and sunny.

In the north you will find the famous Danube plains that it shares with Romania, extensive valleys near Macedonia and the lowlands near Thrace in the south.

The climate is temperate, with harsh winters and intense summers. The north of the country is much colder than the south due to the snow-capped Balkan mountain range. This also makes it rainy during most of the year.

A Bit of History

The history of the country can be divided into several periods. We could point out the existence of the first and second Bulgarian empires, which led to the consolidation of the Bulgarian state and the existence of a national identity. 

Likewise, the country lived under Turkish occupation by the Ottoman Empire until the end of the 19th century. The country would recover its sovereignty until the end of the Second World War, when it became part of the Soviet Union until its decline as a political project. 

The country would experience a transition to democracy that would lead to a multiparty system, liberation of the economy and later its entry into the European Union in 2007.

Politics and Economy

The country's system of government is a unitary constitutional republic under a parliamentary democracy with a multiparty system. As mentioned above, the country is a member of the European Union, NATO, the UN and the World Trade Organization. 

In relation to the Corruption Perception Index of the public sector published annually by Transparency International, the country has a score of 44 points, which places it in the 69th position of the index made up of 179 countries.

Since 2009, the country has been governed (as a parliamentary majority) by the Citizens for European Development party of Bulgaria. 

It is also the Balkan country with the most open economy. The economy is relatively diversified. It is dominated by sectors such as the extraction of minerals and precious stones, technology development, tourism, arms manufacturing, petroleum derivatives, automobile parts and construction materials. 

By 2021, according to the World Bank, the labor force will be around 3.3 million people. The unemployment rate is around 5.9%. Annual economic growth averages 3% and inflation is 2.3%.

Lifestyle

Bulgaria can offer very different experiences depending on whether you are inside or outside its capital. 

In case you want to live in Sofia, the city, although not a metropolis like London, Berlin or Paris, also has a lively and modern atmosphere with discos, karaokes, pubs and restaurants both outside and inside the city center. 

Services are cheap. It is no coincidence that it is one of the cheapest cities to live in Europe, which has made it a select destination especially for young people looking for adventure and study programs.

During the winter it is common for people to go to the snowy mountains near the capital for skiing or mountaineering. 

As for the interior of the country, those who have visited the country talk about villages and towns in Bulgaria and jokingly refer to those kinds of places where there are "horses and carts".

So make sure you are willing to live or know a rustic environment if you consider the Balkan country as a destination, anyway you will not be alone, there are many foreigners who choose these regions and enjoy the lifestyle in them for being more relaxed and away from the noise of the big cities.

Tourist Attractions

Bulgaria is a country rich in landscapes, architecture and arts. Something that characterizes it is the great preservation of its architectural monuments, natural reserves and galleries of ancient and modern art.

The country has nine world heritage sites such as: the Madara Knight, the Thracian tombs of Svechtari and Kazanlak, the Boyana Church, the Rila Monastery, the Ivanovo Cave Churches, the Pirin National Park, the Srebarna Nature Reserve and the ancient city of Nesebar.

You can find more than 200 museums throughout the territory. Among the most famous are the National Museum of Archeology and the National Gallery. Both are located in the capital of the country.

Business Environment 

If your reason for visiting or living in Bulgaria is business, it is necessary to know that Bulgaria ranks 59th in the Doing Business ranking of 190 countries, according to the latest study conducted in 2020. What classifies it within a country with favorable conditions for doing business without any political or legal uncertainty. 

As an entry plate we can highlight that in the country there are no CFC rules for the regulation in the administration of offshore or foreign companies. So you can incorporate your companies anywhere in the world and manage them from Bulgaria without running any risk.

As for the registration of companies, it takes about three weeks to register a company, the authority in charge of this procedure is the Registration Agency. The procedure is simple: you have to pay a fee to any Bulgarian bank and execute the deed of incorporation of your company.

It takes two weeks for the property to be registered. In this case the municipality is responsible for drawing up a descriptive document about the property and performs a tax appraisal of the property. Afterwards, a certificate of good standing is issued to the seller and the buyer. The latter must apply for a Real Estate Registry to pay the property tax and finalize the paperwork.

Thanks to a solid regulatory environment, legal certainty and stable banking, obtaining credit in the country is relatively easy. On the other hand, investor protection is also good.

Regarding the tax system, we can point out that both companies and individuals only have to pay 10% of their income in taxes. There are no exceptions for royalties, rental income or dividends. Everyone in the country pays 10%.

If you are interested in exploring the opportunities for your business in Bulgaria, don't hesitate to address our experts. Here at MUNDO we are always happy to help our clients! 

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