GOLDEN SANDS, BULGARIA  

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(~ 0.342 GBP)

Following the years after the collapse of the communist regime, Bulgaria suffered through a series of governments. The elected Bulgarian Socialist Party (BSP) in 1994 were not effective in taking action against corruption, organised crime and much needed economic reforms.

In 1997 BSP gave way for the centre –right Union of Democratic forces and a party representing the Turkish minority, Movement for Rights and Freedom (MRF), took some seats for the first time in parliament. Reforms did take place including membership to NATO and EU, yet employment levels and standards of living fell, as did the government in 2001.

The elections in 2001 were won by former king Simeon II with the National Movement Simeon II (SNM). His simple messages of low taxes, reduced crime, eradication of corruption and higher pensions were of broad appeal. The latest countrywide local elections showed a record low number of voters at 33%, clearly displaying disenchantment with political parties.  Parliamentary elections are to be held in 2005 and presidential elections are due in 2006.

For a complete list of special events, contact the National Tourist Information Centre or the Embassy

Inheritance tax is levied on all property in Bulgaria, but no indication of capital gains tax.

The country is also known for its export of wine and perfumeries. The major trading partners are Russia, Germany, Italy, Greece, turkey and the US.

Bulgaria has made significant economic advances in the last few years but has in the last decade or so suffered the usual problems experienced by centrally planned economies adjusting to market condition and unemployment is still quite high, floating around the 15% mark.

The key challenges for the government are to attract greater foreign investment and to complete the privatisation process. A transparent and predictable business climate needs to be created by tackling corruption and promoting institution building and public sector reform.

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Pension Investor

Downshifter Investor

Business Investor

Water Temp.

There are hundreds of places to go for a night out, you will notice that Bulgaria and Varna have an Italian Style Cafe culture. Davidoff cafes are an institution there. Something you may not notice is the large numbers of live music venues which are usually tucked a way in basements,.

Cheap taxis available on the streets.

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Demand for letting

What I like about this area is the only way is up!  You can enter the property market with a little bit more than a few grand, get okay yields and if it all goes belly up you then haven’t broke the bank.  I expect that the capital gains will be spectacular as this area is being talked up a lot.  Whether the gains are genuine or all hype is unsure.  I would set yourself an exit target of doubling your money.  That is to say if you buy something for £20,000 then sell at £40,000.  If this doesn’t happen in 3 years then sell anyway as long as you do not realise a loss.  Political stability is increasing but you could find yourself owning an idyllic property in the middle of a potential war zone!  Be cautious with your eyes wide open.

www.daoreal.com/

http://goldeneye.tcinbg.net/

http://goldeneye.tcinbg.net/