Population7.71 million persons
Land Area110,550 sq km
Currency & exchange rate1 lev (Lv) = 100 stotinki

(~ 0.342 GBP)

GDP-PPP Method35,820.0 millions of US dollars
GDP Growth5.20%
GDP Per Head4,647.0 Thousands of US Dollars Per Person
FinancialInterest RateInflation Rate
National BankBulgarian National Bank
PoliticalBulgaria is a parliamentary republic ruled by a democratically elected government. The members are elected for a maximum of four-terms by proportional representation. The assembly elects a council of ministers with a prime minister. They assist the President of the republic who is elected for a five-year period.

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.

Social SecurityYes
LanguagesBulgarian, various others
CustomariesUsual courtesies should be observed and handshaking is the normal form of greeting. Dress should be conservative but casual. If invited to the home, a small souvenir from one’s homeland is an acceptable gift. Do not give money. Remember that a nod of the head means ‘No’ and a shake means ‘Yes’

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

Ethnic Make-up
TaxIncome TaxCapital Gains Tax

Taxable incomeTax on lower amountRate on excess
Exceeding (BGN)Not exceeding (BGN)(BGN)%

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

Description Bulgaria has had a strong agricultural history, with the main predicts being maize, wheat, sugar, barley, grapes and tobacco. However, it has experienced some decline with the major industries now being Chemicals, machine building and metalworking, food processing, construction materials, ferrous and non-ferrous metals and power generation including nuclear.

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.













Investor Profile:Cash & Equity Investor

Pension Investor

Downshifter Investor

Business Investor



Climate:Hours of Sunshine Per Day in SummerDays of Rain Per YearJanuaryJulyAverage

Water Temp.

Proximity to:AirportBeachNearest City
17kmGolden Sands. Called the seaside capital of BulgariaDobrich
Restaurants and bars:There are numerous lively discos and bars, a variety of folk taverns and restaurants. There are numerous restaurants that are cheap, good and offer friendly service in addition to English menus!

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,.

Sports and leisure facilities:Tennis courts, mini golf, horse riding, jet skis, paragliding, sailing and motor boats, windsurfing, yacht club, water-skiing, banana rides, cycling, bowling and diving
Transport:Public TransportRoads
Good links around the city and regular bus services to beach resorts.

Cheap taxis available on the streets.

The roads offer good links to other cities throughout Bulgaria.
Crime rate:Low, but be on guard for the usual pickpocket at a tourist destination.
Main types of employmentMainly tourism and service. Varna is one of the biggest science centres in Bulgaria and there are five institutions of higher education in Varna. Varna is also involved in busy shipping, shipbuilding and ship repairing activities
Future plans:Challenge Sofia and Plovdiv as the third biggest city.
Yield range7 – 10%
Type of propertyEntry PriceRent-



Off Peak

Average Annual Yield
2 bed apartment£11,000£110£709.8%
3 bed apartment£20,000£160£1409%
3 bed townhouse£21,000£180£1308.5%

Demand for letting

PeakOff peak
Fairly HighModerate
Finance and leisure scores:Total (out of 10)Financial (out of 5)Leisure (out of 5)
Flights scheduled from:London, Bradford, Glasgow, Leeds
Typical cost of flights:PeakOff Peak
400GBP169 – 200 GBP
Operators:British Airways, Hemus Air, Malev Airways, Britannia, Thomson, Bulgaria Air, Balkan Holidays Air
Description:Apart from being a beach resort, Varna rivals the great cities of Sofia and Plovdiv, in its offering of cultural attractions and historical buildings, museums and art galleries. It also provides access to some of the quieter scenic spots along the coast, including the nature reserve of Kamchiya, the royal palace of Balchik and the hill-side monastery of Aladzha.

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.

Hot Website:
Estate Agents:NameAddressTelWeb
DAO Real Estate+359 52 603

Golden Eye Real EstateKnyaz Boris I No 28 Floor 1
+359 (0)52 641856

KirovBulgaria, 9000 Varna, Maria Louisa Bld. 28+359 52 610 39(1-4)
Letting Agents: NameAddress TelWeb
Golden Eye Real EstateKnyaz Boris I No 28 Floor 1
+359 (0)52 641856


KirovBulgaria, 9000 Varna, Maria Louisa Bld. 28+359 52 610 39(1-4)