The capital of Bulgaria – Sofia, has always been considered as a place with unique and strategic location. Sofia's development as a significant settlement owes much to its central position in the Balkans. Sofia lies on 550 m above sea-level and is situated in the Western part of Bulgaria in the Sofia Valley at the northern foot of the Vitosha Mountain. Surrounded by mountains on all sides but with mild climate, with many mineral springs issuing nearby and in close proximity to the capitals of neighboring countries, Sofia is one of the few cities with similar beneficial features. Sofia is sharing a parallel with Northern Italy and Southern France (towns like Marseille) and at the same time it is on a crossroad connecting two worlds – Europe and Asia. The roads from Istanbul to Western Europe and those from the Mediterranean countries to the North Eastern part of Europe and Russia pass through Sofia.
Sofia is known to be one of the oldest cities in Europe. Founded thousands of years ago, today it tells stories of ancient times whose remnants can still be seen today.
Sofia was originally a Thracian settlement called Serdica, named after the Thracian tribe Serdi. Around 500 BC another tribe settled in the region, the Odrysi, known as an ethnos with their own kingdom. For a short period during the 4th century BC, the city was possessed by Philip of Macedon and his son Alexander the Great.
Around AD 29, Sofia was conquered by the Romans and renamed Ulpia Serdica. Serdica was of moderate size, but magnificent as urban concept of planning and architecture, with abundant amusements and active social life. It flourished during the reign of Byzantine Emperor Justinian I, when it was surrounded with great fortress walls whose remains are still visible today.
The city was destroyed by the Huns in 447 but was rebuilt by Justinian and renamed Triaditsa. Sofia first became part of the First Bulgarian Kingdom during the reign of Khan Krum in 809. Afterwards, it was known by the Slavic name Sredets and grew into an important fortress and administrative centre. Bulgaria fell to the Byzantine Empire in 1018, but once again was incorporated in 1186 into the restored Bulgarian Kingdom at the time of Tsar Ivan Asen I.
From the 12th to the 14th century, Sofia was a thriving centre of trade and crafts. It was renamed Sofia (meaning "wisdom" in Greek) in 1376 after the Church of St. Sofia. Sofia was conquered by the Ottoman Empire during the reign of Murad I in 1382, becoming the capital of the Ottoman province (beylerbeylik) of Rumelia for almost 5 centuries.
Sofia was liberated by Russian forces in 1878, during the Russo-Turkish War (1877-78), and became the capital of the autonomous Principality of Bulgaria in 1879, which became Kingdom of Bulgaria in 1908. During World War II, Sofia was bombed by Allied aircraft in late 1943 and early 1944, as well as later occupied by the Soviet Union.
Since 1989 Bulgaria has been developing into a direction which finally led the country to become on January 01, 2007, an equal EU member. During the last years, Sofia undergoes a phenomenal economic growth and the portrait of unattractive post-communist city fades away, being replaced by the image of a modern most contemporary place for living and business.

European companies actually struck Bulgaria long before its joining to EU. Now foreign investors yet more tangibly report the so important strategic position of Bulgaria and seriously consider its potential as an up-and-coming market. The business is booming and foreign investments are flooding in.
2.845 milliard Euro amount the direct investments in Bulgaria for the first nine months of 2006, show some preliminary researches. 3.9 milliard Euro were the property investments in Central and Eastern Europe for the first six months of 2006 according to expert real estate consulting companies. Bulgaria and Romania get 9,4 % of that sum (in comparison with 7 % for Russia). The main money stream (around 71 % from the capital invested in real estates) comes from countries like Great Britain, Germany, and Austria. All the energies had been thrown into making the Bulgarian market a competitive part of the global financial market and as a result leading investment companies find considerable potential in the property market for the next 5 to 10 years to come. What contributes so essentially for heightening the credit in Bulgaria is its political stability and constantly improving business environment.
In the previous few years Sofia has become a very attractive place for investors and a significant share of the foreign finances turning to Bulgaria are directed to the capital. Today Sofia is a cosmopolitan city and the country` s economic center. In Sofia are located the administrations of the President, the Bulgarian Government, the Bulgarian Parliament. Here are concentrated the headquarters of all public administrative authorities, the Supreme courts, Bulgarian and international financial and bank institutions and also the head offices of a great number of foreign and local companies and organizations.
Solid revenues expected from the European funds will be used for the modernization of the transport sector and the infrastructure. Some of the projects have already been started, among them is the ring-road of Sofia which is being expanded and eventually will hasten the overloaded car traffic in the city. The Metropolitan is also being developed; in particular the section passing through the city center which is expected to be completed by November 2007. The general scheme of the metropolitan railway lines consists of three diameters with general length 52 km and 46 metro stations. The rough estimations show that a general funds for over 300 million USD will be built on the object.
Though Sofia dropped out of the competition for a host city of the 2014 Olympic Games, the construction of new winter sports facilities and the retrofit of the existing ones are taken up the run. The next Winter Olympics nomination of Sofia will include the ‘Super Borovets’ project, a grand undertaking for enlargement of the ski facilities in Borovets ski resort, situated only 40 minutes by car Southeast from the capital.
Another infrastructural object of great importance is the Sofia Airport, where a new terminal was open in December 2006. The capacity of the terminal will be 2 600 000 people per annum and 26 000 tons of cargo goods and it could provide services even for the biggest aircrafts – Boeing 747, Boeing 767, Boeing 777 and Airbus 350. The project with overall cost of 110 million Euro will decrease the charges for customers’ services and will probably attract more investors in the aviation sector.
Golf came to Bulgaria six years ago. The first long flight of the small golf ball in Bulgaria was on the 10th of June 2000, when Ihtiman golf course was opened. Ihtiman is located 48 km South from Sofia and 90 km West from Plovdiv. The course has 18 holes and has been certified by the American Golf Association. Its rating is 71.3 and the slope index is 131. The easy reach to the capital makes it one of the Sofia’s attractions. The success of this investment led to the creation of other golf courses, this time mainly along the Black Sea coast.

Why is Sofia your place for investments?
• The capital has the largest potential of most qualified human resources and low level of unemployment of just 3 %.
• The geographic location of Sofia also favors high investment returns.
• The rental market is all year round and guarantees reasonable annual return.
• Sofia is the only European capital which has ski runs only 20 minutes away from the city center.
• The interest of second-home seekers and buy-to-let investors is constantly increasing.
• The prices of immovable property in Sofia are now comparable to those in the famous Bulgarian ski resorts, being within the range 1000 – 1200 Euro per square meter for new apartments in the city and in the suburbs, while the prices for top location residential properties in highly preferred areas could reach up to 3300 Euro / m2.
• Sofia`s economy is booming and the city seems to be one of the fastest developing property markets in Europe.

The EU membership
The regional significance of Bulgaria and Sofia in particular increased even before the membership of Bulgaria in the EU became a fact. An inflow of diplomatic staff and international companies to Sofia has recently been observed. Companies such as Coca Cola, Shell, Nokia, Nestle, Microsoft, Google, Hewlett Packard, Deutsche Bank, Ernst & Young and many others have lately confidently opened offices in Sofia. The Bulgarian capital is following the same path as of other Eastern European capitals such as Warsaw and Budapest. The property market in countries like Poland, Czech Republic and Hungary was quite the same before they joined EU and experts believe that Bulgaria will share the same fate.

Speaking with figures
The average price for a sq. m. in Sofia is 1100-1200 Euro, but of course, the price range is much wider (from 600 Euro up to more than 2000 Euro). Expert analysis indicates that there will be about 40 % increase of prices within 6 to 12 months after Bulgaria` s joining to the EU. The economic importance of the capital’s location has become even greater for the last five years thanks to the significant privatization of businesses and accordingly the increased number of foreign investments. Currently, many real estate investing companies are targeting properties in Bulgaria and mainly apartments and plots of land within a short radius from the capital Sofia.
The excellent potential of investing in a city apartment is obvious to private individuals as much as it is to large companies. Only a quick glance at some statistics would be enough to notice that. The monthly rentals for apartments have doubled for only 3-4 years time and that it was before Bulgaria joined the EU. It is practically possible to make money from real estates with no money down, having in mind that you can easily rent out an apartment for 200-300 Euro a month (rentals vary from 150-1500 Euro per month). That could be quite enough to settle your mortgage payments.
A city apartment on the other hand has its own special features in comparison to resort apartments. While resort apartments are seasonal, a city apartment could be rented out all year round and although the daily rental income would be much lower it would have the same return in the end of the year. This grants a minimum investment risk and 7-9 % annual return. On the other hand, buying a property not only in Sofia but anywhere in Bulgaria is a good investment itself with the constant increase of real estate prices on the Bulgarian property market.

The construction of new residential buildings is continuously on the increase. Prices are in all stable, yet more intensely growing in the upper class of residential properties and in the most prestigious areas of Sofia. The top location off-plan double-room apartments register the biggest price growth - nearly 30 % for 2006. In the next few years the residential properties market will become more differentiated as it comes to prices and districts. Analyses predict that another determinant moment for the development of the property market will be the acceptance of the Euro in 2010.
Main part of all the property deals falls to trading centers and offices. The first buildings with compound purpose came into the market - offices and residential units over the commercial ground floor. There is a great competition between the investors for the acquisition of quality investment properties. This leads to persuasive and continuous rise in the sale prices, particularly for office areas in the top city locations, while the rents stay stable. Sofia is still the basic property market – for residential properties as well as for office areas - and this will not change soon, keeping in mind the fact that most of the companies prefer to open their head offices in the capital as this is the city bearing the biggest business potential.
There is an increasing number of new companies which discovered the possibilities of the dynamic property market in Sofia and a lot of companies which are on the market for some time now and are currently expanding. One of the reasons for such interest is the improving opportunities for companies to occupy quality estates at a reasonable price. For many companies, even not leaders in their branch, Bulgaria is a good solution if they seek lowering their business expenses. Bringing together the favorable tax standards and the level of production costs which is a few times lower than in many European countries, it is a fact that the business property market shows a positive economic trend. Nevertheless, this field of business property market is not yet completely ready to meet the requirements of big foreign investors. The request for high class offices determined the start of a couple vast projects near the Sofia Airport and two of the main boulevards Tsarigradsko Shose and Bulgaria. The property market for logistic and industrial estates is still not so well exploited but is expected to meet an upward trend.

Nature has really been large-handed in these latitudes and an expert eye is actually not needed to find out that Bulgaria has it all! We have beautiful mountains spread across the country, the azure Black Sea in the East, numerous mineral springs, invigorating forests, and small genuine villages still successfully slowing down the rush of modern life in the big cities. With its mild moderate-continental climate, suitable for year-round recreation, numerous healing thermal springs, the diversity of flora and fauna, Bulgaria offers wonderful conditions for balneo and spa tourism, wine tourism, rural and cultural tourism, hunting, mountainous and sea tourism.
It is explicably why one of the most winning sectors in the Bulgarian economy is actually the tourism. Recent data show that tourism generates between 12 – 15 % of the Gross Domestic Product (GDP) of the country. Following the world-wide tendencies, the number of foreign tourists who have visited Bulgaria in 2006 has also increased. More than 4.2 million foreign tourists have visited Bulgaria by September 2006, a Council of Ministers press release said. This figure represents an increase of 5.39 per cent, compared to the foreign tourist visits for the same period in 2005. The number of tourists from Great Britain, Ireland, other Southeastern and Scandinavian countries retained the same levels as the previous years. The Russian tourists discovered Bulgaria as a preferred winter sports destination and their number has been on the increase – for the first eight months of 2006 there is a growth with nearly 22 %, state the records.
Income from international tourism also indicates a growth. The increase is 5 % and the total sum reached 1.557,2 milliard euro. The general expectations are that nearly 37 million Euro per year will be received from European funds for the development of tourism in Bulgaria. This will naturally benefit for turning the country into one of the most sought after destinations, offering exclusive summer and winter tourist services. As Bulgaria has undoubtedly all the resources to become a world top tourism destinations.
Bulgaria has lately strengthened its positions of a winter tourist destination and as a result we witness the incredible development of the Bulgarian winter resorts Bansko, Pamporovo, Borovets. For example, the expected number of tourists to visit Bansko will be 25 % higher this season than the previous year, predict some tour operator companies. The popularity of Sofia also grows because of the nearness of the city to the famous ski resorts which repeatedly play hosts to important winter sports events.

Having fun and sightseeing in Sofia

Despite the population of the capital is growing up in result of the inner migration, with its 1,2 million people Sofia is still a city of modest size. The eclectic architecture characterized with Ottoman buildings, churches in Russian style, remains of ancient Bulgarian structures and the biggest on the Balkans synagogue, turn Sofia into a fascinating and exotic place which will not let its guests have a dull minute. The variety of cultural sights and the attractive night life guarantees the visitors to have a roaring time spent in the capital.
Being one of the oldest capital cities in Europe, Sofia is a charming blend of its past and present, which can first be seen in the remarkable architectural style. Today there are many archaeological sites in Sofia, that display the city's diverse history - the castle gates and towers of Serdica, public buildings and streets thousands of years old.
One of the many historic landmarks of Sofia is the 10th-century Boyana Church, one of the UNESCO World Heritage protected sites. The Alexander Nevski Cathedral is one of the world's largest Orthodox churches with neo-Byzantine architecture. In the crypt is situated the icon museum, where are exposed over 300 icons and mural frescoes dated from the late 9th century up to the end of the 19th century.
Another monument is the early Byzantine Church of St Sophia which dates to the 5th century and after which in the 14th century the city was named.
Tourists could also visit the National History Museum and the recently reopened after extensive renovation works National Archaeological Museum. The exhibition consists of precious exponents of Thracian, Greek and Roman origin. Exceptional attraction in the museum is the Vulchitrun Treasure which is collection of 13 gold vessels, probably used in Thracian religious rituals.
The oldest preserved building in the city, built as a Roman temple in the 4th century, is the Rotonda Sveti Georgi (Rotunda of St George). The memorial has been during the ages destroyed by the Huns; later, in the 6th century, rebuilt by emperor Justinian as a church. The Turks converted the rotunda into a mosque, until it was finally reinstated as a church. Тhree archaeological layers, some dating from the early 10th century, has been revealed after the restoration.
The only mosque still functioning today is the Banya Bashi Dzhamiya. It has been designed in 1576 by the Ottoman architect who also built the the Blue Mosque in Istanbul. The mosque is named after the neighboring Tsentralnata Banya (Central Baths) – Banya Bashi means ‘a lot of baths’. The first thermal baths were built here by the Romans. Today Public tabs have been installed so anyone can taste the steaming mineral water with temperature 46°C/115°F.
Built by Russian workmen in 1912 and dedicated to St Nicholas, ‘the miracle maker’, Church Sveta Nikolai is possibly the prettiest church in Sofia with its roof covered with green majolica tiles and crowned with five gold-plated onion domes.
Sofia does not sleep. Sleeping would not occur to you either, if you embark on the exciting nightlife which could be compared to that in some Western European capitals. Plenty of bars, discos, casinos and many restaurants are concentrated in the city centre, able to meet each visitor` s requirements.
Guests who love arts will be enchanted by the ballet, opera and theatre performances. National Palace of Culture is the scene for many cultural events with its concert halls and exhibition spaces. A number of annual summer festivals also take place in Sofia, such as the Folklore Festival, the Sofia Music Week, the Sofia Film Fest.
Source: www.bgp.bg

The city of Varna is situated at the North shore of the Bulgarian Black Sea Coast. It is famous for its rich natural resources, which make it one of the most popular resort centres in Europe and the largest one in the Black Sea region. At the same time the city constitutes an intersection point of the road between the Middle East and Western Europe. According to the official data, the population of Varna municipality amounts to 346 000 people, but in reality the number is quite larger, especially in summer, when, according to unofficial data, the population doubles. Varna is the third largest city in Bulgaria, taking an area of 205 square kilometres.
The geographical location and the existing infrastructure have predetermined the favourable development of the city for centuries. The well-organized water and cargo transport determine the image of the city as an intersection point of the connection between the East and the West.
There are three main factors that determine the infrastructure arrangement in the city: port of Varna, Varna International Airport and the telecommunication network
The city of Varna has a well-developed railway and road network, in the immediate vicinity of Varna International Airport. The port is known as the “container” and “grain” gate of the Republic of Bulgaria – it exports cement, clinker, fertilizers, soda ash, it treats all types of cargo – liquid cargo, loose cargo and countables.

The city of Varna was founded under the name Odessos during the VI century B.C. by Anatolian Greeks. During the Hellenist era, the ancient city Odessos turns into one of the most significant cities on the Black Sea Coast. It was conquered by the Romans and became part of the large Roman Empire during the first century. One of the city’s landmarks today are the Roman Baths – these are baths from the II century that have taken a major place in the city public life for three centuries. A lot of archaeological evidence about the life from the Greek and Roman era, as well as from the earliest historical eras, is exhibited in the Archaeological museum in the city. There, one can see the world’s oldest golden treasure, found during excavations of the Varna necropolis (city of the dead people), which dates back to the IV century B.C.
It is assumed that the subsequent name of the city – Varna – has a Slavonic origin and means “black”. Varna is among the first territories included in the newly-established state (VII century). During the Middle Ages, the city preserved its significance as an important seaport and trade centre – it maintained commercial relationships with Genua, Venice and Constantinople.
The city is also famous for the battle between the Crusaders and the Ottoman Army in 1444. The crusade armies were defeated near Varna, whose leader, the young Polish king Vladislav Varnenchik, perished during the battle. This crusade is the last attempt of the Christian states to free Bulgaria from the Ottoman rule.
The economic recovery of the city began during the Renaissance period, when the international and transit trade through the port revived. In 1886 the railway line Varna-Rousse was constructed, which established a direct connection between the Danube and the Black sea.
The largest collection of monuments from all eras can be found in the central part of the city. The monuments that are pronounced as monuments of the cultural-historical heritage are 24, and the monuments declared for architectural monuments are 712.

Municipality of Varna has a powerful economic potential. Here, the main sectors that are developed are the industry and the services. The good investment climate in the municipality and the possibilities for tourism are a prerequisite for the development of these sectors.
The services sector is very well-developed. A large variety of the services offered in the city is observed.
In 2007 there is a huge interest in Varna for the commercial areas of the malls that are currently being constructed – there are two projects in the construction phase and two ones that are under preparation.
The construction of the „Pfohe Mall“and “Mall of Varna” has started in the city. It is planned that the sites will be opened for the Christmas holidays in 2007. “Mall of Varna“is a commercial and entertainment centre with 70 thousand square meters spread-out built-up area, designed by the British architecture office “Chapman Taylor”. There will be shops, a supermarket, movie theatres, an entertainment floor with a bowling hall, a large children’s spot, a skating-rink, a fitness and wellness centre in the mall.
The implementation of a project for construction of a commercial centre in the heart of the city will start very soon.



Transport

Varna International Airport is directly related to the economic situation of the city and the region. It is the second largest airport after Sofia airport. It provides first-class access to the city and the resort complexes and makes a connection with 35 countries and 101 cities around the world, but with a high seasonal dependence of the traffic. In 2006 an expansion of the passenger terminals of Varna International Airport was completed and this large project that has been launched will continue during the next years. There is an expressed interest for investment in Varna International Airport from Wiggins Group, Great Britain; Brussels Airport; a consortium of 6 multinational companies, among which are Credit Swiss First Boston, Montgomery Asset Management, Copenhagen Airport and the Belgian company BIAC.
In the near future a new SAT II system for flying and landing of airplanes will be introduced during bad weather conditions, which, together with the construction of the new platforms and runways for airplanes from the type Boing 767, will contribute to increasing the airport’s reputation at the international aviation market. The vision of the Bulgarian government on Varna International Airport is to give it for concession.
Port Varna is the sea gate of the city. The expansion of Port Varna and its moving will predetermine the image and the vision of the city for many years ahead. Moving the current port Varna-East to the urban part of the territory will provide an opportunity for the construction of new hotels, business centres and amusement parks. It will turn into the natural extension of the Sea garden. A new yacht and passenger terminal will be constructed there. With the realization of this project Varna has all the chances to be transformed into the pearl of the Black sea. The project for Port Varna also plans the following changes:

• Construction of a passenger terminal with a Business centre of Port Varna-East;
• Construction of a container terminal, grain terminal, a terminal for liquid cargo and a terminal for hazardous liquid cargo at the shore of Varna Lake.


Besides the port, the international airport and the good railway and land transport connections, Varna has one of the best telecommunication networks. There are 472 telephone lines for every 1000 people, which contributes to our country’s place among the leading ones in Central and Eastern Europe. Currently, there are three digital telephone exchanges of highest technological class of the companies Siemens and Ericsson. The level of digitalization of the telecommunication network is 21.7% as compared to 7.8% for the remaining part of the country. In Varna two international optic rings have been built.
The type and quality of the services offered will increase, as well as the development of the broad-band lines, which will further contribute to the effectiveness of the business through high-speed internet connection and opportunity for transfer of a larger volume of data.

A lot of well-known companies have representations and offices in Varna.
All these companies have chosen to establish representations in the city of Varna due to the particularly favourable investment climate, the low labour costs and the highly qualified staff provided by the universities in Varna. Varna is a cosmopolitan city with a large population with high consumer needs and relatively larger financial possibilities for consumption as compared to the other parts of the country.

Sports /golf, water sports, ski/ and investments

The opportunities for sports and vacation in the city of Varna are numerous and their quality is increasing:
Cycling, volleyball, basketball, East martial arts; football; bungee jumping; flying with balloon; parachute jumps; paraplanning; paintball; climbing; sports gymnastics; traditional martial arts; off-road; fitness; отнис; yacht rows in Varna bay; Sailing Team; windsurfing; yachting; kite-surfing; sea fishing; kites.
Underwater trips – diving to ships, cave and deep diving, diving courses, swimming.
The first year-long skating rink will be in Varna. Its size will be 20 to 30 meters. By Christmas in 2007 the people in Varna and the visitors of the city will have the opportunity to skate freely during the week, during weekends, all day long. The terrain of the skating rink is located at a height of 28 meters and will be glazed, which will reveal a panorama of the entire city. It is located on one floor, together with the bowling and the other entertainments. Around the ice surface there will be pubs and places for relaxation. The project plans hiring teachers in hockey and figure skating. Schools will be established, and later on – tournaments will be organized. This will be the first private skating rink in Bulgaria, managed by an international experienced operator.

Like each market that is under development, the Bulgarian one offers higher profitability and dynamics as compared to a number of markets, such as the West European and the American real estate market. The real estate market in the region of the city of Varna is an inseparable part of the general state of affairs in the country.
According to official data from the statistical institute, the average price of the properties in the capital toward the end of the last year was 1285 leva per square meter, while in Varna the price was 1201 leva. The average year growth (2004-2005) of the prices of apartments is above 20% for Varna.
The prices are in euro per square meter.
Vladislavovo, panel apartments – 363 euro/m2
City centre, new construction, brick - 1505 euro/m2

The market for offices has not ceased to develop, although at first sight it seems that the year 2006 has passed under the sign of the commercial areas.

Income from rent

The demand for residential and commercial areas in the city of Varna is traditionally high, which determines the high prices. The perspective for leasing properties in the urban part of Varna is among the biggest in Bulgaria. The demand is high during the entire year, due to the functioning universities in the city, the developed business environment and the numerous sports and resort places. During summer Varna becomes the city with highest rental prices in the country. The rents of residential areas start at 1.5 euro/m2 in the suburbs and reach 10 euro/m2 in the central parts of the city.
There are mainly investments in sites, located at the central part of the city and most often these are investments in old buildings with architecture value. Recently, the reconstruction of a site – a house with an area of 700 square meters – was completed, which is a cultural monument, located in the city centre and which will be offered for rent for a price of about 4-5 thousand euro per month. The rents in Varna mall also register a high interest on the part of leaseholders.
The main driving force of this market at the moment is the demand. The rents of the stores have increased by 14 percent by the end of 2006 as compared to the prices at the beginning of the year. After the opening of the malls, a large part of the traders on the central street will move to the mall and the prices of rents for commercial areas in the city centre will decrease by more than 10%. This is the forecast of “Forton International”, which is an exclusive representative in leasing Varna mall. This is what has already happened at the main commercial streets in Sofia. Besides the three new trade centres, one more is planned to be built – “Central Universal Store – Varna”, located on the main commercial street.

Economic indicators for business development, such as the policy of the local authorities for attracting foreign investors

Bulgaria is attractive for the investors due to some factors, such as the rapid growth (4.5% growth in GDP per year), the low inflation rate (2.3% for 2003), the low interest rate, the stable prices and labour costs, the low taxes and the low budget deficit. The labour costs in Bulgaria account for less than 10% of the average ones for the European Union.
Investments have a low risk level and a high return. The international accounting standards have been endorsed in Bulgaria. There is no tax on capital income or tax on income from interest.
Bulgaria is party to 52 international treaties for protection and stimulation of investment on the basis of the reciprocity and to 55 treaties for avoiding the double taxation.
The creation of a favourable business environment for attraction of investment and providing employment to the population is among the strategic goals of the municipality.
Among the main priorities is also the development of the public-private partnership between the local government and the companies by means of:
• financial leasing;
• obligation financing;
• directing the vacant terrains, the industrial, storage and commercial premises for the development of alternative business under preferential conditions;
In accordance with art.27, para.1 of the Investment Promotion Act, officials are hired in the municipal administration, who support the Bulgarian Investment Agency and provide cooperation to the investors, who received a certificate for a firs-class or second-class investment. This support is expressed in individual administrative service during the submission and receiving of all necessary documents for carrying out a certain investment.
Municipality of Varna has a strategic location with a transcontinental significance. The Black sea as a key natural geographical factor is a prerequisite for the development of the marine industry. Municipality of Varna has a well-developed tourism industry and a potential for development of new forms of tourism, such as Spa and Wellness, cultural, and ecological tourism. All types of transports are present and are well-developed and synchronized. The transport infrastructure is of local, national and international significance. There is a scientific and technical potential. All levels of education are developed, up to university education in the area of economics, management, technique and technologies, medicine and tourism. Municipality of Varna attracts labour force from the neighbouring regions and the entire country. The labour force is highly-qualified. Modern communication connections and a rich information environment have been developed. A well-developed network of financial and credit institutions for supporting the small and medium-sized business. Active international cooperation and opportunities to participate in EU projects. Large-scale production base in the industry with a broad sectoral scope. High level of privatization and restructuring of the state and municipal property. Cultural institutions of national and international significance are located in the city. There is a rich cultural and historical heritage, a lot of non-governmental organizations, civil movements, associations and chambers.

Tourism is one of the main sectors in the economic structure of Municipality of Varna. The resort complexes “Golden sands”, “St. Konstantin and Elena”, “Riviera” and “Sunny day” are world famous resorts and three of them have won the Blue flag prize for the best beach. The resorts offer numerous sports opportunities, balneological treatment and entertainment. The potential of the municipality in this sector is characterized with the unique combination of natural resources (beaches, mineral spas) and a cultural and historical heritage and traditions. The prices of the tourist services in Bulgaria are competitive as compared to the prices in Croatia, Greece and Spain. The demand for Wellness and Spa services is increasing, as well as the volume of demand during the months outside the active season. In Varna there are also prerequisites for the development of health, cultural and ecological tourism.
The Varna Black Sea Coast offers a combination of wonderful conditions for sea tourism, rich cultural and historical heritage and incredible nature.
In the Sea Capital there are many museums, galleries, theatres and cultural monuments, such as the archaeological and historical museums, the cathedral “The Assumption”, the clock tower and many others that are worth seeing. The natural phenomenon – The Upright Stones is located close to the city.
Some of the most beautiful luxurious sea resorts in the country are located north from Varna, which offer excellent conditions for summer vacations, entertainment and practicing water sports. These are the resort complexes “St. Konstantin and Elena”, “Sunny day”, “Riviera”, “Golden Sands” and “Albena”. A lot of cultural events, conferences, seminars, as well as some attractive sports events are carried out there. In Albena resort complex paraplanning tournaments are often organized. The availability of healing mineral spas in the region and the wonderful modern resort and health centres turn the resort complexes into suitable places for combining balneological treatment with a holiday and relaxation near the sea shore.
Some small, but picturesque settlements, such as Obzor and Byala, are located south from the sea capital, where there are also good possibilities for sea tourism. They are suitable for those, who prefer the natural genuine atmosphere, far from the noise and luxury of the first-class resorts.
South from Varna is also located the resort complex Kamchiya, situated on the waterside of Kamchiya river in the midst of an exotic dense forest, close to the natural reserve of the same name, where unique plant and animal species are preserved.
Golf tourism has reported a 10 % increase; it strengthens the position of new destinations, one of which is the new golf playgrounds that are currently being constructed north from Varna.
Bulgaria will compete with Spain and Portugal in offering golf tourism in the near future, according to the catalogue of the Association of the British Tour operators (ABTA) for 2007.

Municipality of Varna has a strategic location with a transcontinental significance.
• The Black Sea as a key natural geographic factor is a prerequisite for the development of the marine industry. Municipality of Varna has a well-developed tourist industry and a potential for development of new forms of tourism, such as Spa and Wellness, cultural, and ecological tourism.
• There are urban planning and infrastructure conditions for the development of a duty-free zone.
• All types of transport are available and are well-developed and synchronized. The transport infrastructure is of local, national and international significance.
• Scientific and technical potential. All levels of education are developed, up to university education in the area of economics, management, technique and technologies, medicine and tourism.
• Municipality of Varna attracts labour force from the neighbouring regions and the entire country.
• Highly-qualified unoccupied labour force.
• Developed modern communication connections and rich information environment.
• A well-developed network of financial and credit institutions for supporting the small and medium-sized business.
• Active international cooperation and opportunities to participate in EU projects.
• Large-scale production base in the industry with a broad sectoral scope.
• High level of privatization and restructuring of the state and municipal property.
• Cultural institutions of national and international significance.
• Availability of a rich cultural and historical heritage.
• Numerous non-governmental organizations, civil movements, associations and chambers.

• The national astronomic observatory and planetarium “Nikolay Kopernik”

The planetarium, as it is known among the people in Varna, is one of the attractions in our sea capital. It has been established by Nikolay Petrov and has been officially opened on May 22nd, 1968. It is located in the Sea garden, just a few meters from its central entrance. The star hall has 80 seats.

• Aquarium

The aquarium in Varna has been constructed in 1912 under the suggestion of King Ferdinand. The incredibly original make of the façade combines bas-relief images of a huge clam and some of the most widely-spread animal species in the Black Sea. The central hall of the Aquarium reveals before the view of the visitors an impressive collection of freshwater and sea species, presented in their natural environment. In some of the other halls there are arranged expositions that give a full picture of the flora, fauna and its specific characteristics in the Black Sea.

• Dolphinarium

The only dolphinarium on the Balkan Peninsula is really one of the most amusing attractions that Varna offers to its visitors. In a spectacle, with duration of about 45 minutes, the visitors can see the incredible intelligence and receptiveness of the sea mammals. An interesting detail is the fact that in the Dolphinarium in Varna the first dolphin was born in 1992, which is currently not the only one. The event was considered as a sign that the animals have adapted themselves well in their new home.

• Terrarium

The terrarium in the city of Varna has the most diverse and rich exhibition of living exotic animals, that is unique for the Black Sea region and the richest one in Bulgaria. The terrarium has a permanent exhibition of exotic animals – about 120 species of invertebrates, fish, amphibian reptiles, birds and small mammals. The building was constructed in 1998 by the professional biologists R. Trayanov, G. Simeonov, D. Delchev, V. Hainadzhieva.

• Zoo

The zoo takes up an area of 30 decares. It is located in the Sea Garden, near the monument of the perished soldiers during the Russian-Turkish war.
The zoo was opened in 1961 and soon it turned into a favourite spot both for children and adults. The first inhabitant of the zoo was the bear Maxim, who moved in to his newly constructed home in 1958. After that different animals and birds were supplied through the Varna Hunting Association, as well as monkeys from India and other animals.
• The water slide “Rolba” is located at the South beach in Varna. Swimming courses for children are organized in the attached swimming pool with mineral water.

• Sea garden - Varna

The Sea garden is one of the symbols of the city of Varna. It has arranged its beautiful and breezy lanes along the entire coastal alley in the city. A characteristic feature of the Sea garden are the maintained wonderful garden areas, the quiet alleys, the beautiful and diverse natural vegetation and the numerous cultural monuments located on its territory.

• Coastal alley

During the summer season the Coastal alley of the city of Varna turns into one of the most wanted and visited places in the city. The reason for that is not only the contiguous beach strip, but also the fact that here are concentrated all the summer clubs, discos, pizzerias and fish restaurants.

• The beaches of Varna

Varna can brag itself with its long and broad beach strip, which is covered with beautiful, golden sand. The strip is conventionally divided to several main beaches whose borders are not clearly defined: south, central, north, fisherman’s and officer’s beach.

• Archaeological museum

The Archaeological museum in Varna takes up an area of 2000 square meters and has 32 halls, where permanent expositions are exhibited – Prehistory, Antiquity, Middle Ages, Renaissance Icon-painting. The oldest golden treasure is kept here. Its age dates back to 4000 years B.C.

• Naval Museum

The Naval Museum is one of the symbols of the city of Varna. It is located in the southernmost part of the Sea Garden. The beautiful building of the museum has been constructed in 1890 for the Italian consul Asaretto. Its park displays an arranged collection of marine guns, the old lighthouse of the sea port of Varna and one of Bulgaria’s first mine sweepers. The exposition is arranged in 12 halls, tracing the maritime history of the region from ancient times to the present day. The most valuable exhibit is the Drazki torpedo boat which became famous for sinking the Turkish cruiser Hamidie. This is the only ship of its kind to be preserved till the present day.
Source: www.bgp.bg

The town of Veliko Turnovo (population 74 800 inhabitants) is situated in central Bulgaria, at the foot of Stara planina, 210 meters above the sea level. It is regally situated along the historical hills of Tsarevets, Trapezitza, and Sveta Gora, on the two banks of the Iantra river. The town lies at almost same distance from the biggest Bulgarian towns – 241 km northeast of Sofia, 228 km southwest of Varna, 192 km northeast of Plovdiv, and 224 km northwest of Bourgas.
The old metropolis of Bulgaria is a regional centre. The favourable climate, the presence of numerous natural and historical landmarks, and the development of the national crafts offer great opportunities for development of tourism.

Veliko Tarnovo is a town with rich and glorious historical past.
The earliest traces were found on the Trapezitza Elevation from the first half of the 3 rd millennium B.C. Remnants on Tsarevets Elevation date back to the end of Bronze era (13th century B.C.) The oldest settlement was inhabited by Thracians and exited by the end of the Iron era. The following inhabitants were the Byzantines. In 8 century a big Slavonic – Bulgarian settlement was built there. At the end of the 10th century the elevations of Tsarevets, Trapezitza, and Sveta Gora were densely populated and in the 12th century Veliko Turnovo was a fortified town and a significant economic centre.
The origin of the name is related to the Slavonic word “tern” or “turn” (thorn) and during the years it developed into Ternov, Trunov, Tarnov, Tarnovgrad, Tarnovo, and Veliko Turnovo, called Veliko (Great) in relation to its size, beauty and grandeur. In 1187 Uprising of Assen and Petar (brothers and noble men), the Byzantine rule was thrown off, and they proclaimed Veliko Turnovo capital of the restored Bulgarian Kingdom. During the 13 th and 14 th centuries the town became a significant political, economic, trade and cultural centre in Europe.
This material and spiritual upsurge was discontinued on 17 th of July 1393, when the whole of Bulgaria was conquered by the Turks.
During the Revival period the town experienced a new economic, cultural and political upsurge. Crafts developed, trade flourished, beautiful houses, public buildings and churches were built. Veliko Turnovo became a centre of the struggles for ecclesiastical and national independence.
On the 7 th of July 1877 Veliko Turnovo was free again. On the 16 th of April 1879 the Turnovo Constitution, one of the most democratic constitutions in Europe at that time, is passed there. On 17.04.1879 the first Great National Assembly of liberated Bulgaria convened in Veliko Turnovo. It was namely there that on 06.09.1885 the acknowledge of the union of the Principality Bulgaria with Eastern Rumelia was made.
Although Sofia became the capital of united Bulgaria, Veliko Turnovo continued to be a bastion of the Bulgarian national spirit, and self-awareness.

The location, the remarkable nature, the preserved architecture in the old part of the town in combination with the modern conveniences, such us: hotels, restaurants, bars, shopping centers and many other entertainments make the unique spirit of Veliko Tarnovo and give prerequisites for the development of the tourism.
Veliko Tarnovo is an important landmark for Bulgaria and the statistics show that the city and its region are in the top ten in the most visited tourist destinations in Eastern Europe providing an excellent alternative for investments.
As you know one of the best investment opportunities is in the property market. Properties in and around Veliko Tarnovo are extremely good value compare to the resorts.
- Veliko Tarnovo is the 3rd most attractive tourist destinations in Bulgaria, following Sea Resorts and Ski Resorts.
- Veliko Tarnovo is in the middle of Bulgaria – on the same short distance to the main cities of Bulgaria: Sofia, Varna, Bourgas, Plovdiv
- One of the most important advantages of the traffic infrastructure of the region is the international airport in the town of Gorna Oriahovitsa. It takes in cargo, passenger and charter flights from countries in Europe and very soon it will be open for regular flights.
- The geographic location of the region of Veliko Tarnovo in Bulgaria makes it a crossroad of nearly all vehicular traffic
- High rental potential
Use our knowledge and experience of Bulgaria and its property market to make the right investment decisions. Find the most lucrative regions for investment. Meet the right people to deal with.
If you follow the advice on property investment, in no time at all you could be a proud owner of a Bulgarian property.

The Tsarevets Elevation in the eastern part of the town is proclaimed an archeological reserve. There the so called Baldwin Tower, the entrance door, and part of the fortified wall are preserved, as well as the palace of Bulgarian kings and the Bulgarian patriarchy of the Second Bulgarian Kingdom (12 – 14 century) are restored.
The elevation of Trapezitza is related to the earliest manifestation of the Bulgarian rulers of the 12th century. There 17 church foundations were found. The most interesting there are the churches of "St.Dimitar" and “The 40 holly Martyrs”, as well as Assenova Makhala (Assen’s neighborhood).
The elevation of Sveta Gora rises south of Tsarevets. It was a cultural and spiritual centre of the Bulgarian State in the Medieval times. Nowadays the buildings of Veliko Turnovo University “St. St. Kiril and Metodii” is situated there.
Sites of interests are the churches of “St. Nikola”, “St. St. Kiril and Metodii”, St.St.Konstantin and Elena, the architectural monuments: the House with the monkeys, the House of Petko R. Slaveikov, the House of kokona (grand lady) Anastasia, Stambolov’s khan (inn), Samovodska charshia (market of wood-nymphs) with lots of National Revival houses and working workshops, the monument of Assens, the monument "Mother Bulgaria", the Stambolov’s bridge.
4 km northeast of the town is the village of Arbanassi - proclaimed an architectural reserve. There are unique monuments of the Bulgarian National Revival architecture. The Preobrazhenski Monastery is situated 7 km to the north at the left bank of the Yantra river. The oldest Monastery around Veliko Turnovo – “Sveta Troitza” (St. Trinity) is located on the right bank of the Yantra river, against the Preobrazhenski Monastery. 13 km south of the town near the town of Kilifarevo is located the Kilifarevo Monastery, founded by Teodosii Turnovski. The Plakovski Monastery is situated near to the village of Plakovo, 18 km south of Veliko Turnovo. The Merdanski Monastery is 14 km southeast of the town.
The complex Nikopolis ad Istrum - ruins of an old Roman majestic town near the village of Nikiup, is situated 18 km north of the town.
The spa resort Voneshta voda is 28 km to the south.
The passage of the Republic (Hainboaz) is 39 km south of the town of Veliko Turnovo
Source: www.bgp.bg

Nowadays Plovdiv remains the second biggest and significant city in Bulgaria, following the Capital. It is important strategically and main industrial, commercial, scientific, cultural and communicational center.
Source: www.bgp.bg

Apart from the palace complex and the botanical garden, which is the biggest and most diverse one on the Balkans, the town also appeals to tourists with its ancient spirit, reflected into steep pebbled streets and houses made of stone and adobe. The palace complex consists of a central palace with a high tower, numerous buildings, a terraced park, summer houses made of stone and propped up on marvellous columns facing the sea, a throne under an old tree where Queen Maria loved to watch the sunset, and a small chapel where her heart is preserved. There are more than 3000 rare and exotic species of plants in the botanic garden, which has made it a part of the teaching facilities of Sofia University. The whole complex was called Tenha Yuva (Quiet Nest). In addition to the palace and the botanic garden, the Art Gallery of the town, which also hosts the town’s museum, is also an interesting place to visit. There is also a small ethnographic museum and a beautiful old church called St. Nikola Church. A Renaissance complex with the old school, which is quite well preserved, can be another possible destination of a walk. The coastal alley, which is about 4 km long, is also a nice place to stroll, as well as the harbour and the small streets of the town.

It has been five years now that Accounting Agency “Boichev” LTD has actively participated together with BGP Services in the consultation and administration of business operations of companies and natural persons, investing in real estates in the country. Our attention is directed to the protection of the interests of BGP’s clients by complying with the tax and accounting legislation in Bulgaria.
The tax policy in the country and the accounting activities related to it are regulated by the Ministry of Finances and its structures. The statutory requirements in this area are governed by the main law in the country – the Constitution, the National Accounting Standards, the International Accounting Standards and all European directives after the accession of Bulgaria to the European Union as of 1st January 2007.
The procedure for calculating, taxing and declaring the incomes made by local and foreign legal entities is provided for by the Corporate Income Taxation Act. The tax period for determination of the taxes due by taxable persons is the calendar year, regardless of the date of incorporation of the company. All persons subject to tax, no matter whether they have done any business during the respective year, are obliged, by 31 March of the following calendar year, to submit an annual tax return as per the form, validated by the Minister of Finances, together with all appendices required by the law.
The law stipulates who and under what conditions may draw up the annual tax return, by setting out a number of requirements as to their education, length of service holding specified positions etc. In order for an annual tax return to be drawn up, the taxable subject has to have its accounts kept in which there have to be currently reflected all income, expenditure and bank documents pertaining to the business operations. A taxable person who does not submit the tax return provided for by that law, does not submit it within the specified term, who does not declare any data or who declares false information, shall be imposed a property sanction to the amount from 500 to 3000 leva. In case of a second offence, the property sanction is determined to 1000 to 6000 leva. A sanction shall also be imposed on a person who submits an annual tax return, but fails to submit any appendices to it or who declares untrue data or circumstances in these appendices. In this case, the property sanction is from 100 to 1000 leva. In case of a second offence, the fine is from 200 to 2000 leva.
The information system of the National Revenue Agency strictly follows whether companies submit their annual tax returns. Every day, information about the newly registered companies is sent to this system by the National Registry Agency and all county courts in the country. If a property sanction is imposed on а taxable person by the National Revenue Agency, it is first collected from the money available on the bank accounts of the person and if there are no funds available, from the company assets – movable or immovable property.
Taxation of foreign natural persons is regulated in the Personal Income Tax Act. Taxing and declaring is carried out depending on the type of income, as the law provides for different terms and periods for submitting the tax return.

For more information please contact www.bgp.bg