News

Bansko: Eastern Europe's answer to Aspen. So runs the hyperbole about one of Europe's newest ski resorts. It's a buzz that the resort's developers are understandably keen to perpetuate. Millions of euros are being spent transforming this small Bulgarian town, which lies three long, lacklustre hours from the country's capital, Sofia, into something Brad and Angelina might head for when in Europe and desperate for powder.
Unsurprisingly, given the hype, Bansko's property market has been undergoing a boom. Brits are pouring their pension plans into buying up cheap ski apartments in anticipation that it will become another Val d'Isere once Bulgaria joins the EU in 2007. With prices from around £20,000 it's not hard to see why investors are joining the gold rush. 'I missed out on Croatia, but I won't make the same mistake with Bulgaria,' declare one British couple with almost evangelical zeal in a property brochure.

Thanks to a new four year finance package from the World Bank, Bansko has been singled out by the Bulgarian government to utilise investment upgrades which boost the economic prospects and benefit those looking to buy Bansko property. The policies aimed to support the overall growth strategy for Bulgaria and it’s estimated acceptance into the EU in 2007 recognises commitment by the Bulgarian government to objectives set by the EU, which continues to increase investor confidence in cheap Bansko property.

 The property investment industry in Bulgaria has received something of a helping hand with news of significant economic development in the first quarter of 2006.
The Nation Statistics Institute has reported today that gross domestic product (GDP) in the first quarter grew by 5.6 per cent when compared to the same period last year. As reported by the Associated Press, Bulgaria's GDP reached 9.815 billion leva (£3.4 billion) in the period, with several sectors contributing.
Growth of 5.6 per cent was reportedly assisted by an increase of six per cent in the services sector and 8.8 per cent in industry, although the agriculture sector struggled with a slump of 2.7 per cent.

Companies operating in Bulgaria shall register their businesses at the newly established Registry Agency to replace existing court files.
As of 1 October 2006 all business registration will be moved to the new institution. The unified electronic data base will be connected with the National Revenue Agency.

Bulgaria’s entry into the European Union on January 1 2007 will mean that the country will join the EU VAT Information Exchange System (VIES). At an October 1 seminar for journalists held at Slunchev Bryag (Sunny Beach) on the Black Sea coast, National Statistical Institute (NSI) and National Revenue Agency (NRA) officials gave a briefing on the procedures for Bulgarian trade with the rest of the EU. VIES provides that intra-community supplies of goods are exempt from VAT in the member state from which they are sent, when they are made to a taxable person in another EU state who will account for the VAT on arrival.

Property prices in Bulgaria's town of Blagoevgrad rose by 15 per cent in the past two months, Darik Radio reported.Blagoevgrad is in south-western Bulgaria at the foot of the Rila and Pirin mountains. The town is 54 km west of Bansko resort.

Bulgaria is fast becoming the hottest European property destination thanks to a raft of factors which are making it difficult for British investors to ignore this Eastern European gem.With a range of beautiful landscapes spanning the cultured capital of Sofia and the ever-popular ski resorts of Bansko and Bovorets, Bulgaria is tempting more and more Brits with its endless buy-to-let possibilities.And it seems many investors would do well to enter into the Bulgarian property market before its planned entry into the EU membership occurs and prices are pushed higher.

The Government approved a package of amendments to the effective legislation, regulating the residence and employment of foreigners in Bulgaria. The amendments supplement the scope of application and the conditions for admission of foreigners on business assignments. The term “foreigner” is replaced by “workers or employees”, who are further differentiated into “workers and employees from European Union member states” and “workers and employees from third states”.
 

The Bulgarian government decided to lift the visa regime for the citizens of the U.S., Great Britain and 11 other countries, Romanian news agency Mediafax reports.
A common European rule is being introduced for issuing visas with right of residence of up to 90 days within a period six months.

Austria's EVN, the majority owner of the regional electricity distribution companies in Bulgarian cities Plovdiv and Stara Zagora, is interested in investing in waste recycling, gas distribution, water services and the purchase and construction of power stations in Bulgaria, said Stefan Szyszkowitz, chairman of the EVN Bulgaria managing board.

EVN considers as viable investment options the construction of waste recycling plants in Plovdiv and Stara Zagora.