Is it true that the Bulgarian currency is fixed to the euro?
In the middle of the 1990s Bulgaria was running into a strong inflationary process. The situation becomes worse in late 1996 when the Bulgarian currency Lev was extremely devalued in only a few months. After negotiations with the IMF in the country was installed a currency board which means that the local currency is fixed to another strong foreign currency. In this case 1997 the Bulgarian Lev was tied to the German Mark. At this time 1000 Bulgarian Lev was the equivalent of 1 German Mark. At the 5th of July 1990 the Bulgarian Lev was denominated in the ratio 1000:1 or 1 BGN = 1 DM. After the introduction of the Euro the ratio is 1.95583 Lev for 1 Euro.
What means the Bulgarian tax flat rate?
In 2008 Bulgarian applies a flat tax rate. The personal income tax as well as the corporate profits is 10 percent. Many foreign companies already opened new subsidiaries or separate companies according the Bulgarian law to take advantage of this tax regulation and optimize their business activities. You can ask us at any time about details and contact links.
Can foreigners buy real estate or land in Bulgaria?
Basically yes. For citizens of the European Community existing restrictions for individual private buyers have been removed in accordance to the EU accession laws with the beginning of 2012. There aren’t any restrictions for companies that are registered in Bulgaria irrespective of the nationality of their owner ore shareholder.
Is it expensive to establish a company with limited liability in Bulgaria?
The capital required by law for a limited liability company is 5000 Bulgarian Lev or about 2500 Euro. After the registration of the company in the commercial register you may use this capital for business activities so this amount is not blocked in the bank account. The fees for the registration of the company are fixed but the cost for lawyers can vary greatly. We are happy to help you in case you want to start with an own company on the Bulgarian market.
Can I trust the taxi cabs at Sofia International Airport?
It is always important to take a look at the price charts. They are written on white sticker labels at the rear windows. In Bulgaria the price for a taxi ride is not set by authorities but the taxi companies are obliged to show their rates visible for the customers. A taximeter is required but sometimes the machine runs remarkably fast. In such a case it is better to stop and change the taxi.
At Sofia International Airport on the right hand side of the arrival terminal you find the car park of the taxi cabs from the companies that are officially licensed from the airport. They have normal price rates. Information about these companies and their rates you can find in the arrival hall.
Please do not take the first passing taxi. There are some individual drivers of yellow cars which logos on the car doors imitate the signs of reputable taxi companies. For example the popular taxi company Taxi OK Supertrans you can see as fake versions like CK Superchance or OC Supertrans written in the same fonts and colors. The prices of this special kind of taxi cabs are extremely high but the rates are dutifully indicated on the labels. Complaints against this absurdity weren’t successful until now. Sometimes in a hurry Sofia citizens also get by mistake such a taxi so be careful. But in general taxi rates are relatively cheap.