Bulgaria, a former Communist country entered the EU in Januray 2007, has experienced great recovery over recent years and the government is fully committed to economic reform and responsible fiscal planning.

• In 1997, macro-economic stability was reinforced by the imposition of a fixed exchange rate of the lev against the German Deutsch mark and the negotiation of an IMF standby agreement.
• A bill was passed by the government in April of 2005 laying out the intention of foreign property ownership legislation in line with the rest of Europe and changes will be enforced in 2007 with EU membership. This will be of benefit to the foreign investor, making the buying process easier and it will have a positive impact on prices in the future.
• Low inflation and steady progress on structural reforms have improved the business environment. Bulgaria has averaged 4% growth since 2000 and has attracted significant amounts of foreign direct investment, particularly in the property sector.
• As part of a 3 year agreement with the International Monetary Fund (IMF), Bulgaria received considerable financing to the tune of $860million towards stabilisation of the economy, and a further $500 million from the World Bank for various other domestic projects. On top of this initial allocation, the World Bank has continued to subsidise Bulgarian projects to the tune of $1.54 billion.
• With the considerable investment afforded Bulgaria during the late 1990s, the country has emerged as one of South Eastern Europe’s most robust economies, going way beyond expectations and moving ahead of other nations in this region.
• Figures released by the World Bank indicate GDP growth in Bulgaria between 1998 & 2004 as between 4 and 5%. These figures continue to grow, as in 2004, growth had reached 5.3% and 2005/2006 figures suggest growth at 6%. This will certainly be the highest growth anywhere in Eastern Europe and significantly higher than, for example, Hungary, Poland and the Czech Republic, who are also undergoing economic reforms.
• Efforts to reduce inflation have succeeded, as it now stands at close to 0%.
• The Bulgarian government is driving forward privatisation plans at a great pace.
• Bulgaria's economy is 62.2% free, according to the foundation's 2007 assessment, which makes it the world's 62nd freest economy.
  Bulgaria scores highly in fiscal freedom and receives positive marks in business freedom, monetary freedom, and financial freedom. An impressively low corporate tax rate of 15 % complements a top income tax rate of 24 %. Licensing, opening, and closing a business are all relatively efficient, providing a highly flexible commercial environment.
  

Legal and Finance information on buying a property in Bulgaria ...