Buy & Sell Bulgaria Insight Newsletter

By Lili Gospodinova

Further to the road building at Marina Gardens, we would like to inform you that construction works continue. I personally visited the site today and was happy to see all 6 huge company machines on the move. What happened of course was the idea, of how it will all look, appeared in my head. I could imagine the big mansion, occupying 10 000 m2 of land, at the rear, a lake, a fountain and picturesque gardens in front of it. There is future another 12 000 m2 at the same spot for development.

Just by the road, there will be luxurious villas, which will form a beautiful and most desired complex. The later became possible thanks to the partnership of Eurolink Group and Nordic Development Group A/S, a property developer and urban planner in Central and Southern Europe. Both groups have established a common owned company “Marina Garden”, owned 50 % by each party. Marina Garden’s spot is 21000 m2 big and the project is going full speed ahead.

By Lili Gospodinova

It is with great pleasure to announce to you that after detailed review of all applicants and conducted interviews, two scholarships for 2008 have been granted by the Managing Director of EUROLINK INVESTMENT GROUP, Mr. Christopher Violaris.

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There are many birthday boys and girls in September. Our colleagues Svetlana Mircheva (Accounts Executive of Eurolink Finance) and Anastasia Piperidou (Legal Advisor at Eurolink in Cyprus), and our clients and good friends Bradley Guiver, Jesmond Falzon, Philippa Flynn, Thomas, Theodoros Ioannou, Vera Lesley Johnson-Staermose, Sally Sayed, David Charitat and Victoria Tsurkan, have their special day this month. We would like to wish them all Many Happy Returns and the best of luck!

It is our company policy to celebrate all Great Events!!!

By Kerin Hope and Theodor Troev in Sofia, The Financial Times Limited 2008

Bulgaria’s Black Sea shoreline once marked the country’s eastern border. Under communism, the coastal waters were effectively barred to all but licensed fishermen and small boats from officially approved clubs.

“Effectively the beach was the frontier and the sea was closely patrolled,” says Petar Kaloianov, a veteran yacht skipper. Twenty years on, the secluded coastline is acquiring a special allure for the global super-rich hoping to escape the sometimes unwelcome attention they attract elsewhere on Europe’s crowded beaches.

Kavarna, the northernmost town along Bulgaria’s 380km stretch of Black Sea coastline, is one place where they have found a welcome retreat, says Tsonko Tsonev, mayor. “Some legendary rock groups play our summer festival, and then stay on for a quiet holiday,” Mr Tsonev says. “The yacht business is at an early stage of development and we don’t get crowds of pleasure boats up here.” Rock star Alice Cooper and members of Manowar, the heavy metal band, were seen in Kavarna recovering from marathon gigs at the Kaliakra rock festival in July.

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The total financial wealth of the households in Bulgaria has gone up with 23% during the last year, according to a report published by the analyst’s section of the consulting company Industry Watch.

Industry Watch specializes in monitoring and providing analysis on overall economic dynamics, political risks and the business environment in Bulgaria.

The financial wealth is composed of the cash amounts, bank deposits, different types of bonds, deposits in mutual funds and others.

According to Industry Watch’s data, the total financial wealth of the Bulgarian households in the middle of 2008 is BGN 32 M while the households’ debts with different financial institutions amount to BGN 10 B.

The research further shows that 57% of Bulgarians do not have any savings while the majority of those who save prefer to have their savings in bank accounts or in cash instead of using more complicated ways to invest.

40% of those who have stated that they are saving money, keep it in bank accounts or in cash, 7% invest in real estate and 11% to 12% invest in retirement funds, stocks and bonds.

Open Society Institute - Sofia is a non-governmental organization, acting for the benefit of the public to defend the values of the open society in Bulgaria and to support the integration of the country to the European Union.

Bulgaria’s Minister of Economy Petar Dimitrov and his Deputy Yavor Kuyumdzhiev presented the government’s export strategy for the period 2008-2013.

According to Dimitrov, the export strategy was approved by the Council of the governing coalition during its meeting in Bansko, and was to be submitted for approval to the Parliament.

The aim of the new strategy is to make Bulgaria’s trade balance positive by 2014. Currently the country’s trade deficit is 25,5% of its GDP.

The plan envisages that in 2018 Bulgaria’s exports will amount to EUR 75 B. In 2007 the country exported goods and services for under EUR 30 B.

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The Bulgarian Justice Ministry has sent for approval to all Ministries the project for changes in the Trade Law, as announced by the Justice Ministry’s press center.

The changes have the goal to reduce bureaucratic procedures and save time and expenses for the businesses in Bulgaria and are expected to have a positive influence on their economic activity and competitiveness.

The changes remove the report from an independent expert and the mandatory verification of the agreement to divide or merge a company, if all shareholders have agreed to the company’s transformation and the mandatory. Currently, when companies divide or merge they are also required to hire an independent while the overall procedures to transform a company can take up to 8 months even a full year.

The changes are in accordance with a directive of the European Commission. All countries members of the European Union must align their national legislature to the directive mandates by the end of 2008.

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The citizens of Bulgaria must realize that they should not allow the image of their country to be discredited by a handful of individuals, who are the foundation of organized crime in Bulgaria, according to the Vice President of the European Commission Günter Verheugen.

Verheugen, who is also the Commissioner for Enterprise and Industry, spoke during his visit to the Region of Veliko Turnovo. He appealed to the entire society in Bulgaria to take a stand against corruption.

The European Commissar further stated that during the last 24 hours he had discovered at least three great news about Bulgaria:

“Bulgaria would succeed to comply with the European Commission’s (EC) requirements from the last reports very quickly. At the end of the year Brussels will prepare another report about the economic growth and progress of the countries members of the European Union (EU). It will include assessments about Bulgaria that quite a few other countries would like to hear as well. For example, you a have a budget surplus, while many others are fighting to, at least, be at the 0 level; the state distributes only 40% of all revenues - yet another success and the unemployment rate is falling steadily. Your country has excellent relations with all others from the Black Sea area and can contribute to the stability in the region,” Verheugen stated in Veliko Turnovo.

The Commissar further added that in 1999, he had proposed that the EU initiates negotiations for Bulgaria’s accession and had never regretted his proposal.

The Mayor of Veliko Turnovo, Doctor Rumen Rachev presented Günter Verheugen with a gold badge with the city’s coat of arms and the symbolic key to Bulgaria’s old capital, owned only by the father of the “Perestroyka” Mikhail Gorbatchev and the famous Bulgarian sumo wrestler Kaloyan Mahlyanov.

Bulgaria will celebrate the 100th anniversary since its official declaration of independence from the Ottoman Empire with over 60 events spanning over a period of eight months.

“We must stage an impressive celebration of the 100th anniversary since the Declaration of Independence”, Bulgaria’s Prime Minister Sergey Stanishev said during the second sitting of National Committee organizing the events, which is chaired by him.

The PM pointed out the celebrations should emphasize on contemporary Bulgaria, and should reach out to the young people, because every society needs a sense of perspective and national goals.

In his view, the celebrations should not be limited only around their culmination in the city of Veliko Turnovo (old capital of Bulgaria) on September 22 but should be spread over time.

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Bulgaria’s Minister of Culture Stefan Danailov awarded at a special ceremony the Ambassador of the Kingdom of Belgium to Sofia Philip Beke for his contribution to the development and promotion of Bulgarian culture.

The Representative of the Delegation of Walloon-Brussels to Bulgaria and Romania Daniel Sotio received the same award.

Minister Danailov presented each of the two Belgian diplomats with a Golden Age Plaque and a Certificate of Recognition.

The Bulgarian Minister stressed the active cultural exchange between the two countries reminding of a recent event - the official presentation of the miniature model of the Rila Monastery as part of the Mini Europe Park in Brussels.

His Excellency Ambassador Beke said that his first interaction with Bulgarian culture was in 2002 during the Europalia Festival in Brussels, and that he had come to admire the uniqueness of Bulgarian talent ever since.