Buy & Sell Bulgaria Insight Newsletter

Dear Partners, Clients and Friends,

We would like to inform you that our Head Office in Varna, Bulgaria and our Cyprus Office in Nicosia will be closed in the period December 23^rd, 2009 - January 6^th, 2010 for the Christmas and New Year’s Holidays.

Should you have any urgent queries, please, contact our Office Manager, Ms. Nedyalka Aleksandrova (tel. +359 894 417 675) or our Investment Consultant, Mr. Michalis Makris (tel. +357 99 444 652).

Wishing you Merry Holidays and lots of success in the New Year.

Eurolink Investment Group

By Nedyalka Aleksandrova

Yesterday, October 15, 2009, the biggest business forum held in the last decade in Bulgaria took place in Sofia, at Sofia Hall of Kempinski Hotel Zografski. The Bulgarian-Chinese Business Forum was organized by the Bulgarian Small and Medium Enterprises Promotion Agency and the Investment Promotion Agency of the Ministry of Commerce of the People’s Republic of China.

172 Bulgarian companies from real estate, construction and investments, trade and finance, pharmaceutical and chemical industries, media and promotion, production, wholesaling and retailing, and 103 Chinese enterprises from energy and mining, chemical pharmacy, logistics, electrics, textiles, economic zones, real estate and development, high technology and manufacturing, and investment promotion agencies attended the event. There were both ODI enterprises and companies attracting FDI to China from 18 Chinese provinces (autonomous regions and municipalities). READ MORE »

By Nick Fulford, 12 Oct, 2009

Nick enjoying the beautiful weather and the garden

I recently visited Varna at the end of September and I was kindly invited to join the Eurolink Team and the Children for the Barbeque Afternoon that was being arranged at a Villa, in the countryside near Varna, on Saturday 26^th September. I would like to give you a few notes on my impressions of how the afternoon progressed.

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source: Narodno delo newspaper

The district of Konstantinovo  will have direct connection to the highways “Black sea” and “Hemus.

The new General City Plan of Varna is the first strategic elaboration to sketch the potential for development of the village of Konstantinovo and the region round it.  For their underestimation until the present moment speaks the fact that in the currently operative city plan, drawn in the 80s, they were not included. As a natural effect of it, a consecution of villa areas and urban formations appeared such as Pripek, Lazur, Panorama, Chereshova gradina and Krushova gradina, which lack the indispensable technical and social infrastructure.

According to Professor Architect Ivan Nikiforov, Head of the Team of the new GCP, the general idea for the development of Varna to the south will transform Konstantinovo in a city area of full value, attractive for living and recreation. This trend will be consolidated to a great degree particularly after the erection of the second bridge over the canal near Kazashko that will enable transport connection to both the city to the north and the seaside resort complexes. In actual fact from Konstantinovo it will be possible to set a connection with the highways “Hemus” and ‘Black Sea”.

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Nedyalka Aleksandrova

Lovely children! Educated and careful, considerate and amiable, studious, knowledgeable and curious. As a parent myself, I was lost in admiration of these wonderful kids and their tutors, who have achieved excellent results where lots of present-day parents fail.

Valeria and Lili with the kids from the Social Educational Professional Centre, Varna

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Dear Partners, Clients and Friends,

We would like to inform you that our Head Offices in Varna, Bulgaria will be closed on Monday, September 21st, 2009 and Tuesday, September 22nd, 2009 due to the National Bulgarian Holidays. Should you have any urgent queries, please contact our Office Manager, Ms. Nedyalka Aleksandrova (tel.:+359 894 417 675) or our Cyprus Office (tel.: +357 22 37 15 12), which will be open in the above quoted period.

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 CHOOSE LIFE is a campaign initiated and financed by Eurolink Investment Group since 2007. Its main objective is to encourage and support young, ambitious and talented people.

Choose Life 2008 - Football Tournament Winners

Over the past few years foreign investments, capital and know-how were actively encouraged in Bulgaria. As key factors for the country’s development and the improvement of Bulgaria’s national and international status, they are solid prerequisites for our secure and better future. In attempt to do what it takes to achieve this objective, while taking all the necessary measures to deal with the present economic crisis, we often neglect the young generation, the future of Bulgaria. Our main priority should be to spend more quality time with the young generation, guide them, share knowledge and experience with them, as well as create numerous opportunities for the times to come.

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With reference to the recent amendments made in the Bulgarian Commercial Law and the Commercial Register Law in accordance with the EU Legislation System, herewith we would like to inform you that all companies registered in Bulgaria, have to be re-registered as required by the provisions of the above quoted laws. An announcement for the compulsory company re-registration was previously published on our company’s websites:

- on April 4, 2008 - New Trade Register and Registrations of Companies in Bulgaria: all existing companies must be registered by 30.06.2008

- on May 8, 2008 - NEWS – The Commercial Register

- and on June 17, 2009 - Legal reminder - companies registered in Bulgaria

Most of our clients have already provided for the re-registration of their companies in Bulgaria.
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Varna, being the 3^rd largest city in Bulgaria, has the highest rate of construction of new buildings in the past couple of years, in comparison to other towns in the country.

For many years now the Sea Capital is one of the most attractive destinations to locals, as well as to foreign investors. The opportunities, which the city offers with its sea outlet, are many.

Apart from the transport connections to Russian and Ukrainian Black Sea ports, the city is also one of the most popular tourist destinations in Bulgaria as well as abroad. Every summer season Varna and the surrounding tourist complexes are visited by thousands of holiday-makers from Russia, Germany, the Scandinavian countries and many others.

In the past couple of years many construction companies and private investors are looking towards Varna and the region, where most of them have succeeded in realizing major projects.

Eurolink Investment Group is one of the major investors in the Varna region. Their vision is to create a brand new city, New Varna, which will become a preferred place for living, raising children and retiring. They aim to create a modern and environmentally friendly city, which will offer high standards and quality of living to its inhabitants. Below are some of the Group’s projects:

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ΕΠΙΣΗΜΗ ΑΝΑΚΟΙΝΩΣΗ

Πληροφορούνται οι κατοχοι τεμαχίων γης στίς περιοχές PANORAMA-SPRINGFIELDS-OLD VINES-MARINA HILLS-GOLF HILLS-ACROPOLIS στην ενορία Κωνσταντίνοβο της Βάρνας που έχουν εκδηλώσει πρόθεση να πουλήσουν τα τεμάχια τους στην κοινοπραξία STERLING-STERN-ZENITH JV ότι:

1- Θα πρέπει ΑΜΕΣΑ να προχωρήσουν στην επιβεβαίωση της πρόθεσης τους, αποστέλλοντας γραπτό μήνυμα στα γραφεία της κοινοπραξιας στη ηλεκτρονική διευθυνση sterling.stern.zenith.jv@gmail.com.

2- Για να γίνει δυνατή η μελέτη και αποδοχή μιας τέτοιας πρόθεσης από την κοινοπραξία είναι απαραίτητο να αποσταλούν από τους ενδιαφερομένους μια σειρά από έγγραφα που σχετίζονται με την κυριότητα και κατοχή του τεμαχίου.

3- Τα έγγραφα αυτά τα οποία εκδίδονται επίσημα από τις Βουλγαρικές Αρχές, μπορούν οι ενδιαφερόμενοι να τα εξασφαλίσουν έναντι πληρωμής από οποιοδήποτε δικηγορικό γραφείο, αρκεί να δοθούν οι σχετικές οδηγίες και να πληρωθεί το τέλος από τον ενδιαφερόμενο ιδιοκτήτη. Το τέλος αυτό ανάλογα με το δικηγορικό γραφείο μπορεί να κυμανθεί από 500 - 1000 ευρώ.

4- Το νομικό τμήμα του Ομίλου μας αναλαμβάνει την έκδοση των πιο πάνω εγγράφων, έναντι προπληρωτέας αμοιβής η οποία έχει καθοριστεί στα 500 ευρώ. Δέον να τονισθεί ότι ο Ομιλος μας δεν έχει καμιά υποχρέωση να εκδόσει τέτοια εγγραφα ούτε και οι ιδιοκτήτες τεμαχίων είναι υπόχρεοι να χρησιμοποιήσουν τις δικές μας υπηρεσίες.

5- Σε καμία περίπτωση το νομικό τμημα του Ομίλου δεν πρόκειται να αναλάβει την έκδοση των πιό πάνω εγγράφων εάν προηγουμένως ο ενδιαφερόμενος ιδιοκτήτης δεν προκαταβάλει το σχετικό ποσό είτε στα γραφεία μας στη Λευκωσία, ή στα Κεντρικά γραφεία του Ομίλου στη Βάρνα - Βουλγαρίας.

Για περσότερες πληροφορίες, παρακαλούμε να επικοινωνείτε με τη Δ/δα Αναστασία Πιπερίδου, δικηγόρο στο τηλέφωνο 22371512.

As you may already know, there is a new law for the Trade Register that came into force on 01.01.2008. This law refers to the registration of new business companies in Bulgaria as well as registrations of all existing companies in the new online trade register. According to this new law, all existing companies must be registered in the new register by 31.12.2010. If this is not done, they will be removed from the register of companies in Bulgaria resulting in loss of their assets (properties for example).

The new Trade Register is hosted by the Registration Agency and is planned as a unified data base of all companies in Bulgaria and their details, which will be publicly accessible and centralized. This is a needed and helpful change in the administration and the results will soon be seen.

All companies, re-registered after 01.01.2008, are obliged to publish their annual financial reports in the new Trade Registry before 30.06.2009.

Companies, which are currently re-registered, have to publish their annual financial reports for 2007 and 2008 within a 3 months period from the re-registration. If they fail to do so, they will have to pay a penalty of approximately 3000 levs.

Our lawyers can help with this service, from answering questions to preparation and submission of the necessary documents. You can contact them for advice and to organize the process, at: legal@buy-sell-bulgaria.com.

The initial project for a new General Town Plan (GTP) of Varna was approved by the Minister of Regional Development and Public Works, Asen Gagauzov, and admitted to public discussions and consultations during the joint working conference of the National Expert Counsel for Territorial Structure (NECTS) and the Municipal Expert Counsel for Territorial Structure (MECTS), which began yesterday, announced a reporter from radio Focus, Varna. The participants at the meeting accepted the generalized stand, proposed by the Director of Territorial Structure and Projects Department of the Ministry of Regional Development and Public Works (MRDPW), Lidia Stankova, that the major part of the proposals and the notes to the project have been reflected, it is stabilized and the procedures for public discussions and consultations for the GTP and the ecological assessment of the project can be revealed with the shortest possible delay. The working group agreed that the additional notes and propositions put forward during the 2-days conference, will be submitted to the designers and they must be reflected in the final version of the project, along with the opinions and recommendations which will arise during the discussions and consultations. The decision was made on the basis of all standpoints covered at the conference by experts from NECTS and MECTS, Varna, the regional associations of the Chambers of Architects and Engineers, from regional municipalities and independent appraisers. Lidia Stankova generalized that according to all raised opinions the acceleration of the procedures for public discussions and consultations, as well as procedures for adopting the project will have a stabilizing effect and will be to the benefit of the local public.

The working group also agreed that a proposition for the signing of the prepared scheme for combining procedures provided in each of the four laws concerning the admittance of the GTP project, should be directed to the Mayor and the Minister of Regional Development and Public Works.

The initial GTP project should be admitted by the end of the year at the earliest. This became obvious at the conference. The launching of the procedures will be announced in a ten-day-period from signing the conference protocol. However, experts commented upon the possibility that terms may be lengthened due to the fact that during the consultations and discussions negative standpoints may occur, which will lead to amendments being made to the project. According to the Team Leader of the department working on the ecological assessment of the GTP, Ljudmil Ikonomov, discussions may be prolonged in case they are carried out with the intervention of additional methods acknowledged by the European Union as reputable practices, which would legally stabilize the project.

By Ralph Atkins in Frankfurt, April 29^th, 2009

The first significant rise in eurozone economic optimism for almost two years has created a slightly less bleak backdrop for emergency measures to be unveiled by the European Central Bank next week, which could see new policy tools deployed to fight the crisis.

The increase in the European Commission’s economic sentiment index for April added to evidence that the worst of continental Europe’s recession is over. But with the ECB not expecting a return to growth until next year, it is expected to press ahead with another cut in its main policy interest rate from 1.25 per cent to 1 per cent next Thursday.

Dear Partners, Clients and Friends,

We would like to inform you that our Head Office in Varna, Bulgaria will be closed in the period May 1^st, 2009 (The Labour Day) - May 6^th, 2009 (St. George’s Day, Day of the Bulgarian Army) due to the National Bulgarian Holidays. Should you have any urgent queries, please contact our Office Manager, Ms. Nedyalka Aleksandrova (tel.:+359 894 417 675) or our Cyprus Office (tel.: +357 22 37 15 12), which will be closed on May 1^st, 2009 only.

Dear Partners, Investors, Friends,

Today, April 22, 2009, Eurolink Investment Group made a substantial donation to the University of Alberta - Canada, Department of Medicine for the DCA Research on cancer treatment. We invite all of you to join us on this very important and crucial for the humanity health cause for we believe in the sacred value of human life and the right of better and happier living and are sure you share this fundamental belief of ours completely.

Make your own donations for the DCA Research. Save a human life!

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By Christopher Violaris, CEO, Eurolink Investment Group Plc.

It is by now obvious that the world economy has entered into a recession the depth and the duration of which only very few are prepared to risk a forecast and much less are those who dare to identify the causes. Seeing the consequences affecting our lives and actually knowing that we will pay for them, others more and others less, this become obvious as the problem unfolds and a serious question comes up! But the answer and its cost, is for us all to pay. The question is, “I am not guilty for anything, above all for the economic crisis, why should I pay the mistakes of others”. The question becomes more acute after the discovery that those who caused the economic crisis, not only will not ‘pay’ but the ‘evil’ is that they have been paid or will be paid generously for their disastrous mistakes! How then can someone protect himself from the crisis and how to protect his fortune and property? To answer this key question, we must see why, how and what caused the economic crisis.

As the crisis unfolds, the causes that provoked it become more visible. Specifically, the last two decades have brought about dramatic changes and economic upheavals such as the collapse of the Soviet Union and communism, the global monocracy of the USA, the dramatic industrial growth of China, India and other countries in the Far East, the two Gulf wars and the return of Russia as energy superpower, this time.

Generally all these events have cultivated a climate of euphoria and a sense of economic security, which in turn led to a rampant consumerism and to fatal dance of borrowing. In short, people were buying whatever they found before them, not concerned if what they had purchased was beneficial and useful and if the price paid represented the actual value of what was bought.

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By Krishna Guha in Washington and George Parker in London

Published: March 18 2009, Financial Times

Britain’s recession could be deeper and longer than in most other parts of the world, according to draft International Monetary Fund forecasts that cast a shadow over Gordon Brown’s election hopes for next year.

The IMF will on Thursday tear up forecasts it made for the world economy only weeks ago and predict a more severe slump, including a deeper recession in the UK that continues into 2010.

The fund’s economists have responded to the pace and severity of the downturn to cut further gloomy forecasts for growth in 2009 that it made in January.

Teresa Ter-Minassian, an adviser to Dominique Strauss-Kahn, IMF managing director, on Tuesday dropped a strong hint of what to expect on Thursday when new figures are released.

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It is with great regret and grief to announce to you that our dear friend, partner and client Evan Roberts died 2nd April 2009 in an accident with his favourite Para glider, near Sozopol, Bulgaria. He will be very sadly missed by all the family and his many friends at Eurolink Investment Group. Our deep condolences to his relatives and all who loved and cherished him!

We will continue to remember you with affection, Evan, and hold your memory dear. Rest in peace!

by Michalis Makris, Investment Consultant, Eurolink Investment Group

On Wednesday 25^th February 2009, in a warm, short and straight-to-the-point presentation, Eurolink Investment Group hosted its conference - “Bulgaria, breaking through the clouds of recession”. Despite the fact that the investor psychology is currently hitting astonishing lows and continues its downward trend, our Group has managed once again to demonstrate that excellent investments may be hard to find but definitely exist. While unveiling our plans for the future development of Varna, our Group has proven that those who have followed a careful strategy are still going strong during these hard times. Other companies may seize to exist, but we expect to reach the end of the economic crisis unscathed.

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By Lili Gospodinova, PR & Customer Service, Eurolink Investment Group

Miglena  (Translator of EIG) and Lili Gospodinova (PR & Customer Service of EIG) registering the guests at Amathusia Hall, Hilton Park, Nicosia

This year’s Presentation of Eurolink Investment Group took place in Nicosia, Cyprus. The entire planning was very exciting and proved an excellent team work. We had been organizing for the event very hard - our colleagues in Cyprus had been presenting the Group to many Developers in Cyprus, inviting them to ‘Bulgaria, breaking through the clouds of recession’, arranging the venue at Hilton Park, creating the new Corporate Profile text, then in Varna we had to complete the brochure design, put together information covering all the Group’s projects, sorting out a gift package for the guests and many other various activities.

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