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Year in Review: Bulgaria on the Rise

Bulgaria is quickly becoming a country to watch. In the latest news in what has been an impressive past 12 months or so, a Saudi Arabian trade delegation headed by Muneer bin Saad, Vice Chair of the Council of Saudi Chambers (CSC) which is the largest business organization in Saudi Arabia, is visiting the country in an effort to improve trade and economic relations between the two countries.

Led by Economy Minister Emil Karanikolov on the Bulgarian side, the main topics of conversation have been working to establish a bilateral economic commission and discussing plans for setting up commercial service once the Bulgarian embassy is established in Riyadh.

In November, Bulgarian Prime Minster Book Borissoz made an historic visit to Riyadh to explore business opportunities. And now—just three months later—the visit by the Saudi delegation signals that first meeting was not just talk, but has instead inspired action.

And speaking of action, early in 2018 Bulgaria assumed the revolving European Union presidency for the next six months. Tasked with a mandate to promote unity, security, and stability, the Bulgarian leadership team will have their work cut out for them over the next six months.

But it’s not all business in Bulgaria. Last year brought a record number of visitors to the Balkan country. In 2017, it’s estimated that more than nine million tourists visited the country to enjoy its sun-soaked coastline, and snow-capped mountains. In fact, many hotels were booked well before the recent holiday season, with the majority of visitors coming from Germany, Romania, Greece, and Russia.

It would also seem that many visitors liked what they saw—the Bulgarian real estate market was also booming in 2017 with the majority of the activity being driven by foreign investment.

Bulgaria is an attractive place to do business thanks to good conditions for investors, low tax rates, as well as things like efficient administrative services, financial support for infrastructure and staff training, and support for priority projects. There are also plenty of investment opportunities in industrial zones operated by the National Company for Industrial Zones.

Read more about this Balkan beauty by further enjoying a couple of our top articles on Bulgaria from 2017:

– Bulgaria: Eastern Europe’s Not So Hidden Tourism Gem
– Spotlight on: Sofia, Bulgaria

Bulgarian passport holders enjoy visa-free access to more than 150 countries, including full access to Schengen countries. There are no residency or language requirements and Bulgaria offers a fast-track option to gain citizenship in just two years. To learn more, or get started with your free consultation, contact us today.

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