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Investment Property in Bulgaria

Buying Guide

Introduction

Rising from the ashes

Bulgaria: a proud country with a long (and frequently tragic) history, now risen from the ashes of communism to become a pluralist democracy, a liberal economy and one of the two newest members of the European Union.

Encompassing some of southern Europe's most stunning geography and boasting a welcoming culture redolent with tradition and grace, Bulgaria's tourist appeal has soared along with its newly awakened sense of purpose and national identity.

While much work remains to be done and many challenges remain, the transition from oppression to freedom has reinvigorated a country that has for so long been kept at the fringe of Europe.

Democratic integrity

Under the post-communist constitution of 1991 Bulgaria became a parliamentary democracy with a president as head of state, a prime minister as head of government, and an executive cabinet nominated by the prime minister and confirmed by vote in the National Assembly - the single-chamber, 240-seat parliament, elected by the people every four years.

The president - elected every five years - is currently Georgi Parvanov, who was re-elected for a second and final term in October 2006.

As with the British system, the prime minister (since August 2005, Sergey Stanishev) is selected by the party with the most seats in the National Assembly.

Also similarly to the British system, the National Assembly is the primary legislative body with the responsibility of creating laws, setting national budgets, ratifying international treaties and declaring war.

The National Assembly also has the ability to dismiss the prime minister, although it cannot summarily remove a serving president from office.

Bills passed by parliament can be sent back by the president, though he or she does not have a full veto as the Assembly can then pass returned bills into law by a majority vote.

Parties must gain a minimum of four per cent of the proportionally representative national vote to achieve representation in the National Assembly.

The system has been praised for its democratic integrity at national level and Bulgarians are fiercely proud of their legislative set-up.

Key facts

• Population: 7,390,000
• Area (km²): 110,910
• Capital: Sofia
• Languages: Bulgarian, Turkish
• Religion: Bulgarian Orthodox, sizeable (10%) Muslim minority
• Currency: Leva (BGN) divided into 100 stotinki
• Dialling Code: +359
• High Season: May-August (coastal/summer); mid-December-mid March (ski)
• Happy Planet Index: 145th / 178
• Big Mac Index: 1.94 USD (although now part of EU, 3.77 USD EuroZone)

Downloadable Reports and Documents

		Bulgaria country guide (995Kb) General information about the country, its people, history, economy, politics and much more.
		Bulgaria property buying guide (687Kb) This property buying guide provides essential information about property purchasing in Bulgaria.
		Bulgaria property investment report (426Kb) A concise but thorough analysis. A must for all potential investors in Bulgarian real estate.

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