Bulgarian Credit Rating Revised To Stable From Negative; ‘BBB/A-3′ Sovereign Ratings Affirmed
On the 1 st December 2009, Standard & Poor’s said:
– We are revising our outlook on the Republic of Bulgaria to stable from
negative, and affirming the ‘BBB/A-3′ sovereign credit ratings.
– The stable outlook reflects our view of the government’s commitment to
fiscal discipline, and our expectation that the government will implement
structural reforms in the social security system.
LONDON (Standard & Poor’s) Dec. 1, 2009–Standard & Poor’s Ratings Services
today said it had revised its outlook on the Republic of Bulgaria to stable
from negative. The ‘BBB’ long-term and ‘A-3′ short-term sovereign credit
ratings were affirmed.
The ratings on Bulgaria reflect our view of the government’s strong track
record of prudent fiscal policy and low gross debt; solid growth prospects
over the medium term; and the country’s EU membership. Offsetting these
strengths somewhat are large external imbalances and the related risks as a
result of the adverse economic environment, which we expect to continue in
2010.
In our view, Bulgaria continues to face economic risks due to the
uncertain outlook for external demand and the sharp tightening of the external
commercial credit channel, which negatively affects domestic demand. As a
result, the current account deficit, which peaked in 2008 at 25.4% of GDP amid
an overheating economy, has contracted sharply and is expected at around 10%
in 2009 (we expect the deficit to be fully funded by foreign direct investment
flows). We expect GDP to contract by around 6% in 2009 and a further 2% in
2010, followed by a positive growth rate in 2011…
This material was taken from www.standardandpoors.com
SPA tourism in Bulgaria
The following article aims to introduce and show you one of the advantages of Bulgaria, namely the wonderful Spa resorts which it has with. The Bulgarian Spa resorts are one of the best in Europe and if you’d like to get rid of the stress and have a relaxing holiday in the beautiful nature, you should definitely visit some of these amazing places. Some of the most popular Spa resorts in Bulgaria are Velingrad, Hissarya and Banya.
Velingrad- Velingrad is undoubtedly the most picturesque and most renowned of all of the Bulgarian spa resorts. It lies in the Rhodope Mountains in the beautiful Chepino Valley. Velingrad has a mild year round climate and a wealth of mineral waters, suitable for the treatment of respiratory diseases and rheumatism amongst others. There are also opportunities to ski in nearby Yundola. There are 70 mineral springs here, which vary in temperature. In addition to the spas, Velingrad boasts another impressive natural phenomenon, the Kleptuza, Bulgaria’s largest karst landscape, which is covered by eroded towers of limestone. The karst dispels 1,200 liters of ice-cold water per second.
Three months ago Velingrad was declared as the SPA capital of the Balkans. The prestigious award, which “shot off” the Rhodope town into the top ranking of the most attractive spa centers in Europe, was bestowed personally by the President of the International Hotel and Restaurant Association on 7th July. The international recognition of the picturesque mountain village is not just a coincidence. Before being officially named as „Тhe spa capital of the Balkans”, in 2005 Velingrad won his vocation to the spa capital of Bulgaria, thanks to the wonderful conditions for a healthy vacation in the folds of the Rhodopes. 
For a very short time Velingrad literally was transformed into a modern spa resort. But the town is not just about luxury hotels, pools with mineral water and different spa airs and graces. The mountain town is known for its unique folklore, with its delicious Rhodope cuisine offered anywhere in the local pubs, as well as the unspoiled nature of the Rhodopes.
Hissar- Hissar/ Hissarya is one of the largest spa resorts in the country, known for its clean and curative mineral waters and untouched nature. Green parks, historical sites, fresh air and relaxation in luxury spa hotel with modern equipment – this is an unforgettable holiday, which you cannot remain in mind forever.
Nestled in a tiny valley in the border of the Sredna Gora Mountain, this pretty town often referred to as just Hissar, is a popular destination not only for Bulgarians looking for peaceful surroundings and a healthy environment. This town is famed for its mineral spas of which there are over 20 and a strong history with pre-historic remains excavated in the town centre. Hissarya is prospering thanks to the growth in spa tourism. Its mineral springs are extremely pleasant with temperatures between 24 and 49 degrees C. They give out vast plumes of water at a rate of 40 liters per second. The environment around this area also helps; there is no industry whatsoever here and consequently no pollution. Treatment procedures are conducted in a number of diseases. In the new hotels are proposed procedures and spa for relaxation and pleasure – aromatherapy, thalasso therapy, phyto therapy, classical and eastern massages, music therapy and others. But one of the biggest attractions is the mineral water beach which is frequently attendant especially during the summer season.
Banya- The beautiful, picturesque town of Banya is nestled between Karlovo and Hissarya on the road to Plovdiv, in the central part of the Stryama Valley, surrounded in a semicircle by the Sashtinka Sredna Gora Mountain. The town’s mineral springs, rehabilitation and spa facilities are one of the best in central Bulgaria and are known as the Karlovo Mineral Baths. The facilities afford the health enthusiast a year round climate and opportunity to treat joint, neurological and gynecological disorders. There are numerous baths, swimming pools, sports and rehabilitation centers that offer inexpensive yet effective methods to improve your health and well being. The mineral water varies in temperature, depending on the facility you choose and offers something for everyone. The range of the water is from 35-54 degrees C and can be found in spas, pools and bath facilities throughout the town. There’s also a unique mud bath facility that offers treatment for various diseases. The resort’s rehabilitation clinic and sanatorium plus great outdoor beaches and mineral water guarantee a great time and a healthier you. In addition to the tremendous spas and outdoor pools, there’s a sports complex, several nice hotels and numerous historical sites and points of interest close by for day trips, including the largest Thracian tomb ever discovered in Southeastern Europe at Starosel.
The word SPA is an acronym of various Latin phrases such as “sanitas per aquas” meaning “health through water”, or “Solus per Aqua” meaning “water in itself “. Today SPA in Bulgaria means strength and beauty through the magic of the Bulgarian thermal water springs. So…. Relax! Meditation! Massage! Special Therapies! Rehabilitation! Mineral Springs! How much do you need all that – in the hurried daily round and rhythm! Healthy and full of energy…close to nature, close to your real self…feel the spa magic now and visit the richest spa land in Europe – natural and virgin Bulgaria!
Repair works on the road from Bourgas to Elhovo
We are glad to spread some good news about the road from Bourgas to Elhovo, which I am sure that will make happy everyone who has bought or is looking for a property in the area.
In the beginning of June 2009 repair works started on the road from Bourgas to Elhovo. The project is massive and includes total repairing of the full length of the road, which is now a part of the international road network, leading to the newest border check point between Bulgaria and Turkey – Lesovo. The road will be repaired according to modern standards and constructed with high quality, as it is financed by the EU. 65% of the project is financed by the European Investment Bank and the other 35% should be paid from the budget of the Republic of Bulgaria.
The full length of the road is 100km and it should be finished by the end of January 2011. However this summer, working hard, they managed to repair a big part of it. This project is a part of the massive project for road rehabilitation called Transit Roads. It includes the main roads, which connect Bulgaria with Turkey and Greece. These roads have become very important since our country has joined the European Union in 2007.
At present there are some speed limits in the parts which are being repaired and we advise you to be extra careful if you drive there alone. The parts, which have been already repaired, are nice, with new gutters along the road and new sidewalks in the villages.
Minimum initial capital of 1 euro for Ltd company in Bulgaria
Bulgarian Parliament approved the initial capital to be 2 BGN or approximately 1 EUR
The initial capital for the registration of a limited liability company (Ltd.) is reduced from 5000 to 2 levs. Now this is a fact by passing amendments to the Commercial Code on first reading. According to the Council of Ministers with the implementation of this measure the level of entrepreneurship in Bulgaria will increase, which means more jobs, new services and products.
The Chairman of the Parliamentary Economic Committee Martin Dimitrov commented that this is the first real reform act of the Parliament, and will help young people to do business. 
The measure was introduced in many European countries where the fee for registration of a company is just one euro.
The proposal for a symbolic capital for initial registration limited liability company was announced by the Government of GERB as one of the anti-crisis measures to stimulate business.
Bulgaria had had one of the highest levels of minimum capital in the world. The World Bank “How to do business” report defined previously that Bulgaria was the country with the 36-th highest capital of 181 countries. With a higher minimum capital are countries such as Mongolia, Lebanon, Mozambique, Congo, Benin, Syria.
Nearly 100 countries have zero minimum capital requirements. Among them are Australia, Canada, Ireland, Israel, New Zealand, Saudi Arabia, the United States, Great Britain, Japan, Singapore, Hong Kong, France and Malaysia.
Driving a car in Bulgaria – cost, taxes, insurances…
We have been questioned recently how much would cost a foreigner to have a car in Bulgaria.
To drive a car in Bulgaria you should have a valid driving license and at least 18 years of age. There are two options for those who don’t intend to rent a car – to buy one locally or to import your own car from your country.
If you decide to buy a car in Bulgaria and register it here you will pay:
1. To register the car on your name – approx. € 50
2. Eco tax – if the car is older than 5 years – from € 100. This is payable once – only when you buy the car.
3. Driver responsibility insurance: at least 50 € per year.
4. Annual theft and accident insurance – it depends on the car- can be € 100 per year for an old car or around € 800-1000 for a brand new car.
5. Road tax (depending on the engine power): around 60 € per year for a car of 2000 ccm engine.
6. Vignette – approx. € 34 per year. It is required for the national roads only; this means that if you are driving only locally you may not need it at all.
If you come here with your own car you may drive it in Bulgaria without registering it. In this case you can use your insurance made in your country in case of accident. You will have to pay for vignette ( to use the roads) – there are vignettes for one week, for one month or for one year. You can buy a vignette in every petrol station. You will be given a sticker which has to be placed on the wind screen.
- Fuel prices:
petrol: 0.97 €/L,
diesel: 0.96 €/L,
LPG: only 0.51 €/L.
Cost of living in Bulgaria – 2011
With the following article we would like to help everyone who is considering a property purchase in Bulgaria and would like to know what the standard of life here is. You hear from everywhere that it is cheap in Bulgaria and that investing your money in a property in this picturesque country is a wise decision, but it is hard to believe without being familiar with real digits.
Here you can see the prices of main products and services for 2011.
Food prices:
Bread – 1lv/ 800gr
Eggs – 0.20lv/ 1piece
Milk – 1.70lv/ 1l
Yogurt – 0.60lv/ 500gr
White cheese – 5.70lv/ 1kg
Yellow cheese – 12.00lv/ 1kg
Sausages – 6.50lv/ 1kg
Vegetable oil – 3.60lv/ 1l
Vinegar – 0.70lv/ 1l
Salt – 0.50lv/ 1kg
Sugar – 2.40lv/ 1kg
Chicken – 4.50lv/ 1kg
Pork meat – 8.00lv/ kg
Fish – 6.00lv/ 1kg of scad
Olives – 4.00lv/ 1kg
Honey – 5.00lv/ 500gr
Chocolate – 1.20lv/ 500gr
Ice cream – 1.20lv/ 200gr
Baby Puree – 1.10lv/ 120gr
Fruits and Vegetables:
Tomatoes – 2.00lv/ 1kg
Cucumbers – 2.00lv/ 1kg
Beans – 3.00lv/ 1kg
Potatoes – 1.00lv/ 1kg
Bananas – 3.00lv/ 1kg
Oranges – 1.40lv/ 1kg
Drinks and Cigarettes Prices:
Mineral water – 0.80lv/ 1.5l
Coke – 2.40lv/ 2l
Juice – 2.00lv/ 1l
Coffee espresso- 2.60lv/ 200gr
Nescafe 3 in 1- 0.40lv/ 1cup
Spirit drinks – 10.00lv/ 1l
Wine – 4.50lv/ 0.700l
Cigarettes – 5.00lv/ 1pack – 20pieces
Prices of goods of daily demand:
Soap – 0.85lv/ 1piece
Shampoo – 2.50lv/ 200ml
Tooth paste – 1.50lv/ 1piece
Washing powder – 1.50/ 330gr
Communal taxes:
Electricity – 0.20lv/ 1kwh
Water – 1.70lv/ m3
Internet + landlines – 30lv/ month
Property government tax – 0.15% of the price of the property per year
Diesel – 2.50lv/ l
Petrol – 2.50lv/ l
Gas – 0.93lv/ l
A lunch for two – 20€ (starters, main courses, drinks, desserts, coffee)
Hairdresser services – 5-25€
Main electricity appliances:
TV – 37″ plasma TV – 300€
Fridge – 130€
Air-conditioner – cooling and heating – 300€
Make your dreamed fireplace in Bulgaria with us
Excel Property presents you different types of fireplaces for your home. We will make a project for you and after your approval we will fit the fireplace in your home. You can choose between many colours and decorations and types of fireplaces. Depending on the type you can heat only the room where the fireplace is or you can heat the whole house. Our team of specialists will consult you what will be best for you.
The most important thing while projecting the fireplace is the style of your home – what are the floorings, the furniture and so on. The functionality will also depend on how you are going to use the fireplace. The price may vary between 1500 and 3000 Euros.
If you have any questions please don’t hesitate to contact us. Send us en email or call us today.
Mobile: 00359878607780, info@excelproperty.biz
Contact us to provide you with lots more ideas and pictures of fireplaces!
Rest in Peace Michael Jackson – the Moonwalker!
The world lost one of the biggest talents in music Michael Jackson! We are all devastated by the death of the great musician, singer dancer a showman and would like to say one last good bye to the man.
We can say so many things about The King of Pop – Michael Jackson, but also so much has been said… What is very significant for us is the magic that happens with the death of someone, who was so important to the whole world. This magic made us forget about politics, wars, crisis, etc., they somehow faded.
Rest in Peace Moonwalker and thank you for doing the magic again!
Italian properties. Legals and taxes
Italy Investment Property – Tax Planning
Italy’s tax system can be complicated and it is important to consult an expert tax advisor when considering your Italian property investment. Here you can obtain a brief guideline to Italy’s property tax system.
Italian property tax, ICI, is charged to anyone who owns land in Italy and this is charged at between 0.4 and 0.7% depending upon the local authority and the size, location and category of property you purchase. If the property is classed as uninhabitable or it is being restored, the tax is reduced by 50%.
ICI is paid in two installments – 90% by the 30th June each year and 10% between the 1st and 20th December. If the tax is not paid on time, a surcharge of up to 200% can be levied.
Tax on Rental Income
Tax is charged on income received from your property rentals in Italy and you can deduct from this any of your expenses for property maintenance. The rate can be anything from 19% to 46% depending on the property and rental conditions.
Capital Gains Tax
Italy has not charged capital gains tax since 1993 and instead it is incorporated into the ICI.
Inheritance/Wealth Tax
Unlike many other countries, Italy does not charge a wealth tax.
Stamp Duty
If the property is purchased from an individual, the rate is 11% of the government valuation. The value of the property is not the purchase price itself, but the figure assessed by the local tax office and it is calculated from official tables.
UK-Italy Tax Treaty
There is a double tax treaty between Italy and the UK and this protects the investor from paying tax on his Italian assets in both countries.
We cant wait to come back to see you all again
Jun 29th, 2009 Posted by Eli in Customer comments
hi Elizabeth thanks for giving us the oportunity to place on record what we think
of you, Ivan,Trendy, Giorge and Lana, Nelly and your company. Absolutely fantastic.We
owe all you so much in helping us to achieve our dream,that is to have our own
holiday home.in a wonderfull country .You helped us all the way .You have
been friendly honest constantly keeping in contact and guiding us through every
obstacle and you still are . We feel very fortunate that whilst we were looking for
a property to buy we came across you .We know that we are in very good hands
thanks for everything we love our home we love where it is and when the work is
finished we know you will look after it for us We cant wait to come back to see you all again and have that bbq at our house best regards to you all.
Tony, Jane and Elizabeth in Sofia, June 2009
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