Schiff Sovereign's Take on Bulgaria
Bulgaria, which has been an EU member state since 2007, has a lot going for it.
For starters, it boasts a comfortable climate and low cost of living. (Digital nomads will find the latter aspect very attractive.)
The lifestyle is pleasant in Bulgaria. The capital, Sofia, is a fun city with a population of just over a million people. It’s not enormous, but still has all the amenities you could want. You’ve also got a beautiful countryside and vacation spots such as Varna, which is a fairly famous resort city on the Black Sea.
Hostorially, Bulgaria has been pretty close to Russia.
Today, Bulgaria has all the advantages of Russia (before the Ukrainian invasion): a developing market with multiple opportunities, well-educated people, a decent tax system… but without Russia’s political risk.
As for taxation, Bulgaria's 10% flat tax rate on most income types is appealing, too.
Locals are also generally well educated, with a decent level of English proficiency.
Westerners will find Bulgaria to be very inexpensive. Land and labor are cheap, and input costs are low, so you can successfully manufacture virtually anything in Bulgaria. The country is also part of the EU, so you can target the entire European market with your products or services.
Bulgaria is on an upward trajectory. For example, it’s increasingly popular as a destination for companies providing financial services. One of the alumni from our annual entrepreneurship camp has started an investment firm there. Another alumnus has moved there to start an apiculture company.
And if you have any Bulgarian blood in your veins, pay attention. The country is home to a successful Citizenship by Ancestry program, allowing you to claim Bulgarian citizenship if one of your ancestors emigrated from Bulgaria.
You can be separated from your ancestor by up to three generations (up to your great-grandparent) and still qualify.
Citizenship by Ancestry is typically the cheapest and least intrusive way to obtain a coveted second passport.
For starters, it boasts a comfortable climate and low cost of living. (Digital nomads will find the latter aspect very attractive.)
The lifestyle is pleasant in Bulgaria. The capital, Sofia, is a fun city with a population of just over a million people. It’s not enormous, but still has all the amenities you could want. You’ve also got a beautiful countryside and vacation spots such as Varna, which is a fairly famous resort city on the Black Sea.
Hostorially, Bulgaria has been pretty close to Russia.
Today, Bulgaria has all the advantages of Russia (before the Ukrainian invasion): a developing market with multiple opportunities, well-educated people, a decent tax system… but without Russia’s political risk.
As for taxation, Bulgaria's 10% flat tax rate on most income types is appealing, too.
Locals are also generally well educated, with a decent level of English proficiency.
Westerners will find Bulgaria to be very inexpensive. Land and labor are cheap, and input costs are low, so you can successfully manufacture virtually anything in Bulgaria. The country is also part of the EU, so you can target the entire European market with your products or services.
Bulgaria is on an upward trajectory. For example, it’s increasingly popular as a destination for companies providing financial services. One of the alumni from our annual entrepreneurship camp has started an investment firm there. Another alumnus has moved there to start an apiculture company.
And if you have any Bulgarian blood in your veins, pay attention. The country is home to a successful Citizenship by Ancestry program, allowing you to claim Bulgarian citizenship if one of your ancestors emigrated from Bulgaria.
You can be separated from your ancestor by up to three generations (up to your great-grandparent) and still qualify.
Citizenship by Ancestry is typically the cheapest and least intrusive way to obtain a coveted second passport.
