Students of marketing would know instantly when we say that Bulgaria is a typical case of overmarketing. The country was over-rated and ambitiously sold as it joined the European Union (UN). The early influx into the country - “the dream-riders” one might say – were high on their newly bought dream. However, the reality was different from what was promised. The dashing of the expectations, left the new immigrants dissatisfied. The second tide of immigrants, the ones who did their research before moving for good, and had managed expectations are satisfied and consider Bulgaria one of the best places to live.
Why immigrate to Bulgaria
Bulgaria offers a bundle of reasons for people to immigrate. Mountains and hills one can hike to sandy beaches, the country’s sights and sounds are accessible to all. Besides nature lovers, Bulgaria has a flourishing economy with a plethora of opportunities for established as well as low-key businesses.
Tax relaxations
One of the big worries for an ex-pat/immigrant is the host country’s tax system and rates applied. In this regard, Bulgaria has a flat tax system that applies to all types of income sources. Whether its income through personal business or salary earned, a 10% flat income tax is applied throughout.
Cost of living
The comparison drawn with other EU countries highlights that the cost of living in Bulgaria is lower among other EU countries. Outdoor dining facilities, tourist accommodations, and household goods are cheaper in comparison too, nearly half of the average prices prevalent in the EU.
A temporary hike in the real estate prices was witnessed post-EU accession, however, the surge has now subsided and properties are more within the buying power of the majority population. Once again, compared to property prices elsewhere in the EU, Bulgaria scores high on affordability. Rentals for properties too are less than what one might pay in the UK, Germany, etc.
Economy
Bulgaria has made an encouraging shift in its economy in the past few decades. Previously, the country’s economy used to be highly centralized and controlled. Gradually and certainly the economy has become free-market and moved to the upper and middle economic bracket.
The GDP growth is estimated at 4.5% by the end of the current fiscal year. Though the average trade balance over 10-year period shows a negative USD 3B, however with the resumption of the market after pandemic estimates are that the import/export gap will be filled soon.
Education system
The country offers local as well as international education systems. The standards of international schools are at par with the finest schools in Europe. For kids, it’s an amazing learning opportunity as they educate along with children from various nationalities, cultures, and languages. A diversified atmosphere allows students to build qualities like leadership, co-existence, and collective progressiveness.
Culture
Despite a strong Westernization wave, the influx of foreigners, and exposure to global changes, Bulgarians have stayed true to their values, culture, and traditions. The authenticity of the Bulgarian culture is experienced on every level and aspect of their lifestyle. Their culture is rich, unique, and deeply embedded.
General friendliness
Bulgarians don’t mind foreigners living in their localities. In fact, they often turn out to be amazing neighbors and life-long friends.
It is important to remember, that alongside many benefits that come with living in Bulgaria, there also are some not-so-encouraging facts. For example, the cost of living as mentioned earlier is lower than compared to the EU countries, however, it is relative and subject to the average earning of the individual. Secondly, people who move in to search for employment must know that the salaries are lower than what one might expect elsewhere if they don’t know the local language.
All in all, with many pros and very little in contrast, Bulgaria is a country that needs to be on your bucket list if you are planning to relocate.
