Southwest Bulgaria benefits from the deep crisis in Greece

southwest bulgaria benefits from the deep crisis in greece

The deep crisis in Greece threatens the Bulgarian economy for sure, but it may turn out into an advantage for small local settlements along the Bulgarian-Greek border. The national statistics marks a growth in the number of small and medium-sized companies that relocate their activities from Greece to Southwest Bulgaria. These companies become important employers in the border area around the town of Petrich, Sandanski, Bansko and Blagoevgrad.

Bulgaria can praise with stability and low taxes. Which makes it a great place to make business compared to Greece, where companies have to deal with bigger economic, financial and tax burden. Also low salaries and low standard of life in Bulgaria that have to be fixed also attract foreign businessmen. The price of real estate properties is lower despite the crisis in Greece.

Current economic situation of Greece will positively effect on holiday properties in the famous winter resort of Bansko, located only 50km away from the Greek border. Each year the number of Greek tourists is growing. More and more Greeks find the idea to put their endangered savings in purchasing a property in Bansko as a profit investment. All this seems to be more realistic after Greek banks announced they will not be opened until July 7 after ECB is keeping Greek banking system afloat.

Statics shows the number of Greek firms registered in Bulgaria rose 75% between 2012 and 2014, from about 2,200 to nearly 3,800, according to figures released by the national revenue agency in Sofia. Last year, Greek media estimates put the figure at 6,000 and reported that companies Greek/Bulgarian ownership surpassed 15,000. Greece is the third biggest investor in Bulgaria, after the Netherlands and Austria, with Greek construction firms leading the market in large-scale infrastructure projects.

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