Bulgaria

GDP (US$ Billion)

56.94 (2017)

World Ranking 78/192

GDP Per Capita (US$)

8,064 (2017)

World Ranking 77/192

Economic Structure

(in terms of GDP composition, 2017)

Services
(58.00%)
Industry
(25.00%)
Agriculture
(4.00%)

External Trade (% of GDP)

123.6 (2016)

Currency (Period Average)

Bulgarian Lev

1.74 per US$ (2017)

Political System

Unitary multiparty republic

Overview

The World Bank classifies Bulgaria's economy as an upper-middle-income economy. As a member of the European Union (EU), Bulgaria has well-developed macroeconomic policies and is one of the most financially stable economies in the Central and Eastern region of Europe. Thanks to the Bulgarian lev's peg to the euro, the country's monetary policy will continue to mirror that of the European Central Bank. Bulgarian households will remain the driving force of the economy, accounting for around 60% of GDP over the next five years. Private consumption growth will be supported by rising employment and relatively strong real wage growth. In recent years Bulgaria has been an increasingly attractive destination for outsourcing of businesses in a number of sectors, such as the pharmaceutical industry and the communications sector. However, over the long-term, greater structural reform will be needed in order to revive the country’s stagnating growth in productivity.

Sources: World Bank, Fitch Solutions

 

Major Economic/Political Events and Upcoming Elections

July 2014    
The prime minister, Plamen Oresharski, stepped down after little more than a year in office, leading to a snap election.

 

October 2014
An inconclusive early election produced a parliament divided between a record eight parties.

 

November 2014
Boyko Borisov returned to the premiership as his Gerb party formed a coalition with fellow Reformist Bloc.

 

January 2015
Bulgaria stated that it would extend a fence along its border with Turkey by 80 km to help stem the flow of illegal immigrants.

 

November 2016
Rumen Radev won the presidential election. This was shortly followed by the resignation of Boyko Borisov as prime minister.

 

March 2019
Bulgaria opened the process of inviting investors for its stalled nuclear power plant in the town of Belene on the Danube River border with Romania.

 

Sources: BBC Country Profile – Timeline, Fitch Solutions

Major Economic Indicators
Graph: Bulgaria real GDP and inflation
 
Graph: Bulgaria real GDP and inflation
 
Graph: Bulgaria GDP by sector (2017)
 
Graph: Bulgaria GDP by sector (2017)
 
Graph: Bulgaria unemployment rate
 
Graph: Bulgaria unemployment rate
 
Graph: Bulgaria current account balance
 
Graph: Bulgaria current account balance
 

e = estimate, f = forecast
Sources: Fitch Solutions, IMF, World Bank
Date last reviewed: June 13, 2019

External Trade

Merchandise Trade

Graph: Bulgaria merchandise trade
 
Graph: Bulgaria merchandise trade
 
 

Source: WTO
Date last reviewed: June 13, 2019

Graph: Bulgaria major export commodities (2018)
 
Graph: Bulgaria major export commodities (2018)
 
Graph: Bulgaria major export markets (2018)
 
Graph: Bulgaria major export markets (2018)
 
Graph: Bulgaria major import commodities (2018)
 
Graph: Bulgaria major import commodities (2018)
 
Bulgaria major import markets (2018)
 
Bulgaria major import markets (2018)
 

Sources: Trade Map, Fitch Solutions
Date last reviewed: June 13, 2019

 

Trade in Services

Graph: Bulgaria trade in services
 
Graph: Bulgaria trade in services
 
 

e = estimate
Source: WTO
Date last reviewed: June 13, 2019

Trade Policies
  • Bulgaria has been a member of the World Trade Organization (WTO) since December 1, 1996. Bulgaria bound all of its tariffs under the General Agreement on Tariffs and Trade on accession to the WTO, including zero rates for products falling under the Plurilateral Agreement on Civil Aviation and the Agreement on Information Technology.

  • Bulgaria has been a member of the European Union (EU) since January 2007. This means that a common tariff applies to the import of goods across the external borders of the EU. Once goods are cleared by customs authorities upon entry into any EU member state, these imported goods can move freely among EU member states without any additional customs procedures. At an average of 1.6%, tariff rates in Bulgaria are particularly low.

  • Bulgaria applies the EU's Common External Tariff, which means that goods manufactured and imported from within the EU are not subject to customs charges. The trade policy is, thus, largely the same as that of the wider regional bloc. The EU updated its trade policy (and by extension its import tariffs, customs, duties and procedures) in 2017.

  • Goods from outside of the EU will attract import tariffs which can range from 0% (for books) to 48.5% (for bicycles imported from China). Additional taxes may be payable on alcohol and tobacco products.

  • The EU is party to some 50 free trade agreements (FTAs) and, consequently, access to other markets of the countries concerned is currently mediated through those agreements. The EU's Generalised System of Preferences came into effect on January 1, 2014. Under the scheme, tariff preferences have been removed for imports into the EU from countries where per capita income has exceeded USD4,000 for four years in a row. Bulgaria is a relatively open market, but certain administrative and procedural requirements can become non-tariff trade barriers. Poor intellectual property rights protection and the need for greater transparency and predictability in the regulatory environment are common market access issues for investors.

  • The EU has imposed various anti-dumping measures on a wide range of products – predominantly in the areas of textiles, parts, steel, iron and machinery – on goods coming from Mainland China and a few other Asian nations in order to protect domestic industries. A number of Mainland China-origin products are subject to the EU's anti-dumping duties, including bicycles, bicycle parts, ceramic tiles, ceramic tableware and kitchenware, fasteners, ironing boards, and solar glass. On November 13, 2016, the European Commission (EC) imposed a provisional anti-dumping duty on imports of some of the primary and semi-processed metals from Mainland China. As of the end of December 2017 the EU did not apply any anti-dumping measures to imports originating from Hong Kong.

  • In March 2016, the EC imposed a definitive countervailing duty (8.7% or 9%) on imports consisting largely of textiles products originating in India.

  • In 2016 the EC introduced an import licensing regime for steel products exceeding 2.5 tonnes. The regulation will be active until May 15, 2020.

Sources: WTO - Trade Policy Review, Fitch Solutions

Trade Agreement

Trade Updates

In 2018, Bulgaria and Romania continued to push to join the EU's Schengen Agreement.

 

Multinational Trade Agreements

Active

  1. The EU Common Market: The transfer of capital, goods, services and labour between member nations enjoy free movement. The common market extends to the 28 member nations of the EU, namely: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

  2. European Economic Area (EEA)-European Free Trade Association (EFTA) (Iceland, Liechtenstein, Norway and Switzerland): While it enhances trade flows between these countries and the EU, only Switzerland is a fairly major trading partner.

  3. EU-Turkey: The customs union within the EU provides tariff-free access to the European market for Turkey, benefitting both exporters and importers.

  4. EU-Japan Economic Partnership Agreement (EPA): In July 2018, the EU and Japan signed a trade deal that promises to eliminate 99% of tariffs that cost businesses in the EU and Japan nearly EUR1 billion annually. According to the European Commission, the EU-Japan EPA will create a trade zone covering 600 million people and nearly a third of global GDP. The result of four years of negotiation, the EPA was finalised in late 2017 and came into force on February 1, 2019, after the EU Parliament ratified the agreement in December 2018. The total trade volume of goods and services between the EU and Japan is an estimated EUR86 billion. The key parts of the agreement will cut duties on a wide range of agricultural products, and it seeks to open up service markets, particularly financial services, e-commerce, telecommunications and transport. Japan is the EU's second biggest trading partner in Asia after Mainland China. EU exports to Japan are dominated by motor vehicles, machinery, pharmaceuticals, optical and medical instruments, and electrical machinery.

  5. EU-Southern African Development Community (SADC) EPA (Botswana, Lesotho, Mozambique, Namibia, South Africa and Swatini): An agreement between EU and SADC delegations was reached in 2016 and is fully operational for SADC members following the ratification of the agreement by Mozambique. The remaining six members of the SADC not included in the deal (the Democratic Republic of the Congo, Madagascar, Malawi, Mauritius, Zambia and Zimbabwe) are seeking EPAs with the EU as part of other trading blocs – such as East or Central African communities.

Provisionally Active

CETA: CETA is an agreement between the EU and Canada. CETA was signed in October 2016 and ratified by the Canadian House of Commons and the EU Parliament in February 2017. However, the agreement has not been ratified by every European state and has only provisionally entered into force. CETA is expected to strengthen trade ties between the two regions, having come into effect in October 2016. Some 98% of trade between Canada and the EU will be duty free under CETA. The agreement is expected to boost trade between partners by more than 20%. CETA also opens up government procurement. Canadian companies will be able to bid on opportunities at all levels of the EU government procurement market and vice versa. CETA means that Canadian provinces, territories and municipalities are opening their procurement to foreign entities for the first time, albeit with some limitations regarding energy utilities and public transport.

Ratification Pending

EU-Central America Association Agreement (Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Belize and the Dominican Republic): An agreement between the parties was reached in 2012 and is awaiting ratification (29 of the 34 parties have ratified the agreement as of October 2018). The agreement has been provisionally applied since 2013.

Under Negotiation

  1. EU-Australia: The EU, Australia's second largest trade partner, has launched negotiations for a comprehensive trade agreement with Australia. Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost EUR48 billion in 2017 with bilateral trade in services adding an additional EUR27 billion. The negotiations aim to remove trade barriers, streamline standards and put European companies exporting to or doing business in Australia on equal footing with those from countries that have signed up to the Comprehensive and Progressive Trans-Pacific Partnership or other trade agreements with Australia. The Council of the EU authorised opening negotiations for a trade agreement between the EU and Australia on May 22, 2018.

  2. EU-United States (Transatlantic Trade and Investment Partnership): This agreement was expected to increase trade and services, but it is unlikely to pass under the administration led by President Donald Trump against a backdrop of rising global trade tensions.

  3. EU-Vietnam Free Trade Agreement (FTA): In July 2018, the EU and Vietnam agreed on final texts for the EU-Vietnam FTA and the EU-Vietnam Investment Protection Agreement. As of June 2019, the final text of the agreement has been finalised and is awaiting signature and conclusion.

Sources: WTO Regional Trade Agreements Database, Fitch Solutions

Investment Policy

Foreign Direct Investment

Graph: Bulgaria FDI stock
 
Graph: Bulgaria FDI stock
 
Graph: Bulgaria FDI flow
 
Graph: Bulgaria FDI flow
 

Source: UNCTAD
Date last reviewed: June 13, 2019

 

Foreign Direct Investment Policy

  1. The InvestBulgaria Agency, the government's investment coordinating body, provides information, administrative services and incentive assessments to prospective foreign investors.

  2. There are no sectors that are off limits to investors, nor are there any restrictions on the number of foreign-owned enterprises. In the majority of cases, foreign entities are given the same treatment as national firms, and their investments are not screened or otherwise restricted.

  3. The Investment Promotion Act (2004) stipulates equal treatment of foreign and domestic investors. The law encourages investment in the high-tech manufacturing industries as well as in education and human resource development. It creates investment incentives by helping investors purchase land, providing state financing for basic infrastructure and training new staff, and facilitating tax incentives and opportunities for public-private partnerships with the central and local government.

  4. Tax incentives may apply in certain circumstances, such as partial granting of the corporate income tax due for performance of agricultural activities; additional tax deductions for hiring individuals who are long-term unemployed, handicapped, or elderly; and granting back of up to 100% of the corporate income tax due for investment in regions with high unemployment.

  5. Bulgaria offers one of the most attractive tax environments for business in Europe, with benefits such as a corporate income tax rate of 10%, a flat personal income tax of 10%, tax exemption for industries in high-unemployment areas and a two-year VAT exemption for the import of equipment for investment projects of more than EUR5 million that create at least 50 jobs.

  6. The Offshore Companies Act was amended on June 15, 2016. The amended Act lists 28 activities banned for business by companies registered in offshore jurisdictions with more than 10% offshore participation. However, the law allows those companies to do business if the physical owners of the parent company are Bulgarian citizens and known to the public, if the parent company's stock is publicly traded or if the parent company is registered in a jurisdiction with which Bulgaria enjoys a treaty for the avoidance of double taxation.

  7. The most common type of organisation for foreign investors is a limited liability company. The required minimum for registering a limited liability company is one euro. Other typical corporate entities include joint stock companies, joint ventures, business associations, general and limited partnerships, and sole proprietorships.

  8. Foreign investments in production and manufacturing industries also benefit from 30% off the price of heavy machinery, 50% off the price of computer hardware and software, and five years of corporate tax exemption for investment in areas of high unemployment.

  9. Bulgaria is becoming a popular tourist destination, with arrivals increasing by more than 3% annually over the past decade, and investment in tourism infrastructure may potentially require outside expertise.

Sources: WTO – Trade Policy Review, Fitch Solutions, InvestBulgaria Agency

 

Free Trade Zones and Investment Incentives

Free Trade Zone/Incentive Programme Main Incentives Available
Industrial zones located at Rakovski, Kuklen, Maritsa, Parvomai and Letnitsa - 100% foreign ownership permitted

- 100% exemption of corporate income tax for all businesses involved in manufacturing in regions with high unemployment

- Fewer bureaucratic procedures

- All necessary skilled labour and administrative resources provided

Sources: US Department of Commerce, Fitch Solutions

Taxation – 2019
  • Value Added Tax: 20%
  • Corporate Income Tax: 10%

Source: National Revenue Agency, Bulgaria

 

Important Updates to Taxation Information

  • According to reforms of the Bulgarian tax laws – applicable as of January 1, 2019:
    1. entitites which have not engaged in any business activity during the financial year is required to submit a corporate income tax (CIT) return to report any obligations for CIT or tax on expenses, or to report other relevant information
    2. In the case of deregistration/liquidation of a company, taxes must be reported within 30 days
    3. A CIT return is no longer required upon regestering for the termination of a company

  • The EU VAT voucer directive has been introduced to Bulgaria. The directive will aim to streamline and simplify VAT rules across EU member states, with the VAT vouchers being issued in cases where there is a mismatch in tax rates between members of the EU. The directive is active as of January 1, 2019.

  • Taxation in Bulgaria is generally reasonable, with personal income and corporate tax rates generally set at 10%. However, high VAT and social security contributions create a heavy tax burden for Bulgarian employers and businesses, while a stagnant and inefficient bureaucracy increases delays exorbitantly. These create an unattractive taxation environment for investors.

  • The taxability of subsidiaries or branches of foreign commercial operations active in the country would depend on the existence of a bilateral treaty for the avoidance of double taxation between Bulgaria and the entity's host nation. To this end, Bulgaria has concluded 68 agreements on the avoidance of double taxation, including the United Kingdom, the United States, Russia, Germany and Japan. This is a sizeable number, and greatly reduces risks to investors and businesses seeking to operate within Bulgaria.

 

Business Taxes

Type of Tax Tax Rate and Base
Resident company: Corporate Tax Corporate income is subject to corporate income tax at a flat rate of 10%
Dividends Foreign entities are taxed for the profits earned through a permanent establishment in Bulgaria or for the sale or transfer of property as well as for the income from a source in Bulgaria.
VAT
 
- The standard tax rate of 20% is applied to: taxable deliveries (except those that are expressly specified as zero-rated); import of goods within the country; taxable intra-community acquisitions.

- The decreased tax rate of 9% is applicable in the cases of accommodation provided at hotels and similar establishments, including the provision of holiday accommodation and letting of places for campsites or trailers.

- Some supplies explicitly specified in the law are zero-rated (such as supply of goods sent or transported outside the EU); international transport of passengers and goods; intra-community supply of goods, etc.
Witholding Tax: Interest, Royalties and Technical service fees The withholding tax in Bulgaria is 10%. It should be withheld by the entity paying the income and should be transferred to the state budget.The withholding tax is final, i.e. the income is taxed only at the recipient level.
Witholding Tax: Dividends and liquidation quotas distributed by local entities for the benefit of foreign entities 5%

Source: National Revenue Agency, Bulgaria
Date last reviewed: June 13, 2019

Foreign Worker Requirements

Foreign Workers

Foreigners may reside in Bulgaria for short-term periods (90 days from the date of entry), continuous stay (one year), long-term periods (with an initial authorised period of five years renewable) and permanently – for an indefinite period.

Foreigners can obtain continuous residence permits in the following circumstances:

  • The foreigner is engaged in commercial activity in Bulgaria and has at least 10 Bulgarian citizens employed.
  • The foreigner is a specialist staying in Bulgaria under international treaties.
  • The foreigner is a representative of foreign companies.

 

Localisation Requirements

Foreigners can obtain a work permit under the following conditions:

  • No Bulgarian citizenship is required for the position under the law.
  • Account is taken of the development and public interest of the national labour market.
  • The total number of foreign employees of the local employer does not exceed 10% of the average number of staff on the payroll for the preceding 12 months.
  • The conditions of labour and remuneration of foreigners are not less favourable than those for the comparable Bulgarian worker.

 

Foreign Worker Permits

EU nationals, citizens of EEA member states and citizens of Switzerland enjoy the right of free movement within the EU. They do not need to obtain a work permit or register with the National Employment Agency to work or engage in self-employment activities in Bulgaria. Individuals who do not enjoy preferential treatment who intend to work in the country under a local employment contract or under the terms of a secondment or intercorporate transfer must obtain a work permit from the National Employment Agency. The term of validity of the standard work permit is up to one year and should be renewed each year. In general, non-EU nationals may not reside in Bulgaria while their work permit application is being processed. Work permits are inexpensive, averaging around BGN600, and residence permits are around BGN500.

Sources: Government websites, InvestBulgaria Agency, Fitch Solutions

Risks

Sovereign Credit Ratings


 
Rating (Outlook) Rating Date
Moody's
 
Baa2 (Stable) 26/05/2017
Standard & Poor's BBB- (Positive) 01/06/2018
Fitch Ratings
 
BBB (Positive) 22/03/2019

Sources: Moody's, Standard & Poor's, Fitch Ratings

 

Competitiveness and Efficiency Indicators


 
World Ranking
 
2017 2018 2019
Ease of Doing Business Index 39/190 50/190 59/190
Ease of Paying Taxes Index 83/190 90/190 92/190
Logistics Performance Index N/A 52/160 N/A
Corruption Perception Index 71/180 77/180 N/A
IMD World Competitiveness 49/63 48/63 48/63

Sources: World Bank, IMD, Transparency International

 

Fitch Solutions Risk Indices


 
World Ranking
2017 2018 2019
Economic Risk Index Rank N/A 64/202 55/202
Short-Term Economic Risk Score 59.4 63.5 62.7
Long-Term Economic Risk Score 58.5 62 64.5
Political Risk Index Rank N/A 57/202 58/202
Short-Term Political Risk Score 65.2 65.2 65.2
Long-Term Political Risk Score 72 72 72
Operational Risk Index Rank N/A 55/201 53/201
Operational Risk Score 59.3 60.1 61.0

Source: Fitch Solutions
Date last reviewed: June 13, 2019

 

Fitch Solutions Risk Summary

ECONOMIC RISK

As a member of the EU, Bulgaria has well-developed macroeconomic policies and is one of the most financially stable economies in the Central and Eastern region of Europe. Following a sustained period of deflation from 2013 to 2016, inflation returned to positive territory in 2017 but will remain relatively subdued in the coming years. With Bulgaria aiming to apply for membership with the European Exchange Rate Mechanism (ERM II), the adoption of the euro seems feasible after the obligatory two-year stay in the ERM. Apart from the necessary legal convergence, Bulgaria already fulfils all of the remaining eurozone convergence criteria. Bulgaria's current account surplus will continue to narrow over 2019 and 2020 thanks to a strong outlook for the services account, driven by the sustained boom of the Bulgarian tourism industry.

OPERATIONAL RISK

In recent years Bulgaria has been an increasingly attractive destination for the outsourcing of businesses in a number of sectors, such as pharmaceuticals communications. The workforce in Bulgaria is well educated, and the cost of labour in the country is relatively low. The country has a low corporate income tax rate of 10%. Investors in Bulgaria face growing risks sourcing suitable workers in the local labour pool, as the already small population is in a demographic decline and suffering from high levels of emigration of skilled and unskilled workers.

Source: Fitch Solutions
Date last reviewed: May 19, 2019

 

Fitch Solutions Political and Economic Risk Indices

Graph: Bulgaria short term political risk index
 
Graph: Bulgaria short term political risk index
 
Graph: Bulgaria long term political risk index
 
Graph: Bulgaria long term political risk index
 
Graph: Bulgaria short term economic risk index
 
Graph: Bulgaria short term economic risk index
 
Graph: Bulgaria long term economic risk index
 
Graph: Bulgaria long term economic risk index
 

100 = Lowest risk; 0 = Highest risk
Source: Fitch Solutions Economic and Political Risk Indices
Date last reviewed: June 13, 2019

 

Fitch Solutions Operational Risk Index


 
Operational Risk Labour Market Risk Trade and Investment Risk Logistics Risk Crime and Security Risk
Bulgaria Score 61.0 58.7 63.9 60.1 61.1
Southeast Europe Average 57.9 54.0 58.8 59.5 59.4
Southeast Europe Position (out of 12) 5 3 3 6 5
Emerging Europe Average 57.6 55.9 59.1 58.6 56.8
Emerging Europe Position (out of 31) 13 11 10 15 12
Global Average 49.7 50.3 49.8 49.0 49.8
Global Position (out of 201) 53 49 48 56 60

100 = Lowest risk; 0 = Highest risk
Source: Fitch Solutions Operational Risk Index

Graph: Bulgaria vs global and regional averages
 
Graph: Bulgaria vs global and regional averages
 
Country
 
Operational Risk Index
 
Labour Market Risk Index
 
Trade and Investment Risk Index Logistics Risk Index Crime and Security Risk Index
Slovenia 69.3 56.8 63.3 73.5 83.4
Croatia 64.5 53.3 56.7 71.3 76.7
Romania 62.9 59.1 61.2 63.0 68.5
Cyprus 62.7 56.7 64.1 61.3 68.8
Bulgaria 61.0 58.7 63.9 60.1 61.1
Serbia 57.7 60.1 60.9 57.0 52.5
Montenegro 57.5 55.9 58.4 56.6 59.3
North Macedonia 55.7 45.3 64.2 56.2 57.3
Turkey 54.8 52.3 59.8 64.9 42.0
Kosovo 51.5 54.9 58.6 52.0 40.7
Albania 51.8 48.4 48.3 49.7 56.8
Bosnia and Herzegovina 46.8 46.3 46.4 48.5 45.9
Regional Averages 57.9 54.0 58.8 59.5 59.4
Emerging Markets Averages 46 48.1 46.5 47.4 46.0
Global Markets Averages 49.7 50.3 49.8 49.0 49.8

100 = Lowest risk; 0 = Highest risk
Source: Fitch Solutions Operational Risk Index
Date last reviewed: June 13, 2019

Hong Kong Connection

Hong Kong’s Trade with Bulgaria

Graph: Major export commodities to Bulgaria (2018)
 
Graph: Major export commodities to Bulgaria (2018)
 
Graph: Major import commodities from Bulgaria (2018)
 
Graph: Major import commodities from Bulgaria (2018)
 

Note: Graph shows the main Hong Kong exports to/imports from Bulgaria (by consignment)
Date last reviewed: June 13, 2019

Graph: Merchandise exports to Bulgaria
 
Graph: Merchandise exports to Bulgaria
 
Graph: Merchandise imports from Bulgaria
 
Graph: Merchandise imports from Bulgaria
 

Note: Graph shows Hong Kong exports to/imports from Bulgaria (by consignment)
Exchange Rate HK$/US$, average
7.75 (2014)
7.75 (2015)
7.76 (2016)
7.79 (2017)
7.83 (2018)
Sources: Hong Kong Census and Statistics Department, Fitch Solutions
Date last reviewed: June 13, 2019


 
2017
 
Growth rate (%)
Number of Bulgarian residents visiting Hong Kong 5,863
 
2.8
 

Sources: Hong Kong Tourism Board, Fitch Solutions


 
2017
 
Growth rate (%)
Number of European residents visiting Hong Kong 1,929,824
 
-0.2
Number of emerging Europe citizens residing in Hong Kong 89 1.13

Sources: Hong Kong Tourism Board, Fitch Solutions
Date last reviewed: June 13, 2019

 

Commercial Presence in Hong Kong


 
2017
 
Growth rate (%)
 
Number of Bulgarian companies in Hong Kong N/A
 
N/A
 
- Regional headquarters
- Regional offices
- Local offices

 

Treaties and Agreements between Hong Kong and Bulgaria

There is an existing agreement between China and Bulgaria for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income and capital. The original agreement entered into force in May 1990. The ammended agreement entered into force in January 2003.

Source: State Administration of Taxation (The People's Republic of China)

 

Chamber of Commerce (or Related Organisations) in Hong Kong

Hong Kong Bulgarian Association of Commerce

Address: 25/F, Singga Commercial Building, 148 Connaught Road West, Sheung Wan, Hong Kong

Tel: (852) 5178 8834

Source: Hong Kong Bulgarian Association of Commerce

 

Visa Requirements for Hong Kong Residents

HKSAR passport holders do not need a visa to visit Bulgaria for a period of up to 90 days.

Source: Hong Kong Immigration Department

Date last reviewed: June 13, 2019

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