Category: blog (Page 1 of 3)

Bulgaria’s Economy Keeps Momentum in Q2 2025

29. August 2025 / Dennis / 0 Comments

Bulgaria’s economy maintained solid growth in the second quarter of 2025. GDP rose by 3.1% year-on-year, mirroring the gains seen in Q1, and increased 0.7% quarter-on-quarter. These figures underscore a consistent pattern of expansion.

Economic activity across industries also gained strength. Gross value added climbed 2.5% year-on-year, signaling widespread output growth across sectors.

The growth was driven by several key components:

Final consumption, responsible for around 80% of Bulgaria’s GDP, rose by 0.9% quarter-on-quarter. With final consumption amounting to approximately 41,329 million leva (over €20 billion), consumer demand remained a dominant force in economic activity.
Exports of goods contributed growth of 0.6% compared to Q1. Meanwhile, gross capital formation (investment) accounted for 19.1% of GDP, totaling nearly 9,896.6 million leva (nearly €5 billion).
The foreign trade balance stayed in surplus, further bolstering overall performance.

Seasonally adjusted data confirmed the economy’s momentum, with growth of 0.6% compared to Q4 2024.

Monetary Values & Living Standards

In Q1 2025, Bulgaria’s GDP stood at 45,617.3 million leva, translating to roughly 7,093 leva per person. Converted at the average quarterly rate (1.859196 leva per US dollar), the total GDP was approximately $24,536 million, or about $3,815 per capita. In euro terms, GDP reached around €23,324 million, with per capita income near €3,626.

These figures highlight modest but meaningful gains in overall economic output and per-person productivity.

In Summary

Bulgaria sustained stable economic growth in Q2 2025, with 3.1% year-on-year and 0.7% quarterly increases.
Growth was broadly supported by consumer spending, exports, and investment, alongside a healthy trade surplus.
Output gains were widespread across sectors, as reflected in gross value added figures.
Per capita GDP stands at approximately €3,600–€3,800, signaling gradual improvements in living standards.

This consistent growth pattern suggests that Bulgaria’s economy remains resilient and steadily on the upswing, setting a positive tone for the months ahead.

Sources

https://www.novinite.com/articles/233915/GDP+Growth+Continues%3A+Bulgaria+Records+Steady+Increase+in+Second+Quarter

Bulgaria’s steady economic growth – with GDP rising by 3.1% in Q2 2025 – is a strong signal for entrepreneurs and investors alike. It highlights that consumer demand, exports, and investments are on solid ground, creating a stable and expanding market environment. For business founders, this means greater market potential, increasing purchasing power, and a supportive backdrop for launching new ventures. Combined with Bulgaria’s favorable conditions such as the 10% flat tax and relatively low operating costs, the country offers an attractive foundation for building and scaling a successful business.

Francesco’s Encore: Building a Creative Business in Bulgaria

25. August 2025 / Dennis / 0 Comments

In recent years, Bulgaria has become an exciting destination for entrepreneurs. Especially for people in the creative industries, the country offers opportunities that are often hard to find in Western Europe. A great example is Francesco Marzola, an Italian musician and composer who took the leap to start a business in Bulgaria. His story shows how passion, courage, and pragmatism can come together to open a new chapter in life.

From Musician to Entrepreneur

Francesco didn’t move to Bulgaria for economic reasons but out of love. His partner, a ballet dancer, was offered a position at the National Opera in Sofia. In Italy, it had become increasingly difficult for many creatives to make a living. So, Francesco decided to take the leap – and found a Master’s program in film music in Sofia that perfectly matched his vision.

This step opened unexpected doors. Soon after, he discovered opportunities in the booming gaming and online casino industries. With his dual expertise – composition and sound design – Francesco was able to carve out a niche for himself.

Starting a Business in Bulgaria – Easier Than Expected

The next step was clear: turn passion into a company. Francesco decided to register an EOOD (the Bulgarian equivalent of a limited liability company). With legal guidance, the entire process was completed within just one week – something that would have taken much longer in Italy.

Opening a business bank account also turned out smoother than expected. With an English-speaking bank, Francesco found low fees and easy-to-use online invoicing platforms that made his financial processes efficient.

Advantages and Challenges

How does Francesco see the decision to start a business in Bulgaria?

Advantages:

Low taxes: A flat corporate tax of 10% offers financial flexibility.
Affordable living costs: Both living and operating expenses are significantly lower than in Italy.
Market opportunities: Niche industries like film music and gaming are growing and open to newcomers.

Challenges:

Language barrier: Bureaucracy is still difficult without Bulgarian.
Limited funding: Compared to countries like Germany, Italy, or the US, state funding and investor networks are less developed.

Composing the Future

For Francesco, Bulgaria is the perfect place to build his creative career. With a new website and plans to expand his team, he aims to win bigger projects in Bulgaria and internationally.

His story shows: those who are willing to take risks and adapt can transform their creative passion into a sustainable business in Bulgaria.

This is just a glimpse into Francesco’s inspiring journey. You can read his full story and many more in the book “Start in Bulgaria – How to open a company in Bulgaria?”

Want more inspiring stories? Explore the experiences of other entrepreneurs in Bulgaria and check out our overview post on how to start a business here—packed with tips, insights, and real success stories.

Crossing Borders: Nadya & Alek’s Journey Through Bulgaria’s Bureaucratic Maze

15. August 2025 / Dennis / 0 Comments

Starting a business in Bulgaria can be both an exciting adventure and a real test of patience. Nadya and Aleks took that leap with Imagine Travel (nowadays Imagine Travel: Reading Retreats) , a company offering authentic cultural and nature experiences. Their path through forms, unclear regulations, and strategic decisions offers valuable lessons for anyone dreaming of launching their own venture in Bulgaria.

Understanding the Landscape

If you want to start a business in Bulgaria, you need to understand the environment first. Nadya and Aleks knew the country and spoke the language – yet they still faced conflicting information and unclear instructions. In industries like tourism, special licenses from the Ministry of Tourism are mandatory. The tricky part? The guidelines are often vague, leaving founders guessing whether a tourism degree or relevant work experience is required.

Research & Professional Support

Months of research eventually led the two to hire a lawyer familiar with local regulations. Communication took place mostly via messaging apps – not ideal, but it kept things moving. Their advice to others: involve experts early to save time and stress.

Connections Are Key

In smaller towns, navigating bureaucracy can be much easier if you know the right people. Nadya and Alek’s relationships with local bank staff, municipal officials, and service providers opened doors and sped up processes.

Managing Financial Hurdles

Bulgaria’s flat corporate tax rate of 10% and dividend tax of just 5% are major draws. Still, start-up costs should not be underestimated. For Nadya and Alek, Bulgaria was particularly appealing compared to Cyprus, where they would have had to lock €15,000 in a bank account as a security deposit.

Building a Support Network

“Going it alone” wasn’t an option for them. Their partnership provided not only practical help but also emotional support. They recommend finding mentors or business partners who know the local market and can share their experience.

Staying Flexible & Gathering Feedback

Before Imagine Travel officially launched, they planned to run a series of test tours. These “focus group” trips would help them gather feedback and fine-tune their offers to match their customers’ needs.

Pros and Cons from Nadya & Alek’s Perspective

Pros:

Strategic location in Southeast Europe
Lower operating costs compared to other markets
Growing tourism industry with new opportunities

Cons:

Complex and time-consuming bureaucracy

Nadya and Alek’s journey shows that starting a business in Bulgaria takes patience, research, and strong connections. But for those willing to invest the effort, the rewards – from low taxes to strategic advantages – can be worth it.

And this is just the short version. You can read the full story, including all the behind-the-scenes challenges and solutions, in our book “Start in Bulgaria – How to Open a Business in Bulgaria”.

Follow Imagine Travel: Reading Retreats on Facebook

From Russia to Bulgaria – Mikhail’s Journey to Starting a Business in Bulgaria

12. August 2025 / Dennis / 0 Comments

Sometimes life forces us to make decisions we never imagined – and that’s exactly how Mikhail’s journey to Bulgaria began.
The experienced copywriter from Russia had specialized in English-language content since 2015, working with international clients and living as a freelancer. But when the war broke out in 2022, everything changed: for safety and political reasons, he had to leave the country – with nothing but a backpack, laptop, and a few clothes.

A dim, somber bedroom in Russia. On the unmade bed lie a black backpack, an open laptop, and a few wrinkled clothes. Soft light filters through a window, casting shadows across the room.

Bulgaria was completely unknown territory for him. He knew no one, didn’t speak the language, and had never been there before. Through Facebook, he quickly found temporary accommodation in Sofia. Through that he got enough time to settle in, open a bank account, and lay the foundation for a new start.

Why Mikhail Decided to Start a Business in Bulgaria

In Bulgaria, Mikhail dissolved his Russian business registration and founded an OOD – the most popular company form for small businesses. The registration was surprisingly quick: everything was official after just one day. With the help of a friend who had already founded several companies, he received the necessary document templates, found an accountant, and was ready to go.

While his location changed, his client base remained largely the same. Mikhail continued working for international clients, including a Belarusian marketing agency and a travel agency that had relocated to Cyprus. His network stayed global – he has never had a local client in Bulgaria.

Starting a Business in Bulgaria – Opportunities and Cultural Differences

What struck Mikhail early on was Bulgaria’s more relaxed, but also less predictable business culture. Shops were sometimes closed during posted opening hours, meetings could be rescheduled at short notice, and planning was often less structured than in Western Europe. He recalls running a debating club, only to find the coworking space owner had left for a team-building trip to Greece without notice.

These experiences taught him patience and flexibility. “If a local isn’t stressed, there’s probably no reason to be,” he advises.

The Advantages of Starting a Business in Bulgaria

Bulgaria offers clear benefits for entrepreneurs: low corporate taxes, affordable social security contributions, and lower living costs. At the same time, one must accept a lower standard of public services and a “do it yourself” mentality. Mikhail calls it the “Wild East of Europe” – a place where creative and resilient people can build a good life.

Starting a language school in Bulgaria: Amy’s courageous path to independence

28. July 2025 / Dennis / 0 Comments

Starting a language school in Bulgaria might sound like a distant dream for many expats. But for Amy Sabella, it became reality. Originally from New York, Amy moved to Bulgaria with her family—what was meant to be a fresh start quickly turned into a challenge. After separating from her partner, Amy suddenly found herself alone in a foreign country with two young children. But instead of giving up, she used her talents and the local demand to build a new life.

How It All Started: From Living Room to Language School

It all started with a simple idea—and one question: “Have you ever thought about teaching English?” Although Amy’s first language is actually Spanish, she saw this as an opportunity. She began by teaching small groups of mothers and their children in her living room. Over the years, this evolved into a professional language center. For Amy, starting a language school in Bulgaria wasn’t a business plan—it was born out of necessity. And that’s exactly what made it work so well.

Her teaching style, shaped by her background in psychology, business, and acting, was well received by her students. She created an environment where kids felt safe and where learning was fun.

Check out Amy’s language school on Facebook.

Starting a Language School in Bulgaria: Challenges and Solutions

Of course, building a language school in Bulgaria also came with challenges. Language barriers, bureaucratic hurdles, and a lack of initial local networks could be discouraging. But Amy found support: a dedicated accountant and a trustworthy lawyer helped her navigate the administrative jungle.

One major advantage: the comparatively low costs of starting a business. Unlike in the U.S., Amy found the financial burden manageable—especially with professional guidance. Her advice to other foreigners: “Find local supporters. Community can be a real game changer.”

A Family Business with Heart

Today, Amy’s language school is a true family business. Her children started helping early on—teaching classes, managing the books, and assisting with organization. During the pandemic, Amy showed just how adaptable she could be: she switched her classes to Zoom and at times taught over 50 children simultaneously online.

This flexibility paid off—not only financially, but also in her deep relationship with her students. Many stayed with her for years—from preschool through college prep.

Conclusion: Starting a Language School in Bulgaria – Just Do It!

Amy’s advice for anyone thinking about starting a language school in Bulgaria is simple: “Just do it! Try and fail if you must—it’s better to try than never try at all.” For her, success isn’t only measured in business growth, but in positively impacting people’s lives.

If you’re thinking of starting a language school in Bulgaria, Amy is an inspiring role model. With courage, creativity, and community spirit, it’s absolutely possible to build a stable, meaningful business—even in a foreign country.