ion under Bulgarian Law is governed by the Law on State Property and Law on Municipal Property. The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs. As another protection for foreign investors the Law requires compensation in tModern Bulgaria has a number of qualities which make it an attractive and stable investment destination.

Economic Growth - 4.9% real economic growth (2002est.)

Political Stability - A Parliamentary democracy

A European Future - Already a full member of NATO, Bulgaria has been invited to join the European Union in 2007.

Source: Gradev - Varna, July 2005 The rise in property prices, which are currently around 23% per annum, offers the same kind of potential as the early days of the Spanish property boom. Not without reason the Bulgarian Black Sea coast has been dubbed the “ New Spain ”.

Legal and International Guarantees for Foreign Investment

The Bulgarian Constitution and the Law on Foreign Investments provide national treatment to foreign investors which means that foreign investors are entitled to perform economic activity in the country under the same provisions applicable to Bulgarian investors except where otherwise is provided by law. In particular this principle covers the whole range of economic and legal forms of activities for accomplishing entrepreneurial businesses. The national treatment to foreign investors includes the participation in the process of Privatization and acquisition of shares, debentures, treasury bonds and other kinds of securities.

Legal Guarantees Against Adverse Changes in the Law

The Law on Foreign Investments stipulates the principle that foreign investment made prior to the adoption of amendments in law imposing statutory restrictions only with regards to foreign investments, shall not be affected by these restrictions. The sense of the law provides for that foreign investments shall be guaranteed against subsequent legislative changes.

Protection against Expropriation

The Bulgarian Constitution allows forcible expropriation of property in the name of the state or for municipal needs only if effected by virtue of a law provided that these needs cannot otherwise be met, and after a fair compensation has been ensured in advance. Expropriation under Bulgarian Law is governed by the Law on State Property and Law on Municipal Property. The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs. As another protection for foreign investors the Law requires compensation in th

ish property boom. Not without reason the Bulgarian Black Sea coast has been dubbed the “ New Spain ”.

Legal and International Guarantees for Foreign Investment

The Bulgarian Constitution and the Law on Foreign Investments provide national treatment to foreign investors which means that foreign investors are entitled to perform economic activity in the country under the same provisions applicable to Bulgarian investors except where otherwise is provided by law. In particular this principle covers the whole range of economic and legal forms of activities for accomplishing entrepreneurial businesses. The national treatment to foreign investors includes the participation in the process of Privatization and acquisition of shares, debentures, treasury bonds and other kinds of securities.

Legal Guarantees Against Adverse Changes in the Law

The Law on Foreign Investments stipulates the principle that foreign investment made prior to the adoption of amendments in law imposing statutory restrictions only with regards to foreign investments, shall not be affected by these restrictions. The sense of the law provides for that foreign investments shall be guaranteed against subsequent legislative changes.

Protection against Expropriation

The Bulgarian Constitution allows forcible expropriation of property in the name of the state or for municipal needs only if effected by virtue of a law provided that these needs cannot otherwise be met, and after a fair compensation has been ensured in advance. Expropriation under Bulgarian Law is governed by the Law on State Property and Law on Municipal Property. The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs. As another protection for foreign investors the Law requires compensation in t

whole range of economic and legal forms of activities for accomplishing entrepreneurial businesses. The national treatment to foreign investors includes the participation in the process of Privatization and acquisition of shares, debentures, treasury bonds and other kinds of securities.

Legal Guarantees Against Adverse Changes in the Law

The Law on Foreign Investments stipulates the principle that foreign investment made prior to the adoption of amendments in law imposing statutory restrictions only with regards to foreign investments, shall not be affected by these restrictions. The sense of the law provides for that foreign investments shall be guaranteed against subsequent legislative changes.

Protection against Expropriation

The Bulgarian Constitution allows forcible expropriation of property in the name of the state or for municipal needs only if effected by virtue of a law provided that these needs cannot otherwise be met, and after a fair compensation has been ensured in advance. Expropriation under Bulgarian Law is governed by the Law on State Property and Law on Municipal Property. The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs. As another protection for foreign investors the Law requires compensation in t

ith regards to foreign investments, shall not be affected by these restrictions. The sense of the law provides for that foreign investments shall be guaranteed against subsequent legislative changes.

Protection against Expropriation

The Bulgarian Constitution allows forcible expropriation of property in the name of the state or for municipal needs only if effected by virtue of a law provided that these needs cannot otherwise be met, and after a fair compensation has been ensured in advance. Expropriation under Bulgarian Law is governed by the Law on State Property and Law on Municipal Property. The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs. As another protection for foreign investors the Law requires compensation in t

ion under Bulgarian Law is governed by the Law on State Property and Law on Municipal Property. The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs. As another protection for foreign investors the Law requires compensation in the form of another immovable property in the same location, and only given the foreign investor's consent, in another location, or by cash if the foreign investor prefers so. Compensation equals the immovable property's market price on the day of expropriation.