About Bulgaria

General information

The Republic of Bulgaria is situated in South-eastern Europe, in the Balkan Peninsula. For centuries, the roads passing through the territory of the country have been connecting Europe with Asia and Africa. Four common European transport corridors, connecting West and North Europe with the eastern and southern part of the continent, cross their roads here.

Bulgaria is also known for its picturesque nature and rich cultural heritage. According to the statistics, the country ranks third in Europe only after Greece and Italy for the number of its valuable archaeological monuments.

Government and Policies

Bulgaria is a parliamentary republic. Its basic law is the Constitution, founded on the principles of separation of powers among a legislative, executive and judicial branch of government

Bulgaria has the following institutions of State: National Assembly, Council of Ministers, President of the Republic, and Constitutional Court.

Legislative power is the supreme power in the country. It is exercised by Parliament (the National Assembly). The National Assembly is elected for a four-year term of office.

Parliament

Bulgaria is a Parliamentary Republic and the basic power in the country is the legislative one. The Parliament (The National Assembly) exercises the legislative power, as well as the right to parliamentary control. The mandate of the National Assembly is a 4 - year one. The National Assembly consists of 240 MPs. They are elected directly by the voters for a 4 year term, on the basis of the proportional system. So that the parties and the pre-election coalitions enter the National Assembly, they must collect above 4% of the total number of votes at the elections. The National Assembly elects temporary and permanent commissions, where MPs participate. It adopts laws, decisions, declarations and statements. Every member of the National Assembly or the Council of Ministers has the right to introduce a draft of a law. The draft law on the state budget is developed and introduced by the Council of Ministers.

Government

The Government (The Council of Ministers) is the main body of the executive power, headed by the Prime Minister. The Council of Ministers rules and conducts the internal and foreign policy of the state, secures the public order and the national security, exercises control over the public administration and the military forces.

The Prime Minister to be is nominated by the largest parliamentary group, after which the President hands in the mandate to him for forming the government. The proposed Council of Ministers is voted by the National Assembly, which controls directly the activity of the government.

President

The President is the Head of State and is elected with direct elections once in every five years, for not more that two mandates. The President is the supreme commander of the military forces of the Republic of Bulgaria and Chairperson of the Consultative Council for national security.

Local Government Executive Authorities

The status and powers of the local executive authorities depend on the territory structure of the country.

The municipality is the main administrative territorial unit for the local government. The policy of every municipality is determined by the Municipality Council and includes the economic development, the environmental policy, the educational, the cultural, etc. activities. The Municipality Council approves the annual budgets and development plans of the corresponding municipality.

Every municipality is ruled by a Mayor. The Mayor is in charge of the whole executive activity of the municipality, of keeping the public order, and organizes the distribution of the municipality budget.

The region is the bigger administrative territorial unit. Through it the governmental local policy is conducted in a decentralized and more effective way. A regional governor, assigned by the Council of Ministers, rules each region.

Judiciary Bodies

The judicial power in Bulgaria is independent. It is built up on the basis of a procedure of three instances.

The Supreme Administrative Court (SAC), and the Supreme Cassation Court (SCC) exercise control over the implementation of the law by the courts of lower instances, and take decisions on the legality of the executive power’s acts.

The Constitutional Court determines if the laws and the international agreements are in compliance with the Constitution.

A Supreme Judicial Council (SJC) has been established, which organizes the activity of the judiciary.

Constitution

The acting Constitution of the Republic of Bulgaria was adopted in July 1991. It was built on the basic principles of the contemporary constitutionalism.

The Constitution provides a multi- party parliamentary system and free elections, in which all the citizens of the Republic of Bulgaria take part with the right to vote. After the elections, the largest parliamentary group constructs the government. So that the government is approved (The Council of Ministers), as well as for adoption of regular legal acts, general parliament majority is required. Amendments in the Constitution are to be adopted through three quarters of parliament majority.

Travel in Bulgaria

The Bulgarian contribution to the world cultural heritage consists of seven Bulgarian cultural monuments and two wonders of nature. They are protected by UNESCO, along with about 300 more world landmarks.

Why invest in Bulgaria?

• Highly-skilled, multilingual workforce at Europe's most competitive wages
• Stable and predictable business and political environment
• EU membership
• Free trade with the EU preferential trade partners, including EFTA, Turkey, Mediterranean countries, Western Balkan countries, South Africa, Mexico, Chili, etc.
• 10% corporate income tax rate
• 10% personal income tax
• VAT exemption on equipment imports for investment projects over EUR 5 million
• Annual depreciation rate of 30% for machinery & equipment, 50% for new equipment used in new investments and 50% for software and hardware
• Treaties for avoidance of double taxation with 61 countries
• Agreements on mutual protection and promotion of foreign investment with 60 countries
• Acquisition of land and property through a Bulgarian registered company with up to 100% foreign ownership
• Членство в NATO