The number of Greek businesses moving to Bulgaria has increased 20-30% in the last month as the new tax raises went in effect in June.
The businesses are mostly located in northern Greece and they are small to medium enterprises, and they range from manufacturing to service providing.
The economic crisis has already forced thousands of SMEs and some big companies to relocate in the neighboring country. However, the new, harsh economic measures make more businessmen transfer to Bulgaria, where taxes are substantially lower.
According to a newmoney.gr report, in the last month the number of businesses fleeing to the neighboring country has increased by 20% -30%. Most of them from Macedonia and Thrace, two northern regions that border with Bulgaria.
At the same time, consulting firms that help businesses relocate are now expanding further south offering their services in Thessaly, Central Greece and even Peloponnese. There are about 30 consulting companies operating at the moment.
Also, accounting firms receive thousands of requests for small and medium entrepreneurs who want to transfer their businesses to Bulgaria. According to the report, a large accounting office in Piraeus has received 20 applications from wholesale enterprises that want to leave Greece and relocate to Sofia and Varna, in the past 40 days.
The consulting firms have increased their online advertising, pointing out the advantages businesses could have by transferring to Bulgaria, such as low-tax on corporate profits (10%), dividends (5%), avoiding double taxation, the low capital needed for founding a business (50 euros) and the stability of Bulgaria’s banking system as opposed to Greece’s.
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