On 15 June 2004 Bulgaria successfully concluded the negotiation process for European Union membership and on the January 1, 2007 Bulgaria was officially admitted as a full member.
Ever since then Bulgaria has undergone serious progress and transformation of its economy, regulations and legislation. By initiating and finalizing many reforms in the private, political and juridical sectors, Bulgaria has proved that it has one of the fastest progressing economies in the EU and the ambition to become the most attractive center in Europe for foreign direct investments. With having one of the lowest external debt and one of the strongest fiscal discipline, Bulgaria proved to be a financially stable open market and for these reasons, as well as for many other, Bulgarian economic climate was pronounced to be one of the most favorable for foreign investments in 2011 by the World Bank.
The full membership rights of Bulgaria in the European Union, brought many advantages to the country’s economic growth and prosperity. For example, all of the goods manufactured in Bulgaria are with origin in the EU and can be exported to other member states without duty. Since for exports and imports VAT is not payable on boarders, this seriously contributes companies to make saving on their operating capital. Moreover, if foreign producers establish their production in Bulgaria, all the goods produced will be with origin in the EU. This way they can freely be traded in the EU countries avoiding any import restrictions on goods with origin outside the EU.
Another big advantage of Bulgaria after its accession in the EU is the free movement of people. For example, foreign citizens, who register a company in Bulgaria and give employment to at least 10 Bulgarian citizens, are entitled to receive temporary residence permits with which they can easily get visas for other countries from the EU from their Embassies in Bulgaria. After 5 years they can obtain a permanent residence permit which will enable them to travel in the EU without any visas.
The accession of Bulgaria in the European Union in 2007 has greatly contributed to Bulgaria’s overall economic and financial development and progress. As a result of sound macroeconomic policies and deep structural reforms, Bulgaria achieved a real economic and fiscal stability which led to a stable inflation rate, great improvement in investors’ confidence and an overall positive performance.