Congrats Bulgaria
 

10% flat income tax rules


:pimp

Wow, that's pretty progressive thinking. Is this true? I found this

http://www.worldwide-tax.com/bulgaria/bulgaria_tax.asp

the site you're quoting says "last update february 2006" and I just heard on the news that they implemented 10% income tax starting 2008

I wonder how such income tax would work, say, in the US

EDIT: we have Antonio from Bulgaria here, maybe he will share more insight on that

10%?Holy shit i need to move there

Antonio get your butt in here!

I have to change my home, I am paying 50% tax after 25% social security fees.

holy crap that'll leave a mark.... it's that bad in Austria?

Go to monaco it has 0% ;)

We were 10% before but went to 12% now! :(

:thumbsup

yeah, it's been discussed for a while, and I believe they are implementing it starting 2008 (still has to go trough Parliament I think), the main goal is to actually make more people and businesses pay the taxes they should be paying (since paying only 10% and sleeping well at night is not a bad option)

on the other hand on top of your taxes you pay two other things (I think health insurance and pension fund thingy) that you have to pay, but I welcome the 10% tax - it should bring even more investments to the country

woot woot!

I love Bulgaria. I'll have to go there again sometime.

Second good reason to move there. The first one, very funny people!

fucked up those taxes...:mad:

that's a good thing

thats pretty low, only other place with 10% is the Isle of Man but they have zero company tax.

http://news.bbc.co.uk/1/hi/business/4736188.stm

Bulgaria is a seriously nice place to live. Anyone here living out there?

how are the Bulgarian babes? :pimp

very hot babes.... and 48% less tax than what im paying. More info here:

http://www.iht.com/articles/ap/2007/...Tax-Reform.php

Sounds like an idea... to get an apartment there and stay for ~190 days/year at least, and incorporate in Isle of Man. Looking kind of attractive.. ;)

If you personally earn $50m in Bulgaria, you will pay $5m income tax

If you personally earn $50m in Isle of Man, you will pay $200k income tax (because max income tax paid in any yr is £100k or approx $200k)

Thats why PokerStars & Neteller is out there. So it depends where your at in your biz, but youll probably have a more enjoyable lifestyle in Bulgaria :2 cents:

I get your point, and It's partially taken :)

To my understanding though (haven't delved into it deep enough yet), You can set up a "non-resident" company, and only be personally taxed in the country you are personally resident in... :winkwink:

The company itself will have Isle of Man's ZERO corporate *profit* tax, and then the company pays out a wage (effectively, *you* set the level) to you in Bulgaria..
where you personally pay just 10% income tax on that.. know whatta mean? :winkwink:

Yes its true, and its kicking in for sure from the start of 2008

now to answer some of the other questions
- babes are very hot, a lot of them, slutty and like bling bling :) (well we have some good, modest girls too, just in case you are looking for a wife, hehe)
- the night life is wild, both literally and in the good sense of the word as well :)

If someone has business related questions ill be happy to answer to those as well :)

Well whats the crime level like? Is there good policing?

Do many people speak english out there?

Is Labour as cheap as in say Romania?

What are property prices like out there?

What is the level of education amongst the people?

I prefer the cayman Islands:)

Bulgaria is a nice place to live if you are Bulgarian, if you're foreigner I think you're better off living in Prague. With that said:

Q: Well whats the crime level like? Is there good policing?
A: For the "ordinary" people it's really safe IMO, MUCH better than it was 10 years ago, right now you're probably 100 times more likely to die in a car accident than being murdered. Of course criminals, drug dealers etc get murdered and the press loves it when it happens!

Q: Do many people speak English out there?
A: No idea

Q: Is Labour as cheap as in say Romania?
A: Even cheaper but there's a big difference between the wages in the different cities, the smaller the city the lower the wages.

Q: What are property prices like out there?
A: Newly built apartment in a bigger city (100 square meters) - $70 000 and up

Q: What is the level of education amongst the people?
A: School is not compulsory so most young people go there for a year or so and then drop out and pursue other activities. If you can read and write at the same time you get elected as a mayor, the president had 3 years of schooling but some say his school certificate is a forgery so I can't really comment on that.

PS Cannibalism is not uncommon


Hope that helps

Damn, that sucks. I mean 10% income tax is a nice saving, but not going there if im going to be eaten by someone.

WTF!?!?!?!?!?!

What do you mean cannibalism!?!?!?!?!?

people are quite poor in some of the remote areas and food is scarce, but as a foreigner I think you're safe, after all eating a foreigner can land you in jail for 6 months so why take the risk????