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Bulgaria no. 1 with Russian investors due to tax haven status
Updated: 2009-03-31

Bulgaria: a Tax Heaven for Russian Capital

“Russia’s tourists will prefer Bulgaria’s beaches to Spain’s luxury resorts,” Roman Privalov

Among the organizers of the Russian-Bulgarian business forum, which is going to take place in Moscow on April 2, is Roman Privalov - member of Edinaya Rossia party and the Russian Parliament. He is a legal expert dealing in construction materials production. Privalov is also a member of the Committee for Friendship between Bulgaria and Russia. The following interview is his comment on the Bulgarian-Russian business relations and his expectations for the forthcoming forum, exclusively for The Standart.

- Mr. Privalov, are Russian investors really so much interested in Bulgarian seaside property?

- Yes. And there is no question about that, especially when it comes to hotel buildings and all other sorts of commercial property. There are multiple joint ventures that were established quite a while ago and continue to be up and running in Bulgaria thanks to Russian capital.

- In your opinion, what needs to be done on governmental level in order to improve the trade relations between Bulgaria and Russia?

- I think that the lack of information about how to do business in Bulgaria is the biggest issue at the moment. Bulgaria needs to learn to speak openly and clearly about it and perhaps come out with some business proposals.

- What are the most preferred investment fields here?

- Construction. However, we’re talking about construction on the medium sized enterprises level. If we’re talking about business on a bigger level, I’d say energy. The cooperation between Bulgaria and Russia in nuclear energy is on a particularly high level. Perhaps the Russian businessmen would now redirect part of their capitals here because, as I already said, your country offers very good business climate and favourable tax policy and it is easy to work with local businessmen.

- Will there be many Russian tourists at the Bulgarian seaside this summer?

- I don’t think their number would decrease very drastically. For example, we do expect an outflow of Russian tourists from the expensive resorts in Spain because people tend to become wiser spenders in the conditions of a global crisis and would very likely prefer the Bulgarian Black Sea coast for their vacation.

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