Advantages and Disadvantages of Bulgarian Bank Account
What are the advantages and disadvantages of Bulgarian Bank Account? This is a question that we get asked a lot on our website and offices.
In this article we would like to briefly go over the main points that should be interesting to investors business owners.
The first and foremost advantage is the fact that the Bulgarian banking system is stable and secure.
According to the latest stress test conducted in Bulgaria all Bulgarian banks performed without any issues and proved to be highly liquid. Furthermore, this allows them to sustain heavy withdrawal from their depositors without any issues.
Having a Bulgarian bank account mean that you gain access to the European bank system without ever having to visit Bulgaria personally. This is achieved by employing the services of professional legal firms with years of experience in the field.
It also means that your interest incomes are tax free.
If this is additionally combined with a Bulgarian company, you can minimize your tax expenses by redirecting your international incomes into your Bulgarian Bank Account.
Now that we have covered what the main advantages of having a bank account in Bulgaria are we should also take a look at the main disadvantages.
The whole process can be completed online without ever visiting the country. However, for some not having the convenience of a local branch is considered a disadvantage.
The biggest disadvantage is the fact that you need to have a trustworthy partner in this endeavor. Therefore, choosing the right company to assist you in this is essential.
When choosing this important move for your business pick a partner that has been in the legal and financial field for at least 10 years.