A Greek Taverna is seen in Sandanski, Bulgaria, a few kilometers away from the Bulgarian-Greek Borders, November 7, 2016. REUTERS/Theodora Arvanitidou
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Greek businessman Prokopis Makris believes moving to Bulgaria three years ago was the best decision he ever made. The accountant shut his failing furniture company in Greece and opened a business helping other entrepreneurs to move to Bulgaria to escape a 29-percent tax rate, which has jumped since Athens adopted austerity as part of an international bailout.The number of Greek-owned businesses based in Bulgaria, where the corporate tax rate is only 10 percent, has risen to 17,000 from 2,000 in 2010, when Greece had its first bailout, according to authorities.Businesses relocated from Greece generate about 5 billion euros ($5.3 billion) annually and employ an estimated 53,000 people, according to 2014 data from Greece's Embassy in Sofia. Numbers are rising fast: 3,642 Greek businesses have been registered in Bulgaria so far this year, up from 3,262 for all of 2015, according to the Bulgarian Registry Agency."There are dozens of Greek businesses just in this area alone, from transport companies to textile businesses and construction materials," said Yiorgos Kalaitzoglou who runs a logistics business out of one of the industrial parks where a sign reads, "Land of Opportunities".Three years ago, his business was stuttering in Greece.
FOLLOW THIS ARTICLE