Bulgaria
Foreign Exchange in Bulgaria
Bulgaria Business Experts
Related forum posts
-
Don't forget to test your target market before starting abroad!
A good and precise market research will professionalize your setup approach and will give more value to your business plan. Doing quantitative market research is a solution to add a personal touch to your market research as you are testing “your” precise target market about “your” precise project.It will make your project even more credible and it will hel
Total Posts: 6 Last post by Marketest
-
Wanted to Incorporate a Subsidiary of Indain Company in Bahrain which is engaged in the business of stock broking, commodity broking, investment advisor and allied activities.
Company will be incorporated as subsidiary (may be 100% owned or less) of an indian company engaged in the business of stock broking, commodity broking, investment advisor and allied activities. The new Company shall be engaged in the same business and the capital required will be about 1-2 million $.
Total Posts: 1 Last post by kavita
Foreign Exchange
With the introduction of a Currency Board Arrangement in 1997, all restrictions on trade in hard currency in the country were removed. Domestic banks may sell hard currency to natural persons or legal entities without any restrictions. The Credit Institutions Act, which came into force upon the accession of the Republic of Bulgaria to the European Union and superseded the existing Banking Act, regulates the terms and procedure for the licensing, operation, supervision and dissolution of credit institutions so as to ensure a stable, reliable and secure banking system and protection of the interests of depositors. Credit institutions are the banks and the electronic money institutions.
The national currency is the Bulgarian lev, and it is designated as BGN.
Each foreigner or Bulgarian may open and hold an unlimited number of bank accounts, in any kind of currency, with any bank in Bulgaria. No restrictions whatsoever apply to the repatriation of profits, capital, royalties and interest.
Exchange control regulations are based on the principle of freedom to act, transact and pay. Transfers are effected in accordance with the Foreign Exchange Act (effective 1 January 2000) and Ordinance No. 10 dated 16 December 2003 on the Export and Import of Bulgarian Lev and Foreign-Currency Cash in Hand, Precious Metals, Precious Stones and Articles Thereof and on Keeping of the Customs Registers under Article 10a of the Foreign Exchange Act.
Resident and non-resident natural persons may export and import sums of up to BGN 8,000 inclusive or their equivalent in a foreign currency freely, without declaring such sums in writing to the customs authorities. Any sums in excess of BGN 8,000 or their equivalent in a foreign currency must be declared to the customs authorities regarding their type and amount. Upon export of sums in excess of BGN 25,000 or their equivalent in a foreign currency, the origin of the financial resources which are being exported must be declared in addition to the type and amount of the currency exported. Foreigners have the right to export as much currency in excess of the limit set by the Bulgarian law as they have declared upon entry into the country.
Click here to Ask an Expert about Foreign Exchange in Bulgaria
Organisations that can assist with Foreign Exchange
-
> Ebury Partners
Your Foreign Exchange Partner
-
> Baydonhill FX
Best exchange rates with excellent service
