Bulgaria To Lower Social Security Burden for Foreign Investors Creating Jobs

Bulgaria To Lower Social Security Burden for Foreign Investors Creating Jobs

Bulgaria's parliament adopted on Thursday legal amendments envisaging that foreign investors are reimbursed for their social security expenses for newly hired employees for a period of 24 months, the economy ministry said.

The investors, however, should pledge that the levels of employment and investments remain unchanged for three years for small and medium-sized companies and for five years for big ones, the ministry said in a statement.

The amendments to the Law on Investment Promotion aim to increase foreign investments in high value-added industries, to create new highly productive jobs and encourage economic activity in areas with high unemployment levels. The amendments facilitate the procedure of granting Bulgarian citizenship to foreign investors in the country.

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