The Ambassador of Cyprus on his first visit to Varna

Wednesday, 07th Jul, 2010

The Regional Governor of Varna District, Mr. Dancho Simeonov had a meeting on Tuesday the 6th of July 2010, with the Ambassador of Cyprus to Bulgaria H. E. Mr. Stavros Amvrosiou and the Chairman and CEO of Eurolink Investment Group Dr. Christopher Violaris. The meeting took place at the conference room of the Regional Administration in Varna.

During this very productive meeting, opportunities for cooperation between the two friendly EU member countries were discussed, in particular – to provide opportunities and actively assist the contact and dialogue between business representatives from both countries. On this occasion, Dr. Christopher Violaris announced that on September 8th this year a forum will be held in Varna, organized jointly by the Chambers of Commerce of Cyprus and Bulgaria and the Cyprus-Bulgaria Business Association and to which businessmen from United Arab Emirates, Ukraine and other Eastern European countries will participate. The Varna Regional Governor was invited by Dr. Violaris to be a guest and participant at the event.

HE Mr. Amvrosiou announced that this year Cyprus celebrates 50 years since its establishment. In this respect, he stressed on the contribution of Bulgaria to the recognition of the country and the establishment of diplomatic relations between Cyprus and Bulgaria.

According to the reported by the Ambassador official statistics, Cyprus is home to approximately 30,000 Bulgarians. “They are easily integrated and work very well. They do not create problems and cohabit in harmony with their compatriots”, HE Stavros Amvrosiou was explicit.

Today, HE Mr. Amvrosiou had meetings with the Metropolitan Bishop Kiril of Varna and representatives of the Cyprus business in the Varna region.

Important Notice for Owners of Properties in Bulgaria

Please be informed that if you have purchased properties in Bulgaria and due to changes in the Bulgarian Law on Local Taxes, all owners/companies registered in Bulgaria are obliged to submit tax declarations according to Article 14 of above law and to re-declare their properties by end of June, 2010.

Eurolink Financial Group offers you the service of organizing this on your behalf for EUR 100 per property, paid by June 29th, 2010.

Should you wish the procedure to be carried out by our financial specialists, please email us to confirm and arrange payment.

Bulgaria’s Varna Enjoys Parade of Sail of 2010 Tall Ships Regatta

24th May, 2010,

The Parade of Sail amazed the viewers in the Varna Gulf before the 22 vessels from the 2010 Tall Ships Regatta set out of Bulgaria. Photo by BGNES

Thousands of residents and guests of the Bulgarian sea capital Varna have enjoyed the marvelous Parade of Sail staged by the participants in the 2010 Historical Seas Tall Ships Regatta.

Led by the Bulgarian barquentine Kaliakra, the 22 participants in the regatta sailed close to the coast in the Varna Gulf in order to demonstrate the beauty and splendor of their vessels.

After spending four days in Varna – the first ever Bulgarian stop of the Historical Seas Tall Ships Regatta – at 4 pm Monday, the boats started the second leg of the regatta by setting off to Istanbul.

The 22 participants in the 2010 Historical Seas Tall Ships Regatta sail under the flags of 16 nations. They set off from the Greek port of Volos on May 12, 2010. The 2010 Historical Seas Tall Ships Regatta is taking place in May and early June 2010. Leg one of the Historical Seas Tall Ships Regatta followed the route, according to the legend of Jason and the Argonauts in search of the Golden Fleece from Volos, Greece (May 12-15) through the Dardanelles into the Black Sea. The next port of call was Varna, Bulgaria (May 21-24), departing on the country’s National Day (day of the Bulgarian Education and Culture and Slavic Script).

From there the fleet races to Istanbul, Turkey (May 27-30), where the Regatta will be a centrepiece of the city’s celebrations of its designation as European Capital of Culture in 2010. From there the fleet will cruise and race to Lavrion, Greece (June 4-7) close to Athens and a wealth of other historical and cultural sites in the region of Attica.

The Tall Ships’ Races are races for sail training “tall ships” designed to encourage international friendship and training for young people in the art of sailing. The races are held annually in European waters and consists of two racing legs of several hundred nautical miles, and a “cruise in company” between the legs.

Between 1973 and 2003 the races were known as The Cutty Sark Tall Ships’ Races, having been sponsored by Cutty Sark whiskey. Since 2004 the races have been supported by The City, Province, and Port of Antwerp.

Bulgaria Aims to Increase Dental Tourism Sector


Apr 22nd, 2010,

Bulgaria plans to put some teeth in its dental tourism sector by implementing a national policy for the fast-growing market as the global economic crisis increases demand for inexpensive treatment.

Bulgaria now attracts only three percent of the dental tourists in the world, said Ventsislav Stoev, a dentist and head of the Bulgarian Association for Health Tourism. “It is a very small part in this fast-growing market especially having in mind Bulgaria’s potential for health tourism,” Stoev told Xinhua.

Bulgaria in the past did not have a national policy for health and dental tourism and each clinic worked on its own without any coordination with the others, Stoev said. That situation is changing, the doctor said. “After some discussions with authorities in our Parliament, we have a national policy to organize dental tourism all over the country, and to include more and more highly qualified dentists in it,” Stoev said. Bulgaria has clear advantages to develop dental tourism because of the country’s beautiful nature, relatively large number of dentists and low labor costs, he continued. There are about 7,800 well-educated dentists in Bulgaria who own clinics with good equipment and laboratories.

Stoev, who owns his own clinic, said there are two types of dental tourism in Bulgaria. The old type only provided dental treatment for foreigners, he said. Foreign patients came to Eastern Europe where the quality of the dental treatment was the same as in the developed countries but at significantly lower prices, he added.

The second type is the real dental tourism, which combines dental treatment with tourism, Stoev said. The dentist said dental tourism has been organized in two ways. The first is organized by the clinics, which offer dental treatment and tourism in different regions of Bulgaria. The second, Stoev said, is the biggest.

“This kind of tourism is organized by different tour operators abroad who bring patients from different countries like Germany and Italy here, and at the same time they organize different tourist trips throughout Bulgaria, depending on the wishes of these patients,” he said.

Some of the dental clinics are located in the mountains or near the Black Sea, which is attractive to the patients.

“The most important and the great privilege of our dental tourism, is the combination between the high quality dental treatment and our unique nature, and the prices which are very compatible to other countries,” Stoev said.

The global economic crisis provides an opportunity for Bulgaria to develop its dental tourism because the crisis increased demand for lower prices, he said.

Bulgaria’s unique nature, professional treatment and low prices attract many patients, he said.

In addition, Stoev said Bulgaria has three advantages to develop its dental tourism: highly qualified dentists who speak foreign languages, high level clinics located in nice areas, and a sound medical system that guarantees the treatment of foreign patients.

The clinics participating in dental tourism have a system to guarantee treatment and if some complications appear later, there are dentists-partners based in the countries where the patients come from, Stoev said.

He said some new patients come to Bulgaria for the dental tourism after hearing nice stories from friends or relatives about their experiences in the country.

Easter Holidays – April 2-5, 2010

Dear Partners, Clients and Friends,

We would like to inform you that our Head Offices in Varna, Bulgaria will be closed from Friday, April 2nd, 2010 until Monday, April 5th, 2010 due to the Easter Holidays. Our office in Nicosia, Cyprus will be closed from Thursday, April 1st, 2010 until Monday, April 5th, 2010. Should you have any urgent queries, please contact our Office Manager, Ms. Nedyalka Aleksandrova at +359 894 417 675.

In this season of beauty, renewal and joy, wishing for you happiness and success & sending you our best wishes for a Happy Easter!!!

Thousands of British expats due to lose their property in occupied Northern Cyprus

The British Court of Appeal (Civil Division) with its judgement in the Apostolides v Orams case (Case No: A2/2006/2114) on 19 January 2010 has created an unexpected new legal situation in the ongoing struggle in Cyprus between Greek-Cypriot owners of property who had been forced to flee in 1974 and whose land had been grabbed by the invading Turkish Army, and for the mostly foreign speculators who took control of those lands, building, at times, plush ‘holiday’ dwellings on them.

The judgement of the Appelant Court, which under UK law is final and cannot be appealed to the Supreme Court, is expected to be of intense interest not only to the owners of property whose lands were being exploited illegally by foreigners but also by the political groupings of both Turkish and Greek Cypriots who are in the midst of very sensitive negotiations attempting to find a solution to the division of the country and the continuing occupation of the northern part of the island by Turkey.

The ruling effectively nullifies the 1975 Turkish Cypriot absentee property law, which deprived Greek Cypriots of their properties and enabled foreigners to acquire their land and homes in the occupied area.

[15:41:51] Lili Skatavkata: Up to 5,000 British people who own homes in nothern Cyprus could be affected by the ruling

Up to 5,000 British people who own homes in occupied nothern Cyprus could be affected by the ruling

The judgment provides that the earlier Cyprus Court judgments, against whom the Orams appealed in the British Courts, and the European Court of Justice judgements in Luxembourg,(1) be registered and enforced in the UK. In particular, the Cyprus Court had ordered that the Orams should:

  • Cease trespassing on the land belonging to Mr. Apostolides;
  • Deliver up possession of the land to Mr. Apostolides;
  • Pay ‘mesne profits’ (effectively, rent) to Mr. Apostolides in respect of the period of their occupation;
  • Knock down the villa and fencing they had built on the land.

The Orams will also be ordered to pay the legal fees incurred by Mr. Apostolides, regarding the London and Luxembourg proceedings. It is significant that neither the Orams nor their barrister Cherie Blair were present in the Appelant Court when the decision was announced.

England and Wales Court of Appeal (Civil Division) Decision is available at

For more information on how it all started, visit:

In Pursuit of Happiness? Try Bulgaria, Says Moody’s

From Wall Street Journal (Blog)

By Joe Parkinson

Hit harder in GDP terms by the financial crisis than any region on earth, citizens from across Central and Eastern Europe can, and often do, regale you with tales of economic woe.

But a new index published Wednesday says financial misery will be spread as unevenly across the ex-communist states this year as it was in 2009 – while optimism will be found in some surprising places.

According to Moody’ s ‘Misery Index’, which adds projections of fiscal deficits to unemployment numbers as a measure of economic gloom, the least miserable of the 23 states ranked will be (drum roll)… Bulgaria.

Slammed by the financial crisis and enduring spending cuts from a center-right government determined to balance 2010’s budget, this may come as a surprise for many in the EU’s poorest member state. But Moody’s says expectations of a negligible 2010 budget deficit combined with predictions of a jobless rate below 10% will see the EU newcomer even less downbeat than super-rich Switzerland next year, where real economy indicators have fared far better than the European average.

Less curious is the plight of Baltic economies Latvia and Lithuania. Suffering from emergency budget cuts and double-digit GDP contractions their citizens are tipped to be almost three times as miserable than the Bulgarians – and were only pipped to the inglorious title ‘most miserable’ by fallen-star Spain, where mushrooming dole queues are making it all but impossible to crack a smile.

The report, which is published in an appendix of Moody’s closely-watched Sovereign Risk report, ranks Slovakia, Estonia, Poland and Hungary towards the middle of the table – less miserable than the UK, US and crisis-ridden Greece but more downbeat than the Bulgaria, Switzerland and the Czech Republic, central Europe’s most upbeat performer.

The prediction that Ukraine – propped up by emergency IMF money and facing a potentially destabilizing national election later this month – will see a less miserable 2010 than any CEE economy bar Bulgaria appears to show a weakness in Moody’s methodology.

But the index also reinforces how varied the experience of the region has been, despite some analysts’ insistence of bundling together economies from the Baltics to the Black Sea under the label Eastern Europe.

Christmas & New Year’s Holidays

Dear Partners, Clients and Friends,

We would like to inform you that our Head Office in Varna, Bulgaria and our Cyprus Office in Nicosia will be closed in the period December 23rd, 2009 – January 6th, 2010 for the Christmas and New Year’s Holidays.

Should you have any urgent queries, please, contact our Office Manager, Ms. Nedyalka Aleksandrova (tel. +359 894 417 675) or our Investment Consultant, Mr. Michalis Makris (tel. +357 99 444 652).

Wishing you Merry Holidays and lots of success in the New Year.

Eurolink Investment Group

Bulgaria with Cheapest Consumer Goods and Services in EU 27

In 2008, Bulgaria had the lowest price level for goods and services of all 27 EU member states, according to latest Eurostat data.

The most expensive EU countries are Denmark with 141% of the EU average, followed by Ireland (127%), Luxembourg (116%), Sweden (114%), Belgium and France (both 111%).

Bulgaria’s consumer prices for goods and services were only 51% of the EU 27 average. Other cheapest EU states are Romania (62%), Lithuania (67%), and Poland (69%).

In the different categories of goods and services, Bulgaria’s price levels are lowest in the EU for food and non-alcoholic beverages in 2008 – 67% of the EU 27 average compared to the most highest level – 147% of the average in Denmark.

For cigarettes Romanians paid the least, while smokers in Ireland had to pay dearly.

Clothes are one of the goods, which prices did not vary so much during the period under review. However they were the cheapest in the UK and the most expensive clothes were the ones in Finland.

Again, in the UK electronics could be purchased at a profit, while in Malta they were the most expensive good.

In addition, Bulgaria’s prices for restaurants and hotels services were only 40% of the EU average, whereas the highest prices in the Union in this category, Denmark’s, are 151% of the EU average.


The number of pensioners living in poverty in Britain is among the highest in Europe

By Holly Watt
Daily Telegraph

Almost a third of British pensioners face poverty, the same level as that found in Lithuania, according to European Union statistics. Pensioner poverty in Britain is more than a third higher than the European average.

Pensioners, many of who rely on income from savings accounts, have been particularly badly hit by sharp falls in interest rates. Stock market falls have also reduced the value of pension schemes.

The figures have been seized upon by charities representing the elderly who are campaigning for the state to offer more assistance to poorer pensioners. Poverty is officially defined as those with an income of less than sixty percent of the national average.

British pensioners among Europe's poorest

According to Eurostat, 30 % of British pensioners are in this category compared to 33% in Latvia and Estonia, 23 % in Greece, 19% in Romania, 18 % in Bulgaria, 17 % in Germany, 10% in France and the Netherlands, 5 % in the Czech Republic. Only Cyprus has higher levels of pensioner poverty.

Recent research conducted by the charities showed that one in five people aged 60 and over are skipping meals to save money on food, while two fifths are cutting back on socialising, electricity and gas.

Pensioners on low incomes face a higher than average inflation rate and struggle to afford basic household essential items such as food and electricity, which have risen sharply in price. Rises in council tax have also hit pensioners particularly hard.

Ros Altmann, a former Downing Street adviser, said that pensioners had been hit hard by the recession and were “the silent victims of policies designed to bail out banks”.

“The financial crisis has already had and will continue to have a very negative impact on pensioners and will worsen pensioner poverty. Policy for the crisis – including bringing down interest rates – has almost entirely ignored the plight of older people, indeed aggressive interest rate cuts are little different from cutting the state pension,” said Dr Altmann.

The recently released European figures also showed that 23 per cent of British children were facing poverty, compared to a European average of 19 per cent. Among the whole UK population, 19 per cent are facing poverty, 3 per cent higher than the European average.