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Der Spiegel: Greek Money Is Moving to Bulgaria

Greece - BulgariaGreek depositors and businesses are relocating their money and their business headquarters to Bulgaria, according to German weekly magazine Der Spiegel.
The magazine reported that 14,000 euros are leaving Greece for Bulgarian banks each week since capital controls were fist imposed in Greek banks on June 28.
On July 20, the Commerce Union had claimed that 60,000 Greek businesses had requested to relocate to Bulgaria. Der Spiegel noted that this year, 11,500 Greek businesses have already set up their headquarters in Bulgaria, as opposed to the 9,000 in 2014.
Some of the reasons the magazine identified for this business strategy are the 10% taxation on businesses and individuals, the favorable legislation for business as well as the lower wage costs.
A bank employee who spoke to Der Spiegel explained that it is very easy to open an account in a Bulgarian bank. He also noted that customers can choose whether to open their account in euros or the Bulgarian lev.
The German magazine also wrote that Krassen Stanchev from the Institute of Market Economics claimed that since the Greek crisis first began, Greeks have invested 4 to 4.5 billion euros in Bulgaria.

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