80 days, only 180 days. This is what it takes, together with a certain amount of courage in abandoning the "way of doing things the way they've always been done", to halve your tax burden and more.
This is the great promise of Bulgaria, a small nation that freed itself from the Soviet yoke and entered the EU through the main door already in 2007, now presents itself as the great Eldorado for those entrepreneurs and professionals of half of Europe who want to stop working for three quarters of the year just to pay taxes, and finally put their turnover at the service of their businesses and personal needs.
How do we get to this result? To get started it may be useful to look at this photo.
Look where Italy is and look where Bulgaria is. It makes an impression right? The tax burden in Italy is practically double that of Bulgaria, that is, Italian entrepreneurs "run" a competition with Bulgarian ones every day, bearing a double burden on their shoulders. Difficult to win like this don't you think?
To explain how the tax burden is halved in Bulgaria, it may be useful to give a practical example. Let's consider a software house, a small software house, we could even think of the case of a single freelance developer. It works well and has an annual turnover of 70 thousand euros net of VAT.
Well, the IRPEF bracket of 41% will be applied to the poor freelance developer working in Italy; I want to rewrite it in letters to make it clearer, forty-one percent! An IRPEF of 10%, ten percent, will be applied to the Italian developer who has moved his business to Bulgaria! In summary.
At the end of the year, what the developer who has chosen to remain in Italy will actually be able to spend on himself, compared to the initial 70 thousand euros, will be only 41 thousand euros. In the case of the one operating in Bulgaria, he will instead find himself net 63 thousand euros in his pocket at the end of the year. That is, almost double, doing the same work, putting the same effort into it!
These are numbers that make an impression and explain why more and more professionals and entrepreneurs are deciding to relocate their businesses to this nation, Bulgaria, within Europe in a political sense, and with all the benefits that this entails (primarily access to the common market) but with solid links with neighboring Asia Minor.
How do we get to this result? Definitely moving your business to Bulgaria, but that's not enough. In order to stop paying taxes in Italy you must be able to demonstrate that you are staying at least six months and one day outside our country. And here we return, almost as if we want to close the circle, to our incipit. The famous 180 days which can halve the amount of money we "give away" every year in taxes.
It can be done, there is the possibility of doing it, we know how to do it.
But it must be done in the right way, with the help of professionals who know how to follow and direct the bureaucratic process behind this process in a fast and effective manner.
It is also important to underline how forms of "do it yourself" finance are absolutely dangerous on this front; Woe betide you if you think of tackling even small forms of relocation in total autonomy. The biggest risk? The one that all those who thought they could do it on their own or by relying on some friendly accountant have fallen into; end up having to pay part of the taxes in Bulgaria as well as in Italy.
If you intend or are even just considering moving your business to Bulgaria, do it in the safest and most effective way possible, relying on our team of experts at VRandPartners. Start saving but without putting your name, your business, your company at risk.
