Most Greek Firms in Bulgaria Are 'Ghost Companies' - Survey

Three out of four Greek firms currently based in Bulgaria exist only on paper for tax-evasion purposes, a survey by the University of Bristol, cited by English-language Kathimerini, shows.

"Of the 14 000 Greek-owned enterprises in the neighboring country, only 3000 are actually active," Kathimerini says, citing the data.

Earlier this year, former Greek Ambassador to Sofia Dimosthenis Stoidis told Novinite in an interview there had been 14 400 Greek-owned businesses in Bulgaria as of May, with 2000 added in the course of the previous two months alone.

"Figures suggest that there are many more companies set up by Greeks in Bulgaria in order to dodge taxes in Greece and not just to benefit from the lower corporate rate imposed by Sofia."

The number of Greek-owned firms was just 1000 in 2006, according to the survey.