FT: Russians Find Bulgaria Good Place to Buy Second Home

Bulgaria has become a popular destination for middle-class Russians to buy a second home, the Financial Times wrote on Sunday.

With long-term residence permits easy to obtain, an estimated 400,000 Russians currently own properties in Bulgaria and a growing number are becoming year-round residents, FT's Kerin Hope quoted Mihail Chobanov, head of a Bulgarian real estate agency, as saying.

Another benefits of Bulgarian residency for Russian nationals include easier travel elsewhere in the European Union as well as obtaining a degree at a Bulgarian university as a first step to qualifying for a job in western Europe or the US, the article said.

Deutsche Welle reported in June that Russian citizens own 300,000 properties in Bulgaria, having invested around EUR 18 B.