Where would you live then?
Guys, I'm having some real trouble understanding which one is the best option for me between Romania and Bulgaria.
Can you help me?
I wouldn't really live there, but to be safe from my home country at least I would rent an apartment and live between different countries and move every 2/3 months (my home country 4/5 months, Spain/Portugal 2/3 months, somewhere else the rest of the time).
I would set up the company and maybe next year or︀ after 2 years or so move somewhere else.
THE PROBLEM:
I need to officially relocate︁ before the end of June, to don't be a tax resident this year in my︂ country.
The easiest move could be to go to Malta and keep my Ltd (now︃ under 100k/y) at least for a while, but the process to get the Residence Permit︄ became longer due to the covid procedures and I will not be in time anymore.︅ Btw I expect the business to grow up, so the company will be still an︆ issue since they will raise taxes and after 100k I will have to pay the︇ VAT as well. I considered also going to Dubai, with the nomad visa, and switch︈ my LTD into an LLP and get a zero-tax residence scheme, but still, I will︉ spend a lot on the apartment if I want a nice one or around 4k︊ in a place I wouldn't live in. So at this point, I'm not sure how︋ much it makes sense.
WHO:
A single man around 40, 100% online business (digital goods︌ and marketing services), I like the city life as well the beaches and sometimes the︍ mountains, I want to travel as much as possible and live in different places during︎ the next 1/2 year, I have a good English, poker player (the biggest problem for️ Dubai), and actually, I run a Uk Ltd.
ROMANIA WHERE:
Timisoara, Brasov, or Bucharest would be my way to go.
ROMANIA PROS:
Slightly cheaper setup costs (not relevant)
Cheaper taxes (relevant)
ROMANIA CONS:
I'm not sure where would I live, it seems more bureaucratic (but maybe I'm wrong), renting prices seem kinda similar to Bulgaria but properties to buy in good places seems way more expensive. Also, the cost of living seems a bit higher than in Bulgaria.
ROMANIA DOUBTS:
Timisoara seems convenient to reach by car and with very cheap flights connection with my hometown and some other cities (but limited in general, compared︀ with Sofia and Bucharest), while Bucharest is not convenient to reach by car, but is︁ more international and well connected with the rest of the UE. While in Timisoara there︂ is a large Italian expats community, the international expats community seems to be more present︃ just in Bucarest, which is more expensive than Timisoara and maybe a bit more than︄ Sofia as well.
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BULGARIA WHERE:
Sofia, Bansko, Varna or around there.
BULGARIA CONS:
I have never been to Bulgaria, and this is probably the bigger cons for me (since︅ I have to decide quickly and move before the end of the month). The second︆ biggest cons are the higher tax rates compared with Romania (10% on profit vs 3%︇ on revenue). The 3rd cons are the Bulgarian language that I don't really understand, while︈ I can understand a bit Romanian (this concern is more related to legal issues, than︉ daily life, because I would speak English as much as possible).
BULGARIA PROS:
I'm not︊ sure about it, but in terms of bureaucracy, the people I've been talking with seem︋ more confident that I will have fewer headaches than I could have in Romania. This︌ is also very important to me since I've got used to the smooth LTD UK︍ management. Bulgaria seems slightly cheaper and maybe more expat-friendly. You can actually still buy a︎ property for a very cheap price in Bansko or around Varna, compared to Romania.
BULGARIA DOUBTS:
At this point, I don't know how much it makes sense to care about️ the tax savings since we are talking about few thousand per year.
The problem is that once I take this decision I want to work hard to grow my business and I expect to increase the revenue/profits. Also, the accountants told me I can't deduct as many expenses in Bulgaria as I could in Romania (restaurants, travel, etc...), but on the other hand, maybe I could stay more during the year between Sofia, Varna, and Basko, and spend less money. I can also buy a small apartment and make a small investment instead of paying for rent.
The main problem is that in this situation︀ with the covid restrictions, I couldn't easily take a plane and just go there and︁ listen to my feelings.
So now I have to make a quick decision by just︂ googling which makes everything more difficult.
I appreciate anyone who would contribute with some good︃ advice 🙂
Thanks!
