Secure your financial assets as an expat in Bulgaria

LOL, wish I had enough money to think about investing!

For everyday banking, I use Wise, an international financial service that lets me hold money in various currencies including BGN. It's useful for transferring money and paying for flights and online shopping.

The main aspects about buying property I think people need to be aware of is that for non-EU citizens, buying a property doesn't mean you can automatically live in it. Quite a few people seem to expect that buying a property gives the right to get a D visa, the first step required for non-EU citizens to live here full-time. Sadly it doesn't, unless the property costs more than 600,000 leva.

My wife and I have invested in property. We own two apartments, two garages and a parking space, all bought seperately.  We do not trust the Bulgaria investment arena enough, to buy shares, stocks or bonds and probably wouldn't want to anyway.

Prior to moving to Bulgaria, I invested in gold whichever I still hold.

I've also  invested in a small amount of Bulgarian art, but, to be honest, I haven't found much appealing in the art market. I have a collection of art (here in Bulgaria) obtained in the UK from various artists.

I'm patiently waiting for my UK pension. :-) However, I STRONGLY recommend that all non-retired British expats check their NI record and their pension forecast (both can be done online). The UK has a very good option of voluntary NICs to make up any shortfall. Class 2 (self-employed) is particularly advantageous, as it's a mere 3 quid ish per week (i.e. about 160 per year that you make up).

For the mathematically minded, one year is worth 1/35 of a full pension (as you now need 35 years). So 1/35 of 200 (full new state pension per week) for 52 weeks = just shy of 300 quid. Which is the best financial return you will ever get, better than Google stock or crypto! Put in 160... and get 300 out... every year for the rest of your life. :-)

Over 900 GBP a year for voluntary NICs for those who don't qualify as self-employed!

@janemulberry

And then they keep moving the goalposts & pushing the retirement/ pension age back, hoping that we don't get a return on our investment! 🤨

That's this government's plan, keep moving the work finishing line so nobody gets to recieve their pension.

@janemulberry
And then they keep moving the goalposts & pushing the retirement/ pension age back, hoping that we don't get a return on our investment! 🤨
-@Jules999

@janemulberry

Great point, Class 3 NICs are more expensive (around 17 quid per week). It's still a pretty fantastic deal though: put in 900... get 300 out every year for the rest of your life. (Only a bad deal for those unlucky enough to die before 68.)

I'm not an expert on the NI rules, but I'm not sure if it has to be self-employed, as I wrote. If you're "living and working abroad" then that qualifies for Class 2, as long as "you worked in the UK immediately before leaving, and you’ve previously lived in the UK for at least 3 years in a row or paid at least 3 years of contributions". When I did this a few years ago, I said I was self-employed, and they didn't check up on it.

Official info here:

https://www.gov.uk/voluntary-national-insurance-contributions