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Novinite Insider | April 19, 2024, Friday // 17:30
Italians 'Buy Bulgaria Cars to Spend Less on Insurance'
Business | June 23, 2015, Tuesday // 21:26
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Photo by BGNES
Bulgaria is a preferred destination for Italian citizens who wish to save money by going around local law and register abroad vehicles bought in Italy, local media outlets report.
Low taxes and affordable insurance in Bulgaria seem to be part of the explanation.
This results in losses in revenues for authorities who find it hard to collect the respective fines and to obtain personal data of violators.
Some Italians adhere to the practice of registering their own companies in Bulgaria, which allows them to transfer assets, vehicles included, to their entity.
By purchasing a car in Italy and registering it here, one can evade high VAT at home and pay much less in insurance (EUR 90-150).
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