Bulgarian businessman Vladimir Balanov that had expressed his wish to give Bulgaria its very own island in the Pacific Ocean has now established his own county.

After Bulgaria refused the generous offer, the businessman established his own country named New Atlantis, 24 Chasa daily reported.

The island is made of pumice - a type of volcanic rock and spreads across 27,000 m² of land. It is located approximately 16,000 kilometers away from Bulgaria.

''I've been trying to annex the island to Bulgaria for two years, and even offered it to the EU,'' Balanov said. '' Not a single government employee was moved by my request, so I decided to make my own country.''

The county already has several citizens, including Balanov's spouse and the Vice President of MENSA Bulgaria Hristo Radkov.

New Atlantis also boasts its very own constitution and laws that are the same as those in Bulgaria for the time being, but might be amended. The county needs to be recognized by at least one other country across the world to make it official. Balanov is currently in negotiations with countries from both South America and the EU.

Balanov said that he had been inspired by the newly created country, located in the territory between Serbia and Croatia, and spread across 7 km² of land.

The Bulgarian businessman is also thinking about creating the country's very own currency and its own social network. In his words, the island could possibly generate close to EUR 4 T and therefore urges the EU to annex it.