With new tax hikes having taken effect in Greece last month, the number of Greek companies relocating to Bulgaria has increased by an estimated 20-30 percent, according to greekreporter.com.

Most of the businesseswere from Macedonia and Thrace, Greece’s two northern regions bordering Bulgaria but consulting firms that help businesses relocate were expanding their offers further south in Greece. The businesses were small to medium enterprises active in a variety of sectors - from manufacturing to services.

“Accounting firms receive thousands of requests for small and medium entrepreneurs who want to transfer their businesses to Bulgaria,” the Greek news outlet reported on Monday, citing a report carried by newmoney.gr.

“According to the report, a large accounting office in Piraeus has received 20 applications from wholesale enterprises that want to leave Greece and relocate to Sofia and Varna, in the past 40 days,” greekreporter.com said.

Some 6,000 Greek firms have relocated to Bulgaria over the last two years alone.

According to figures from the Bulgarian Commercial Register, the number of Greek-owned firms in Bulgaria increased by nearly 30 % to 11,500 between 2013 and 2014.

Greece raised taxes and cut pensions and wages last month to meet conditions of international lenders for a third bailout package worth EUR 86 B over three years.