NBLO assists with cross-border succession between the United Kingdom and Bulgaria

New Balkans Law Office regularly advisesand assists clients on cross-border succession matters, where variousjurisdictions are involved, including Bulgaria and the United Kingdom. Ourlawyers including managing associate Petro Tyufekchiev (https://www.newbalkanslawoffice.com/author/petrotyufekchiev/) have significant experience inresolving cross-border succession issues, both in civil law and common lawjurisdictions, and he is a proud and fully qualified member of the Society ofTrusts and Estate Practitioners (https://www.step.org/).

United Kingdom vsBulgaria from a succession law perspective

The dynamic business and personalengagements between the United Kingdom and Bulgaria facilitate variousactivities such as incorporation of companies, property acquisitions,establishment of bank accounts, and numerous other transactions. Consequently,these interactions often lead to individuals owning and possessing assets inboth jurisdictions. When an individual passes away, leaving assets in bothjurisdictions, successors are confronted with significant challenges inresolving their succession issues and ultimately securing their rightfulinheritance.

Differences

The legal systems of Bulgaria and theUnited Kingdom exhibit numerous differences, some of which are outlined below(this list is not exhaustive):

• Documentation: In Bulgaria, a Succession Certificateis issued to certify the capacity of heirs, while in the United Kingdom, aLetter of Administration or a Grant of Probate (depending on the presence of awill) is issued. These documents differ significantly in their content andimplications. The Succession Certificate designates the entitled heirs, whereasthe Letter of Administration or the Grant of Probate designates the personauthorised to manage the deceased’s estate based on intestacy rules ortestamentary dispositions.
• Implications: In the United Kingdom, the executor oradministrator of the estate has greater control and discretion over thedisposition of the deceased’s estate. In Bulgaria, the appointment of anexecutor is limited, and the heirs often have the opportunity to manage the estateuntil distribution occurs.
• Distribution: In the United Kingdom, the executor oradministrator enjoys a certain degree of freedom and discretion in distributingthe estate. Conversely, in Bulgaria, the deceased’s estate is typically dividedamong the heirs voluntarily or through court proceedings known as”judicial partition.”
• OtherDifferences:Additional disparities between the jurisdictions revolve aroundsuccession-related matters, including: (i) survivorship rules; (ii) freedom oftestamentary dispositions; and (iii) forced heirship rules and reservedportions of intestate successors.

 You can read more publications from the New Balkans Law Office at the links below.

How to Write Off Old Public Debts in Bulgaria?

NBLO wins in a landmark case against the Bulgarian Investment Agency in a citizenship-related court dispute

NBLO takes part in IBA’s Global Insolvency and Restructuring Conference

The EU’s Proposed Regulation on Crypto-assets – Strengthening Investor Protection and Market Integrity

NBLO takes part in IBA’s International Financial Law Conference

New Regulations for Investors in Bulgaria

Alternative Investment Funds as a Tool for Diversifying Investments

Bulgaria’s start-up visa: a route into EU markets

Benefits of Shareholders’ Agreements

How to prove my Source of Funds/Source of Wealth from crypto asset profits

Investor protection before the European Court of Human Rights

Crypto Wealth Planning and Asset Protection in 2023

A Comparative Study of the Leading IP Box Regimes in Europe

The upcoming summer football camp in Sofia (03-07 July) is nearly sold out. If you want your child to join the team, please, let us know as soon as possible, since we won’t be able to accept players after the capacity of the venue is reached.

The BFS Holiday Camp is a great place to enjoy sports in a British English speaking environment. Our games and activities are focused on building football skills, social skills and team spirit. 

If you find that to be a good fit for your child – get in contact with us:

Tel: +359 877 918 995 

Whatsapp: +40 799 686 835

Telegram: @BritishFootballSchool

contact@britishfootballschool.com

For more information: www.britishfootballschool.com 

Reacting to Shadow Foreign Secretary David Lammy’s speech at today’s Trade Unlocked event, BCC Head of Trade Policy, William Bain, said: 

“If we are to build a stronger, more digital and sustainable trading future then it is crucial we look at all the possible ways we can do that. This includes exploring new thinking on trade in services, regulatory reform, issues of alignment or divergence with the EU, and reducing business costs on exporting. The BCC supports greater usage of our diplomatic capacity overseas, working in tandem with the Chambers Network internationally, to link businesses here with new customers or clients in exciting and emerging markets across the world. If we are to reach the Government’s £1trillion export target as soon as possible we need to make trade more digital and scale up the sectors where overseas demand is growing. This should include financial, professional, travel and educational services, advanced manufactured goods, life sciences and pharmaceuticals. The BCC’s analysis of the Brexit deal two years on also provides a strong foundation for achievable improvements on EU trade. We need to look again at how we operate rules of origin, VAT arrangements, professional qualifications, regulatory co-operation and labour mobility. This is in the interests of businesses in both the UK and the EU. The Trade and Business Commission has produced recommendations which amplify our findings. We look forward to future engagement in Westminster, Brussels and among EU member states to develop our common trading and economic ties.” 

Reacting to the latest ONS inflation figures, David Bharier, Head of Research at the BCC, said:  

“Today’s CPI rate of 8.7% shows that inflation is remaining elevated for longer than expected. After 18 months of price shocks, the impact of sustained inflation remains the top issue for the vast majority of firms we speak to. What started as a commodity price shock has now created a wage-price spiral. However, much more positively, the producer input price (PPI) rate has slowed significantly once again to 0.5%. With our research showing that gradually fewer firms expect their own prices to rise, energy and commodity costs may fall away as drivers of consumer inflation. With the interest rate currently at 4.5% and expected to rise further to tackle inflation, widespread skills shortages, and trade frictions on the rise, the cost of doing business is the highest in years. Action by the Government to help with the squeeze on the labour supply, reform of business rates and support on exports would go some way to helping them face the future with more confidence.” 

The menu is influenced by Italian, French, and Mediterranean cuisine, while the kitchen’s main focus is cooking over a live charcoal fire in a Josper oven. We create memories together. Surprise your loved one and make the moment last. Your culinary adventure awaits.

ADOR Restaurant Sofia, Narodno Sabranie Sq. 4, +359 887 340 000

On the brink of the second half of 2023, we are once again asking employers across the country about planned changes to salary levels, benefits and bonuses for the next six months. We are surveying companies across all business sectors to explore market sentiment on new pay and benefits developments, and the impact of external factors on these dynamics.

Take part in the survey and share your plans for the remainder of 2023 regarding compensation and additional benefits: https://survey.zohopublic.eu/zs/VqB8cO

This study aims to identify and measure the changes in the business that have occurred in the first half of 2023, as well as make a projection of the upcoming trends of the second half of 2023.

Salary and Additional Benefits Trends Research (SATR) is a regular project of all countries in the Manpower South East cluster. The survey is completely anonymous and takes about 5 minutes to complete. Participants who include their e-mail address when completing the survey will have the opportunity to receive the results before they are officially published. 

Let’s chart the trajectory of the labour market in Bulgaria together!

We are happy to share that on June 16th we have signed a memorandum for partnership with the Association for Innovation, Business Excellence, Services and Technology (AIBEST). Not only that we share the same values but we have been working closely together. Therefore, this decision was only natural and we are looking forward to continue our collaboration towards improving the business environment. 

Some of the areas of cooperation cover Tax framework, Labor Legislation, Talent acquisition and retention and Education. All of the activities above and many more will play an instrumental role in the desire and commitment to work for the establishment of Bulgaria as a preferred destination for services and products with high added value, strengthening the collaboration between business and institutions and stimulating the development of the Bulgarian economy through knowledge and technology. 

Enjoy a relaxing weekend at the brand-new Kings’ Valley Medical & Spa Hotel this July and take part in the Kings’ Valley Open. The tournament is category ITL 250 and is part of the Interactive Tennis Tournament. The special package includes:

• 2 nights’ accommodation (21-23 July)

• Lavish buffet breakfast 

• Exquisite buffet dinner

• Tournament participation fee

• Access to Kings’ Valley Spa Center with 3 indoor and 4 outdoor mineral pools, Finnish sauna, Infrared sauna, Herbal sauna, Steam bath, 

• Complimentary parking

• Complimentary WiFi

Combine your favorite sport with an evocative spa vacation. 

LEARN MORE: https://bit.ly/3NjTP7P 

Step into the “Summer Getaway” at Grand Hotel Millennium Sofia. Book your ultimate summer experience in the city and get a 20% discount. Elevate your vacation with a lavish Millennium buffet breakfast because there’s nothing quite like waking up on holiday to a delicious morning meal with flavors that tell stories. Unlock a world of possibilities as you enjoy the culinary temptations and warmth of the season.

BOOK NOW: https://reservations.grandhotelmillenniumsofia.bg/110569?languageid=1&utm_source=BBBA&utm_medium=email&utm_campaign=summer%20gataway#/guestsandrooms

For a second time, the British Bulgarian Business Association organised a trade mission to one of the most vibrant tech events in the world – London Tech Week. 10 leading Bulgarian IT companies travelled to London and Reading on June 12 – 15 and participated in a variety of events as part of the dynamic programme.

The BBBA delegates were VIP guests at London tech Week, and AI Summit 2023, and had specially organised business breakfast with the Thames Valley Chamber of Commerce, and an evening reception at the Bulgarian Embassy in London.

BBBA would like to express our gratitude to our valuable partners at the Department for Business and Trade, and personally to Cristina Dragu, and at the Bulgarian Embassy, and Krassimir Kiriakov, to our friends at the Thames Valley Chamber of Commerce, and Malin Geanovu and Anne White, for their long lasting support for the Bulgarian British business relations.

Last but not least, we would like to thank the companies who joined the delegation – you made it the success it was, and we are looking forward to working with you: Childish.AI – Data Science and AI, Cosmos Thrace, Devision, Dreamix, Droxic, Generic Soft, New Balkans Law Office, Neterra, Scalefocus and THEOREMUS.