Some 800 Greek firms have been registered in Bulgaria in the first half of 2011, many of whom are said to have moved north because of the crisis in Greece.

About as many more can be expected to be set up in Bulgaria by the end of 2011, according to a report of the bTV channel, which reminds that the situation is similar with respect to Romanian-owned companies.

Firms from Bulgaria's two EU neighbors Greece and Romania are said to be drawn to moving to Bulgaria not just by the taxes, which are the lowest in the EU, but also by macroeconomic stability, and cheaper labor, real estate properties, rents and transport services.

While many of the newly registered Greek firms are solely set up for the purchase of property or car purchases, a number of them are actively developing businesses.

According to data of the Hellenic Business Council in Bulgaria, Greek firms employ about 82 000 people in Bulgaria.

A Romanian citizen was recently revealed to be the largest physical tax payer in Bulgaria's Danube city of Ruse.