Italians buy BULGARIA cars to spend less on insurance

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). Read the full story
Share |

Related articles

Bulgarian FSC revoked the SyVZK's license

The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of the life insurer SyVZK (TUMICO - Trade Union Mutual Insurance Cooperative) for carrying out insurance activity for all classes, forbidding the company to conclude any new contract for six months.

2017-12-07

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all