All Bulgarians in the USA and UK are warned: Income Statement

All Bulgarians in the USA and UK are warned: Income Statement

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The BNB collects data on the money of Bulgarians abroad. According to Art. 10, para. 2 of the Currency Law and Art. 13 of Regulation No. 27 of the Bulgarian National Bank, individuals are required to report to the Bulgarian National Bank once a year for all borrowings on accounts opened abroad, borrowings or debts on financial loans from/to foreign persons, as well as all investments in securities made without the mediation of a local person – an investment intermediary, Parite ni reported.

This must be done only if:

• the total amount of all receivables under financial loans from foreign persons and balances on accounts abroad (including those opened with a virtual bank headquartered abroad, with a payment institution or with an electronic money company) and securities held (which were acquired without the mediation of a resident – investment intermediary) is equal to or exceeds BGN 50,000 or their equivalent in foreign currency as of the end of the reporting year;

• the total amount of all liabilities under financial loans to foreign persons is equal to or exceeds BGN 50,000 or their equivalent in foreign currency as of the end of the reporting year.

Form SPB-8 is submitted in one of the following ways:

• electronically, through the ISIS Portal, in accordance with the Instructions for providing statistical information to the BNB electronically. The instructions, as well as a link to the Portal, are available on the BNB website (www.bnb.bg) in the Statistics / Electronic Submission of Reporting Forms section;

• on paper at the BNB registry office or by mail, at 1 Knyaz Alexander I Sq., Sofia 1000, for the Statistics Directorate.

A sample of the reporting form and instructions for completing it are available on the BNB website (www.bnb.bg) in the Statistics / Statistical Forms and Instructions / Individuals section.

The deadline for submitting the form for the 2024 reporting year is March 31, 2025.

Those who fail to submit the data or miss the deadline may be fined from BGN 200 to BGN 1,000. In case of a repeated violation, the fine increases from BGN 500 to BGN 2,500.

The data provided by local individuals will be used only for statistical purposes, while maintaining their complete confidentiality, the BNB assures.