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Impoverished Bulgarian Businessmen Return Luxury Yachts

Date: 08.05.2009

Businessmen from the Bulgarian Black Sea city of Burgas have started to give up their yachts as they are unable to finance the monthly payments for their recent luxury purchases.

The news has been announced by Stanislav Kassarov, President of the International 470 Class Association, and a native of Burgas, as cited by BGNES.

This trend caused by the effects of the global financial and economic crisis is most likely going to lead to the bankruptcy of Bulgarian yacht selling companies as they will also be unable to finance their debts.

Yacht sales ranging between EUR 100 000 and EUR 300 000 recently saw a boom in Bulgaria as the business really took off in the recent years.

In 2008, only the Hypo Leasing company financed the purchases of over 100 yachts in Bulgaria, which were worth over EUR 45 M in total.

The leasing period is up to seven years, and the initial payment is at least 35 % of the yacht price.

At the beginning of April 2009, Bulgaria's National Revenue Agency announced it started to inspect the assets of the owners of 230 luxury yachts in Bulgaria as part of its program to combat fraud.

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