Poorest Countries in Europe: Risk or Opportunity?

Intro hello guys welcome to another video in this video we will discuss the poorest countries in europe by gdp per capita the gdp per capita figure takes into account everything that is produced in a country and divides it by its population it is a very accurate measure to see how much wealth is being produced per person in a country in every given year the poorest countries are obviously the ones with the lowest gdp per capita numbers from one side they may lack wealth compared to the western richer nations in europe but from the other side they offer a number of opportunities as their economies are less developed you may find a number of economic sectors with an untapped demand in one of these countries starting a business in one of these countries is usually cheaper the cost for starting a business is lower and so is the cost of living so some of these countries can actually be a good option to work remotely retire or also invest in a business or in real estate for example and before we start the usual talk you already know it if you want to travel move or invest a birth hit the like button check our other videos book a consultation call with me the link is in the description and most importantly subscribe let's start we will start our list with Bulgaria bulgaria which is currently the 10th poorest country in europe there are many countries which are poorer than bulgaria on the continent but currently bulgaria is the poorest country in europe which is also a member of the european union bulgari has been one of the poorest nations in europe for many decades and it is still doing a long transition from a highly centralized and planned economy to a more dynamic and efficient market economy the fact that bulgaria has joined the european union helped the country immensely in economic and social terms bulgaria however still struggles with some of its old problems such as a very inefficient infrastructure and a high level of corruption for that reason bulgaria is currently the poorest country in the european union and the 10th poorest country in europe bulgaria has one of the lowest income taxes in the european union for individuals as well as for businesses if you want to start a business to cover the eu market especially if it runs online doing it from bulgaria can save you a lot of money on staff and on taxes the next country is belarus belarus is currently the ninth poorest country in europe if we consider gdp per capita as our measure to rank countries by wealth this eastern european nation currently has a gdp per capita of 19 148 us dollars unlike other countries in the region like poland and lithuania belarus has been unable to make the economic reforms needed for the country to remain competitive added to that the political situation in the country has definitely not helped the belarusian economy to flourish in my opinion a country with a huge potential that could be in a much better position if better economic policies were in place belarus has a very strategic location in europe bordering russia ukraine and some countries in the european union if the situation improves in the country it may offer interesting opportunities in the Montenegro future the next country is montenegro mount negro is one of the smallest countries in europe in terms of population with slightly more than 600 000 inhabitants montenegro like most southern balkan nations is struggling to keep its economy competitive as well as to attract foreign investment the economic sectors that are doing well in montenegro are mostly focused on exploring the natural beauties of the country which is located on the adriatic coast tourism and real estate are two sectors doing relatively well in montenegro the country is in talks to join the european union it is the country in the western balkans with the highest chances to join the bloc from the ones that didn't join the european union as of today montenegro is also one of the easiest countries in europe if you want to obtain a residence permit this can be done through company formation in montenegro or by buying real estate in the country if you are interested in moving to montenegro you can check our several videos covering living in the country Serbia serbia is the next country in our list and it comes unfortunately as no surprise to see this balkan nation in the list of the poorest countries in europe serbia currently has a gdp per capita of 18 210 us dollars which is comparable to some other countries in the region like bulgaria and boston herzegovina but also much inferior to other countries which border serbia such as hungary and croatia there are many factors slowing down growth in serbia such as the rampant corruption and the excessive bureaucracy which makes it harder for the country to attract foreign investment at the same time serbia is showing some robust growth in some aspects its capital belgrade has many new buildings and construction sites there are also important transport infrastructure projects being built in the country serbia is also one of the easiest countries in europe to get a residence permit if you are not a citizen of any european country you can check some of our videos on serbia for more details on that the next country is North Macedonia north macedonia north macedonia is another country in the western balkans which ranks high in the list of the poorest nations in europe it is also the country with the newest name in europe after a two-decade-long name dispute with its southern neighbor greece since the collapse of yugoslavia a number of factors contributed to slow down the economic growth in north macedonia and the name dispute with greece was also one of them just like montenegro north macedonia is also a candidate country to join the eu but unlike montenegro the chances of north macedonia to join the block are pretty slim at the moment but they do exist if you are considering moving to north macedonia odds might be in your favor as it is relatively easy to get a residence permit in the country the easiest way of doing this is by opening a company in north macedonia the Bosnia Herzegovina next country's boss and herzegovina bosnia and herzegovina is another country the western balka region ranked among the poorest in europe the relatively recent events in bosnia in the 90s definitely contributed to the country currently and exciting economic prospects bosnia and herzegovina is one of the countries with the highest unemployment rates currently in europe on the good side of things bosnia uses a flat tax system currently at 10 percent and it is relatively easy to get residency in the country it has a favorable geographic location so it can be a great place if you work remotely and once you live in a place with an affordable cost of living and low taxes in central europe if you want to move to the country the easiest options are by starting a business in bosnia or simply by buying real estate which will render you eligible for a residence permit in this balkan nation the next country is albania albania is the fourth poorest country in europe currently and a country full of opportunities in my personal opinion even though albania was one of the most secluded nations in the world until the early 90s now the country is pretty open to foreigners willing to invest in it of course albania still has a lot to develop in many sectors such as transport infrastructure for example but it is showing good signs of improvement the government is making a number of services available online for its residents and citizens reducing queues Albania in public offices albania is also pretty easy place to move to europe especially if you are a non-used citizen if you are an american citizen you can stay in albania for up to one year visa free if you are a citizen of another country the best way to move to albania is by opening a company the government is also discussing a new law that will make it easier for digital nomads and retirees to move to albania you can watch some of our videos on albania if you are interested in discovering the opportunities of this balkan country the next country is ukraine ukraine is the third poorest country in europe and by far the largest in our list both in terms of area as well as in population ukraine is a country with a huge potential and it has many things in its favor but it also has severe problems Ukraine Moldova that impact its economic performance corruption the instability in the eastern region of the country and economic policies which are far from ideal are some of the main factors slowing growth in ukraine currently despite that ukraine has a number of advantages it is a great place to hire highly qualified staff and also to do any business related to i.t kiev the capital of ukraine has some of the cheapest real estate in europe when we take into account only capital cities with a large population ukraine also offers a permanent residence program by investment if you start a company and invest 100 000 us dollars in the company you can apply for pr the next country is moldova moldova is the second poorest nation in europe and it is the first one if you consider only countries that are recognized by a vast majority of u.n states moldova currently has a gdp per capita of 12 325 dollars and the average salaries in the capital kishinov range around 450 dollars a month moldova was once part of the soviet union and its political past still affects its present-day economy moldova has a breakaway region called transnistria which is a defective state although broadly unrecognized in the international scenario this situation coupled with many corruption scandals since the country got independent did not help moldova to diversify its economy and become a highly attractive country for investors now we come to the top of the list and Kosovo who is there kosovo is there kausovo is currently listed as the poorest country in europe i'm not going to enter the matter of whether kosovo should be a considerate country or not but according to the current financial data kosovo is the poorest country in europe currently kosovo's gdp per capita is 10 776 dollars that's roughly 10 times less than luxembourg currently the wealthiest nation in europe by gdp per capita kosovo has a relatively small population and a highly mountainous terrain its political situation does not help the country to grow its economy substantially even despite the problems currently in the region the economy of kosovo is growing at relatively decent rates kosovo uses the euro despite not being a member of the european union the euro currency certainly helps the local economy to be more stable and attractive you can watch our video about kosovo if you are interested in traveling or moving to the region that's it for today's video write down in the comments section which country would you like to consider to move or invest among the 10 poorest countries in europe and to end the video the usual gibberish if you want to travel move or invest about hit the like button check our other videos book consultation call me the links in the description and most importantly subscribe see you next time