Forrest is certainly right about the driving, this nation are crazy drivers! The courses that are open are currntly around Sofia (two i think) and there is one at Sliven.
Varna looks like being the golf capital. I looked at 48 potential sites in 2004, from Romania to the Turkish border, most had potential.
Biggest downside in Bulgaria is that there are very few large landblocks left, a big parcel of land is 10 hectares here. The land was divided up and everyone gifted a little piece at the end of the communist rule. It needs a lot of patience to obtain big parcels, when I was there on four occasions we agreed verbal purchases at around 200,000 Euros for land blocks yet a few days later the goalposts moved and the demands on one occasion had moved to 5,000,000 Euros! I think its calming down a bit now and the Bulgarians are understanding the values golf can bring to the country.
Biggest upside, a bottle of Becks is around a 30p/ 50 cents. Labour (rising rapidly) is around 500 dollars per month for a worker.