Intergovernmental bodies, governments, agencies, commercial and philanthropic institutions, when deciding whether to invest in low-income nations where there is developmental uncertainty, do not consider formal appraisals of investment risk as including crime and its milieu correlates. The article examines Bulgaria as an illustrative case of poor data misinterpreted, e.g., the role of the underground economy, of careless "master trait" summary reporting, and thus of exaggerated uncertainty for investment. Bulgaria is increasingly viewed as a good candidate for investment and Western European integration. Given evidence of modernization of regulations, massive police reform and speed in instituting change, development growth is likely. However, it is risky to exclude from decision-making thoughtful consideration of the dangers of crime and its correlated milieu in any low-income country. References, bibliography