Immigrant Investor Program (BGIIP)
Due to its European Union status, Bulgaria is a very popular location for foreigners to seek permanent residency in. Bulgaria has a highly educated and skilled working population, competitively priced healthcare and education fees, and a highly sought after tax environment.
The Bulgarian Investment Immigration Program (BGIIP) was introduced by the Bulgarian Government in a bid to attract foreign investors to reside in the country to achieve a more diverse and competitive business environment. The program is based on the Canadian immigrant investor model and has been in operation since 2009.
The BGIIP is aimed at non-EU residents who are seeking EU residence and citizenship in Bulgaria. In general the BGIIP is most popular among high net worth individuals, as these are the people who are able to invest a large proportion of their wealth into the country for the benefit of the county’s economy.
This option allows investors to obtain citizenship within 2 years subject to the following requirements:
The Migration Directorate of the Ministry of Interior issues Permanent Residence Permit. This document entitles its holder to enter and exit Bulgaria freely and to reside in the country for an indefinite period of time. The Permanent Resident must then apply for Bulgarian personal identity number and afterwards – for a Bulgarian permanent residence card. Permanent Residence Permit, which takes up to 60 days to be processed, may be provided to a foreign investor who has a valid passport with Bulgarian long-term visa (type D), original of clean criminal record, Certificate for Investment in Bulgaria and rental agreement or proof of residential ownership.
EU residency status allows for non EU residents to benefit from: freedom of movement within the European Union and the right to reside in any of the EU member states; the right to study, work and retire in any of the member states; the right for free trade; the right to quality health care; the right to an equal and fair standard of living throughout the EU and also; access to justice within the EU.