Bulgaria Citizenship & Residency

IMMIGRATE TO BULGARIA

Immigrant Investor Program (BGIIP)



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Why Immigrate to Bulgaria?

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.


Main Benefits for obtaining Bulgarian Citizenship through the Investor Program

  • Right to live, work and study in Bulgaria and EU countries.
  • No language requirements.
  • Dual citizenship is allowed.
  • No requirements of permanent residence in Bulgaria.
  • High standards of living, political and economic stability, clean and safe environment.
  • Favorable tax regime and extensive network of double taxation treaties.
  • Government support for priority investment projects


Requirements of the Bulgarian Investment Immigration Program

The Applicant must not be an EU citizen.
Investment in a Government Bond Portfolio of €512,000 for a period of 5 years.
Documents supporting the source and origin of the declared and invested funds.
The Applicant must have a clean criminal record.
Attest the Power of Attorneys and the Investment Agreement;
Make the minimum statutory trips to Bulgaria.


Investment options

For a Full Investment Visa
  • The applicant must invest BGN 1,000,000 (€512,000) into a Bulgarian Government bond. The Government Bond investment must be managed in Bulgaria for at least 5 years. Once the 5 years is over the amount is returned to the investor with no accrued interest.
  • To be eligible for the full investment option you must have a net worth of at least BGN 1,000,000 (€512,000)
For a Financed Investment Visa
  • The applicant invests a sum of €170,000 as a deposit.
  • The €170,000 is required to finance the BGN 1,000,000 (€511,292) loan from a Chartered Bulgarian Bank.
  • This amount however is not returned to the investor once the 5 year period is up.
  • To be eligible for the financed investment option you must have a personal net worth of BGN 2,000,000 (€1,022,000).
Fast-track option

This option allows investors to obtain citizenship within 2 years subject to the following requirements:

  • At least 1 year of permanent residence in Bulgaria
  • Doubling the amount of investment.
  • Hold additional investment for a period of two years after citizenship is granted.


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PERMANENT RESIDENCE

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.

Further BGIIP features and requirements

  • It can take as little as 6-8 months to complete the application and approval of a residency visa in Bulgaria.
  • It is vital that the applicant can provide evidence of funds and demonstrate that the funds were gained legitimately.
  • You cannot have a criminal record nor can you have previously undertaken in any inappropriate business endeavors.
  • There is an application fee which must be paid for the application process.
  • The residency process may require the applicant to travel to Sofia as many as three times.
  • On approval of your visa you will gain EU resident status.

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.