Our team of financial and legal professionals can assist in obtaining a Bulgarian-EU residence through the Bulgarian Investor Program for Residence and Citizenship. Our international experience with these services and our partnership with the local government, Invest Bulgaria Agency, secures your investment and residence at an affordable cost and guaranteed results.
We will review your interests and opportunities in Bulgaria and tailor our resources to best fit your needs and requirements. The advantages our customers appreciate with this program is the opportunity to become resident of the European Union along with; low costs of doing business, low taxes, undervalued assets, strong economic growth, politically stable, strong foreign direct investment, strategic location, strong education system, and great quality of life.
Our firm is ready to help all customers who would like to settle permanently in Bulgaria and enjoy all the advantages of being a resident of an EU member. Special exemption is granted for participants in the Program regarding the required physical residency in the country during the five year period necessary to become a Bulgarian citizen. You will be able to enter and leave the country as many times as you wish without visas, and also travel and work within Europe visa free.
The Bulgarian legislation provides significant advantages for foreign investors in Bulgaria concerning investors’ business activities in the country and their personal status as individuals with foreign citizenship.
The Statutory Procedures for Investors in the Residency and Citizenship Program are provided by the Act for Foreigners in the Republic of Bulgaria (AFRB), as well the Regulations for its implementation and the Ordinance for the conditions and procedure for issuance of visas. This law gives the framework for entering, residing and exiting in and from the Republic of Bulgaria to the citizens of non – EU Members.
The application for the Bulgaria EU Investor Program must include the following legalized documents in English, alongside with a Bulgarian translation.
Application for Permanent Residency and Visa D;
Passport with applicable visa;
Proof of paid application fees;
Curriculum vitae of Main Applicant;
Two photographs of the Main applicant;
Investment Certificate issued by the Ministry of Finance for the amount of 511 292 €;
Proof of personal net worth of over 1 000 000 €, if Main Applicant chooses financing option for the Investment (this is a requirement of the chartered Bulgarian Bank financing the investment of 511 292 €);
Statement of the Source of Funds;
Power of Attorneys and Investment Agreements have to be notarized in the appropriate Bulgarian Consulate or Embassy or to be certified by a Notary;
Proof that the applicant has no criminal record.
The statutory term for issuance of a Permanent Residence Permit is two months after submission of the documents.
Permanent Residence Permit is issued by the Migration Directorate of the Ministry of Interior. It entitles its holder to enter and exit Bulgaria freely and to reside in the country for indefinite period of time. The holder also receives a Bulgarian Identity Card, Personal Identity Number and address of residence.
Please note that all applicants for the Investor Program are subject to thorough checks by Interpol, Europol and other anti-crime organizations. A pre-requisite of the Program is that all applicants must have a crime free record and must not be subject of ongoing criminal proceedings.
Once the Permanent Residence Permit is obtained trough the foreign investment of 511 292 € as per the Bulgarian law and legislation, the foreign investor can benefit from a special exemption for physical residency requirement from the statutory 180 days per year over 5 years as per the Art 40. par.5 of the Act for Foreigners in Republic of Bulgaria (AFRB).
The foreign investor who holds a Permanent Residence permit for at least 5 years may apply for Bulgarian Citizenship according to the Act on Bulgarian Citizenship. To that effect the Foreign Investor has to, as of the date of filing the application for naturalization and as per Article 12 of the Act: be major; maintain his status of Permanent Residence, not been sentenced by a Bulgarian court for a capital offense and has not been accused in criminal proceedings for such a crime unless he has been rehabilitated.
Foreign citizen may acquire Bulgarian citizenship not subject to the provisions of Article 12 if the Republic of Bulgaria has an interest in his/her naturalization or if the person concerned has made a special contribution to the Republic of Bulgaria in social and economic spheres, or in the field of science, technology, culture or sports. Bulgarian Citizenship is granted personally by the President of the Republic by virtue of a President Decree issued on the grounds of a special well-founded proposal of the Minister of Justice after the completion of a statutory procedure.
The application fees associated with the program include government application fees, legal and translation fees, language course fees, service fees related to the background verification and validation of source of funds. These up-front fees are non-refundable and they vary depending on the number of dependents, country of origin, residence and other retained services. Contact us for more details.
Benefits of settling in Bulgaria-EU
Bulgaria, being a member of the European Union, provides potential investors with many unique benefits:
Invest in Bulgaria, become resident of EU member country
Fast track process, 6 to 9 months within legislative framework
Government approved investment and available financing options from Banks
Special exemption from physical residency enforced with legislation
Unique benefits towards European citizenship for investors and their families
Highly-skilled labor force at Europe’s lowest operational cost
Free movement within Schengen countries starting 2012
Strategic geographic location, linking Europe to Asia, Middle East and Africa
Favorable tax rates and free trade environment within EU
Competitively priced healthcare and education
Visa free travel for Bulgarian passport holders
It is estimated that 157 countries and territories granted visa-free or visa-on-arrival access to Bulgarian passport holders. Visa prior to arrival or pre-arrangement required for countries or territories not mentioned below.
Where visa-free access is permitted, such access is not necessarily a right, and admission may technically be at the discretion of border enforcement officers. Visitors engaging in activities other than tourism, including unpaid work, may require a visa or work permit
The definition of accepted Investment in the Program for Residency and Citizenship in Bulgaria is granted by the Investment Encouragement Act of Republic of Bulgaria and the Regulations for implementation thereof. To that effect, investors who through the business immigration program, wish to obtain Permanent Residence Permit, issued by the Ministry of Interior need first to qualify for a Certificate of the Ministry of Finance confirming a foreign direct investment of 1,000,000 BGN (€ 511,292) in accepted Governmental Bond Portfolio.
There is a strict statutory procedure to be followed in order to obtain that Certificate in regards of Source and origin of the funds as well as the allowed financial transactions. For a set fee of pre paid interest our clients can choose to leverage their capital investment over the five-year maturity allowing delivery of the same investment certificate for residency over the five years, risk free. In order to comply to the set procedures by the law, we offer the following options for the qualified investors in the program:
The investor deposits the full amount of 1,000,000 BGN (€ 511,292) from outside of Bulgaria into the Governmental Bond Portfolio. No further payment is required. At the end of the five year period, the amount of € 511,292 Euros is returned to the investor with no accrued interest. The investment is fully guaranteed and secured by the government.
The investor pays a reduced amount of € 180,000 Euros*. No further payment is required by the investor and nothing is returned to the investor at the end of the five year period. The reduced amount is used to finance a € 511,292 Euros closed five-year term loan from a chartered Bulgarian bank.
*This amount may change marginally if prime lending rates in the national banking system rise or fall in response to changes in the Bulgarian National Bank key interest rate.
Applicants who select the Financed Investment Option will have to demonstrate net assets worldwide of more than €1,000,000. This is a requirement from the Bulgarian chartered bank.
The below step-by-step process and associated timeline are based on the legal framework that needs to be followed for permanent residence for a foreign investor. Below the outlined timeline by combining current processing times of local government institutions with the ones experienced by our previous clients.
PHASE I – MAIN APPLICANT
File Preparation and Submission, Application Fees payment
Appointment in a Bulgarian Consulate for document signing
Investment transfer by the Main Applicant
Investment Certificate is issued
2nd appointment at a Bulgarian Consulate:
- Application for Visa D
Visa D granted, followed by a 1st trip to Bulgaria: - Submission of Application for Permanent Residency Certificate (PRC)
Permanent residence approved, followed by a 2nd trip to Bulgaria: - Submission of Application for Bulgarian PR card
Receipt of Bulgarian PR Card (3 days after application)
PHASE II – FAMILY MEMBERS
Once the main applicant is issued the Bulgarian ID document, the procedure for the qualifying family members is launched.
The process may take up to 2.5 months in total, and includes two mandatory trips to Bulgaria of each qualifying family member. After the 2.5 months, the family members are issued Bulgarian ID documents as well.
The above timeline is an estimate based on our experience with previous clients and is provided for information purposes only. Any changes that may occur, which may or may not affect an applicant’s processing, will not be the responsibility of us. Governments can experience large volumes of applications, local authorities can modify required documents and/or processing delays, are some of the factors that may affect timings. Processing times will vary depending on where the application has been filed.
We can provide a specific timeline on an individual basis, depending on the visa office they will be applying through. Contact us: email@example.com to find out what the timeline will be for You.