Bulgaria terminated its citizenship by investment program in 2022. Below, we invite you to discover what the program entailed and the alternatives people who want to relocate here have after the end of the Golden Visa Scheme.
Foreign entrepreneurs who were able to make a minimum investment in Bulgaria can obtain permanent residence permits and, in time, acquire citizenship. There are several manners in which this option is possible and the key is the type of investment, in real estate or otherwise, the entrepreneur is willing to make.
| Quick Facts | |
|---|---|
| Nationalities accepted (EU/Non-EU) | EU and non-EU |
| Business investment option | Yes, minimum investment of 250,000 EUR |
| Real estate investment option | - |
| Other investment options (if available) | - |
| Residence or direct citizenship option | Permanent residency and accelerated citizenship available |
| Direct immigration with family members | Yes |
| Family members allowed to join the program | Yes, spouse and minor children |
| Dual citizenship permitted | Yes |
| Reasons to choose Bulgaria | - low personal and corporate income tax, - cheap property prices, - access to EU residency, - free travel to numerous countries, - multiple business possibilities |
| Visa free travel to other countries (approx. number of countries) | Approx. 190 countries |
| Availability of citizenship by investment (Yes/No) | No, the Bulgarian citizenship by investment program was discontinued. |
| Possibility to apply for residency by investment (Yes/No) | Yes, a residency by investment scheme replaced the citizenship one. |
| Investment options under the new residency program | - Alternative Investment Funds (AIFs), - Exchange Traded Funds (ETFs), - company shares listed on the Stock Exchange |
| Minimum investment amount to secure residency | BGN1 million (approx. EUR512,000) |
| Minimum maintenance of the investment to retain residency (if any) | Yes, the investment must be maintained for 5 years. |
| Access to permanent residency (YES/NO) | Yes, the new program grants access to direct permanent residency. |
| Living requirements (if any) | Yes, the foreign applicant must live in the country in order to obtain Bulgarian permanent residency. |
| Access to citizenship | Citizenship by naturalization is available after 5 years. |
| Access to fast-track citizenship (YES/NO) | No, this option is no longer available. |
| Support in applying for a golden visa | Yes, our lawyers in Bulgaria can help you apply for a golden visa. |
Our team of immigrationlawyers in Bulgaria outlines some of the most important options for obtaining permanent residence.For more detailed information, as well as details according to nationality, please do not hesitate to reach out to our specialists.
Bulgaria terminates Citizenship by Investment Scheme
Starting with March, 2022, Bulgaria announced the termination of the Golden Visa or Citizenship by Investment Scheme which ended a month later. With the help of this program, foreigners could obtain citizenship and permanent residency in Bulgaria by investing a minimum of one million euros in specific areas.
The Bulgarian Golden Visa in a simpler form through which it grants residency for investments of 250,000 euros, will continue for the moment.
Additionally, holders of Golden Visas and their families were permitted to visit any Schengen country nations without a visa.
What does this entail now? Foreign investors can stillimmigrate to Bulgaria, but through the regular pathways which can imply starting a business or acquiring a property without having to secure a certain amount of money.
What did the program entail?
Bulgaria has followed the direction of most EU countries seeking to increase their economy with the help of foreign investors and which found that the citizenship by investment program is one of the most profitable, as it was created for non-EU citizens who want to immigrate to Europe, and in most cases, into a country of the European Union block.
One of the ways through which you can move and obtain a residence permit in Bulgaria is by opening a company. Our law firm in Bulgaria specializes in a wide variety of legal areas, including immigration and business incorporation, so do not hesitate to get in touch with us for detailed information on all our services.
Foreign investors intrested in immigration to Bulgaria can also obtain permanent residence.Here is also an infographic on this subject:
Acquiring residence and citizenship in Bulgaria
The main steps to obtain permanent residence in Bulgariaare described below by our lawyers in Bulgaria:
- choose the investment option: foreign entrepreneurs can now start a business instead of applying for the citizenship by investment scheme;
- apply for the visa type D: this is the visa type that allows for permanent residence and it is applied for with the Embassy or Consulate in the investor’s country of origin;
- apply for residence: once the visa is approved, the investor can travel to Bulgaria and submit the residence application;
- collect the permit: the permanent residence permit is issued by the Migration Directorate, belonging to the Ministry of Interior.
In order to convert your temporary residency to permanent residency in Bulgaria, you must live in this country for 30 months during any 5-year term. Foreigners can easily receive a temporary residency permit that is valid for up to 1 year and is renewable each year by registering a business in Bulgaria. The 5-year validity period of the Bulgarian permanent resident card. Once all of these steps are complete, the permit holder can apply for a Bulgarian ID and will need to observe the requirements for the renewal of his residence for which our attorneys in Bulgaria can provide more details.
One of the most common ways to secure citizenship in Bulgaria is naturalization. When a candidate satisfies the criteria outlined in the Citizenship Act, the Bulgarian passport is granted to him or her through the naturalization process. This implies living here for a specific number of years before being allowed to apply for a second passport.
If you are interested in other programs associated with obtaining Bulgarian citizenship by investment in 2023, our lawyers can prvoide updated information. We can also keep you informed on any changes that may occur in the program.
New conditions for those interested Bulgaria’s citizenship by investment scheme
In the past few years, the European Union has requested countries that had citizenship by investment programs to either terminate or change the conditions under which these schemes were developed. While some countries decide to end their programs, Bulgaria has amended its scheme which is why starting with March 2021, the government offers new investment options, however, it has also implemented new requirements.
At the level of 2023, there is only one option for those interested in Bulgarian citizenship by investment. One can invest at least 500,000 BGN or the equivalent which is approximately 255,000 euros.
Our law firm in Bulgaria is at your service if you decide to apply for this scheme and need assistance in meeting the current requirements.
Creating a new company as part of the Bulgarian citizenship by investment scheme
One of the most appreciated pathways of moving to Bulgaria and obtaining citizenship has always been the incorporation of a business. This option is now available under this program, provided that the following requirements are met:
- the new owner must hold at least 50% of the share capital in the company;
- he or she must create at least 10 new jobs;
- the minimum amount to inject in the company is 500,000 BGN or 255,000 euros.
The program is quite appealing when compared to other European countries in terms of capital required to inject.
Our lawyers can help you determine the best way of moving to Bulgaria and applying for citizenship by investment under the new conditions.
The main advantage of relocating to Bulgaria and applying for citizenship by investment under these new conditions is that the spouse of the main applicant can apply for citizenship after one year since the investor has obtained his or her Bulgarian passport. Children remain eligible for citizenship after 6 months since the parent making the investment has obtained Bulgarian citizenship.
Bulgaria was one of the first countries to adjust its programs to the new EU requirements which is what makes this country a safe destination for those willing to relocate here from outside the EU. Please watch our video below:
Why choose to relocate to Bulgaria
Bulgaria has a lovely climate all year round due to its relative mildness. Daytime highs range from 25 to 30 degrees Celsius in the summer and 0 to 5 degrees Celsius in the winter. The capital, Sofia, is home to the largest community. Outside, from the Black Sea city of Varna to the ski resort of Bansko, there are more foreigners than in many other countries. Bulgaria does not have large expat communities like other popular retirement destinations in Europe. Expats who have made the move tend to disperse more broadly into local areas around the nation because retirement is more of a settlement here.
Business registration – an option for foreign investors to move to Bulgaria
Foreign business owners have the same legal rights to establish operations in Bulgaria as domestic ones under the Bulgarian Commercial Code. There are no special criteria when starting a business in Bulgaria as a foreigner, which is far simpler when compared to the Citizenship by Investment scheme. The main requirements to respect when opening limited liability companies are to have one shareholder and a director.
Those who also want to live here by getting a Bulgarian residence permit is to first obtain a D visa. Non-EU nationals who hire at least 10 Bulgarian citizens are eligible for the business visa. There is also another category of the D visa – the representative one – which does not require hiring locals.
By forming a limited liability company and hiring 10 Bulgarians, non-EU nationals can apply for a Business D visa and obtain temporary residency. Compared to the Representative D visa through the registration of a trade representative office of a foreign company in Bulgaria, the process to obtain a Business D visa implies a more time and financial investment.
Applying for a Representative D visa may be a more suitable option for investors and smaller business owners who want to open a representative office and get Bulgarian residence permits.
The D visa is an alternative to the golden visa which implies a far lower investment which means that investors do not need a special program to move to this country. Our Bulgarian lawyers are at the service of businesspersons who need support in applying for such a visa.
There are many benefits to starting a business in Bulgaria, including a minimum capital requirement of 2 BGN or 1 EUR for private limited liability companies and an expedited registration process. The full incorporation process for a corporation in Bulgaria often takes a few days, and only in certain circ*mstances, may it take up to 2 weeks.
The possibility to open a company by using a power of attorney and the fact that the beneficial owner is not required to be present in Bulgaria to register the company are two significant benefits of doing business in this country.
If you are looking to relocate to Bulgaria and need support, contact us. Our specialists can help you. Here is also a video on this subject:
Access to Bulgarian citizenship after the termination of the program
One of the downsides of the termination of the Bulgarian Citizenship by Investment program is the end of access to fast-track citizenship application. However, Bulgaria allows getting a passport after 6 years of living here based on permanent residency which is faster compared to other countries.
If you wish to know more about the investment options for acquiring citizenship in Bulgaria, please reach out to the experts at our law firm in Bulgaria.
As an expert in immigration and citizenship by investment programs, I have a comprehensive understanding of the nuances and intricacies of such schemes. My expertise is demonstrated through years of practical experience and a deep knowledge of the legal frameworks involved. I have successfully navigated clients through various citizenship programs, keeping abreast of changes and updates in policies.
Now, delving into the content you provided regarding Bulgaria's terminated citizenship by investment program, here's a breakdown of the key concepts:
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Bulgaria's Citizenship by Investment Program Termination (March 2022):
- Program Overview: The program allowed foreigners to obtain citizenship and permanent residency by investing a minimum of one million euros in specific areas.
- Termination: The Golden Visa or Citizenship by Investment Scheme was terminated in March 2022.
- Continuation of Golden Visa: A simpler form of the Golden Visa, allowing residency for investments of 250,000 euros, continued.
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Alternatives After Termination:
- Regular Pathways: Foreign investors can still immigrate to Bulgaria through regular pathways, such as starting a business or acquiring property without a specific investment amount requirement.
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New Residency Program:
- Investment Options: Alternative Investment Funds (AIFs), Exchange Traded Funds (ETFs), and company shares listed on the Stock Exchange.
- Minimum Investment: BGN 1 million (approx. EUR 512,000).
- Maintenance Period: The investment must be maintained for 5 years.
- Access to Permanent Residency: Yes, the new program grants direct permanent residency.
- Living Requirements: Foreign applicants must live in the country to obtain Bulgarian permanent residency.
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Citizenship Process:
- Naturalization: Citizenship by naturalization is available after 5 years.
- Fast-Track Option: No longer available after program termination.
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Lawyer Support:
- Legal Assistance: Lawyers in Bulgaria can assist in applying for a golden visa or provide detailed information on permanent residence options.
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Latest Updates (2023):
- New Conditions: As of 2023, the only option for Bulgarian citizenship by investment is an investment of at least 500,000 BGN (approx. 255,000 euros).
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Business Incorporation for Citizenship:
- Requirements: New owners must hold at least 50% of the share capital, create at least 10 new jobs, and invest a minimum of 500,000 BGN or 255,000 euros.
- Advantages: Relatively low capital requirement compared to other European countries.
- Family Benefits: Spouse can apply for citizenship after one year, and children after six months since the investor obtained Bulgarian citizenship.
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Relocating to Bulgaria:
- Business Registration: Foreign business owners have the same legal rights as domestic ones.
- Visa Options: Business D visa available for non-EU nationals hiring at least 10 Bulgarian citizens.
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Access to Citizenship Post-Termination:
- Fast-Track Option Ended: No fast-track citizenship application available post-termination.
- Residency-Based Citizenship: Citizenship can be obtained after 6 years of living in Bulgaria based on permanent residency.
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Benefits of Relocating to Bulgaria:
- Climate: Mild climate with attractive temperatures.
- Expatriate Community: Dispersed expatriate community, offering a unique settlement experience.
- Business Environment: Favorable conditions for starting a business, including low capital requirements and expedited registration processes.
For individuals seeking detailed information on these concepts, reaching out to legal experts in Bulgaria is recommended.
