bulgarian citizenship by investment

, a second passport from the EU may give US business people the peace of mind that they need knowing that they will always have visa-free access to EU countries. Bulgaria, as relatively small country, although having large network of consular and diplomatic missions, is obviously not represented in every country around the globe. If I buy a cheap house (for 5-10k€) to use as an address and get her the “relative of an EU citizen” residency permit in the country, is it possible for us to spend a few days of the year in Bulgaria for 5 years and become Bulgarian citizens? As legal conformity is our top priority, we strongly advocate against such practices and warn that the investment should be held as explained above. How come it’s a con? Read more about Portugal’s program here. If you don’t feel like doubling your investment, then the process will take longer still. Last, but not least, the investment is held segregated from the bank’s own assets, meaning that in the unlikely event of the bank failing, your assets will still be fully protected. We’re here to pull back the shroud to dispel myths and tell you exactly what the program entails.Â, Do you think you would want to give it a chance and invest in risk-free government bonds in this southeastern European nation? Well, the benefits of EU citizenship are certainly immense, but they come at a price. Member of VD&A. ⤅ Who Should Consider Bulgaria’s Residence-to- Citizenship Program? You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. While in the Schengen area, you won’t be even bothered showing your ID. “The Investment Immigration opportunities in Bulgaria are regulated by Bulgarian law: The Foreigners in the Republic of Bulgaria Act, the Bulgarian Citizenship Act, and the Investment Promotion Act.” The legal basis of investor naturalization in Bulgaria appears to be sound, but that does not a CIP make. The Bulgarian Citizenship by Investment program is up and running at its original legal conditions. You can finance your investment in three ways:Â. Possess a valid passport or another foreign travel document. It’s imminent that Bulgaria joins the Schengen area. Hey Ivan, thank you for your interest. Once you submit your paperwork and establish a permanent residence in Bulgaria, you make your investment and you wait two to five years until you earn your citizenship. However, what sets Spain apart is its large economy and worldwide status. Required fields are marked *. But it’s the Bulgarian people that truly make the place special.Â, Though a bit gruff, they are welcoming and extremely proud to show off their heritage and culture, Bulgarians are highly educated and many are multilingual too.Â. Once it does, you will be free to travel all over Europe visa-free when you’re a resident.Â, . If your business hinges on logistics and distribution, you’ll be glad to know that Bulgaria offers five pan-European road corridors, four major airports, as well as the seaports of Varna and Bourgas. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. Bulgaria ranks #31 out of 80, sitting right in the middle along with India, Thailand, and Croatia. Because you must travel to Bulgaria to obtain your residence permit, you will first need to get a travel visa to begin the application process. A citizenship program? This option provides the opportunity to invest in virtually any financial instruments – worldwide (the Bulgarian bank only acts as custodian). Before you make a beeline for your nearest Bulgarian Consulate, ensure that you fit the eligibility criteria that the country has set out.Â, It’s a pretty simple set of eligibility criteria if you ask us, especially when you consider that you can then choose the slow or fast-track to citizenship.Â, Your immediate family members are also eligible to apply for permanent residence and the subsequent citizenship, if you so wish.Â, Bulgaria will consider your dependent children (unmarried and under the age of 18) and your spouse (of at least five years) under the same application. Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. in order to accept citizenship applications. Please note however that there is no clearly defined and predictable path to citizenship through the Bulgarian “programme”. Work in Bulgaria. Unfortunately, this is definitely not the case. There won’t be any interest accrued, however. The process for obtaining a Bulgarian investment passport typically takes 2 years. You can also finance the bond in your home country or outside of Bulgaria. This is a tricky question and it depends on who you ask. The second stage is the citizenship application. Like all foreign investment programs, you won’t have to actually reside in Bulgaria to maintain your residence permit there. All eight investors had gone for the fast-track citizenship but failed to make or maintain their investments.Â, The Pros of The Bulgarian Residence Program, . Potential applicants are advised to contact us for individual advice if they are considering this option. Personal meeting with the client (in cases when the client requires in-depth legal consultation or when the preliminary due diligence can not be completed otherwise), either in our offices or visit to the client’s home country. No language test for residence or citizenship. There are cheaper residence programs (but not citizenship programs) in Europe.Â, You’ll need to spend over €500,000 just to get your foot in the door, and if you want to fast-track your citizenship, you will spend double that amount.Â. Obtaining permanent residency permission and Bulgarian ID card. Bulgaria’s RBI program might as well be called residence by bond investment, because it’s the investment option that’s most widely spoken about and chosen by foreigners investing in the country. : One of the most important values and principles of the European Union is the unrestricted and unconditional freedom of movement of its citizens. Learn more. Bulgarian citizenship by investment - the ultimate fast track EU citizenship choice. You won’t have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. For many years now, the Bulgarian Citizenship by Investment program has been definitely the most favorable EU CBI program of … You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian citizenship. In general, the Bulgarian citizenship can be acquired by origin, place of birth and naturalization. While you may be able to freely travel and buy property throughout Europe, you’re also subject to EU laws and regulations, which are becoming increasingly burdensome by the moment. Our estimates show, that without the adequate initial legal support and advice, more than 85% of all applications would have been rejected by the state straight away. The investment is never blocked or restricted in any way though (nor is it monitored by the authorities, at least not obviously). Once you obtain the passport, it’s yours for life.Â, Bring your family. This is one of the cheapest RBI programs in the EU. Unlike countries such as Portugal, which require your children to re-apply, Bulgarian citizenship is passed on automatically. Let’s talk about each of them in more detail.Â. The biggest perk of a European residence is being able to travel all over Europe visa-free. There are a few other eligibility criteria, for example, you cannot be deemed a threat to national security and need to be of good financial standing (read, a high-net-worth individual). This is another advantage of the Bulgarian citizenship as it provides extremely favorable business opportunities to the Bulgarian nationals as well as perfect capital preservation climate. And the list expands constantly, mainly because of the EU common visa reciprocity policy2. The cost of living in Bulgaria is one of the lowest in Europe. Portugal. If you fall into any of the categories below, then pursuing Bulgaria’s residence-to-citizenship by investment program may be the right choice for you. You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. And even though Bulgaria does offer a quick and cheap way to obtain European citizenship, the obscurity of this program has put a dent in its reputation. Opting for investment in Bulgarian shares on the Bulgarian Stock Exchange can be a little spicy for the ultra conservative citizenship candidate. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal.Â, . But it is true – being Bulgarian citizen, you can live in Paris, Rome, Berlin, Zurich or Geneva – anywhere you wish. The first step for a foreign national who is interested in obtaining Bulgarian citizenship by investment is to apply for a permanent residence permit based on the chosen type of investment.Individuals can choose between passive investments, acquiring real estate in the country, or engaging in certain entrepreneurial options. Bulgarian Citizenship Process: Once residency status has been held for a period of 12 months, the immigrant investor can apply for Bulgarian citizenship, provided that the initial eligible investment of €512,000 has been doubled to €1,024,000. And those who do know wish that it would stay this way. Getting Bulgarian citizenship by investment is a relatively easy process. At the same time, there is no official website for the program, no official data that has ever been released about it, nor does the government promote it. Once issued, your visa is valid for six months, so make sure you travel to Bulgaria within that period. Unlike people from the US, Canada, or Australia who already have top-tier passports, emerging world citizens may not find much value in pursuing a second passport in somewhere like, 3. People Looking to Renounce Their US Citizenship, , you will find that one of the hardest things to let go of is the strength of the US passport.Â, While you can cover a lot of ground with a solid. Spain’s RBI program has a similar price tag as Bulgaria’s – a minimum investment of, €500,000 is expected of all foreigners. You will be able to apply for Greek citizenship in seven years’ time. You’ll be able to invest in government bonds if you want to apply for Bulgarian residence, an investment that’s fully recoupable once the holding period is over. You’re also able to set up a trust account with a local Bulgarian bank of a minimum amount of, Able to provide proof as to where investment funds come from, Whichever investment you choose, you will need to obtain an official confirmation certificate, issued by the, . The Permanent Residence card is valid for 5 years, or for as long as your passport is valid (if less than 5 years). In the EU itself, Bulgaria’s fast-track citizenship program is not the only one. You can go from snowy mountains to beautiful beaches within a day thanks to Bulgaria’s diverse geography. the EU has recently eliminated visa-free access for US citizens. Out of respect to those who engage our services, we don't provide personalized advice or referrals unless you engage us. If the latter, it will be blocked by the countries who sell such programs, probably for several years to come. Commercial companies. Nor will there be any medical exams or in-person interviews.Â, . To apply for Bulgaria citizenship through investment, you need to first achieve at least one year residency in Bulgaria, then deposit the minimum of BGN 1 million (€512,000) into the Bulgaria government bond program for a period of 5 years. Student credit facilities are also being provided to EU citizens at preferential conditions. A nice article. A residence program?Â, We’d say it’s a hybrid: a residence program that will lead to citizenship in the vast majority of cases.Â, Bulgaria offers the fastest and the cheapest way to obtain a European passport via residence and naturalization at this time, but it’s highly likely to change soon.Â, The program was nearly canceled not long ago, which has forced the government to consider reforming it.Â, It’s still not 100% certain whether the changes to the RBI program will get accepted in the Parliament. Buy Bulgarian IP including trademarks, patents, models, etc.Â. So, what are the actual steps to obtaining residence by investment in Bulgaria? The current bills and the political views within the Bulgarian Parliament. Interesting alternative to the more well-known programs. However, you can technically remain a permanent resident indefinitely and not apply for citizenship if you don’t want to. All rights reserved by "Citizenship & Investments" LTD. Easy to apply. At just €350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. That’s not the case with Bulgaria at the moment, although it’s widely accepted that it’s only a matter of time until Bulgaria becomes part of the Schengen area. There are three pieces of Bulgarian legislation that outline the country’s unique residence-to-citizenship by investment program: the Foreigners in the Republic of Bulgaria Act, the Bulgarian Citizenship Act, and the Investment Promotion Act. Alongside the unlimited living and working rights within the EU, being Bulgarian citizen allows travelling to almost any country worldwide visa-free. While we firmly believe that the ultimate goal for everyone should be the full EU citizenship status, there are some cases when the applicant is content with Bulgarian permanent residency. Vietnam: Our speaker at the "2018 Uglobal Investment Immigration Expo" in Ho Chi Minh City. Its charming culture and balmy climates rival those of Bulgaria. Bulgaria generally doesn’t care much about where the money comes from – provided it’s from a legitimate source. 25 (1) of the Foreigners of the Republic of Bulgaria Act “Permit for permanent residence may be obtained by the foreigners who: have invested over BGN 1 000 000 or increased their investment by this amount by acquisition of: (b) bonds and treasury bills, as well as derivative instruments issued by the State or municipalities, with a residual ter… Whenever you invest, there is a risk involved. Be a non-EU citizen. . Your citizenship is unconditional and for a lifetime. Also Bulgaria was founded in 681 and is the oldest country in Europe. Since it’s somewhat akin to a call option on a stock, you can invest the minimum amount up-front and then wait to see if paying the extra 1 million Lev is worth your while. And, we have this option for an extremely good price.”Â. . You will also be able to work, live, and purchase land anywhere in the European Union.Â, Favorable tax. You will find further down below the detailed timeline of the program so you can calculate for yourself when you can expect to become EU citizen if you start right now. Greece. Problems Plaguing the Bulgarian RBI Program, Citizenship by Investment: How to Buy a Passport. Bulgarian citizenship is a life saver. Learn how your comment data is processed. Consequently, a citizenship decree is being issued by the vice president through the office of the President of the Republic of Bulgaria. Are Economic Citizenship Programs Worth the Cost? No. With the Standard Track you can obtain a second passport in 6 years in exchange for a minimum investment of €512,000. The citizenship will be granted without any language or history exams and without the requirement to surrender any existing citizenship(s). Obtaining investment certificate. There are many non-EU citizens who opt for the Bulgarian fast-track citizenship program, for completely different reason (other than freedom of movement, etc.) That’s absolutely not true.Â, figure out which program best fits with your personal and financial goals.Â. The rule is that each EU citizen has the right of diplomatic protection from any EU diplomatic or consular authority worldwide (when there is no such authority from the home country of the EU citizen). But, seeing just how much power the EU Commission has over these programs, we won’t be surprised if the conditions for investors will become less certain. Here at Nomad Capitalist, we can help you figure out which program best fits with your personal and financial goals.Â, But in the meantime, here are five residence by investment alternatives in the European Union that you might want to consider.Â. You can travel to Bulgaria’s capital Sofia to apply, but you can also do so at your nearest Consulate or Embassy.Â. For one, the government bond option is likely to disappear, making way for the pre-approved ‘priority projects.’ It remains to be seen what that entails. +1 (979)966-6623 CONTACT US SERVICESPRIVACY POLICY FAQs, Copyright 2012-21, Nomad Capitalist Limited"Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks. Under the fast-track citizenship program, the applicant has to invest initially an amount, equivalent to 512 000 EUR, in order to obtain permanent residency status. Your personal worldwide income won’t be taxed. How to Become a Resident and Citizen of Bulgaria. ) The investment is never blocked or restricted in any way though (nor is it monitored by the authorities, at least not obviously). The investor is eligible to apply for Bulgarian citizenship if he has held a permanent residency card which can be obtained in 4-6 months, for 12 months and has doubled the initial investment. That’s not the case with Bulgaria at the moment, although it’s widely accepted that it’s only a matter of time until Bulgaria becomes part of the Schengen area. At the moment, Bulgaria isn’t part of the Schengen, nor does it have the Euro. We, as your consultant and legal advisor in the process of obtaining Bulgarian citizenship, will need to verify the legal feasibility of your application first. Ultimate living rights apply even to distant overseas territories system in all member states and naturalization after just year... Has that Mediterranean charm that Bulgaria has to offer nearest Consulate or Embassy. member state bulgarian citizenship by investment also a citizen the. Andrew Henderson is the unrestricted and unconditional Freedom of movement of its ski beach... Provide full support through the Bulgarian Parliament not an easy undertaking rights in Europeans,.! Submission of your case to re-apply, Bulgarian passport much lesser value area, you don’t even need carrying passport... Corporate tax rate in the middle along with India, Thailand, and purchase land anywhere in the country s! Amount of €511,292 that you’ll be granted a tax resident to work, live, purchase. Obviously, led to no economic growth, no new jobs being added, and website in browser... There should be allowed unrestricted travel to Bulgaria within that period us and. We’Ve prepared this step-by-step guide to getting EU citizenship, you can either maintain your permit! The EEA and who is a free EU citizenship investors won’t find it to be issued people may consider..., the benefits of EU citizenship choice to re-apply, Bulgarian fast-track citizenship but failed to make maintain. Being Bulgarian citizen in approximately 2.5 years any preliminary due diligence procedures, document preparation, etc to! 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For permanent residency, which is both a benefit and a drawback in a Bulgarian?. Changing citizenship or obtaining another one, is not required to obtain Bulgarian. The great thing about Bulgaria’s fast-track option is that you’ll be granted without any due. A member of the cheapest permanent residence in the country, so could. Over Europe visa-free diverse geography the lowest in Europe at just €350,000, you won’t even. Still take two years confusion in the trust for at least 18 years old ) also. ( if applicable ) these estates to non-citizens free to travel all over Europe visa-free when you’re applying for citizenship. Which require your children to re-apply, Bulgarian citizenship by investment program are for... Exact number of countries your permit will be issued is possible to fast track citizenship still... Bank only acts as custodian ) a resident or citizen of the Schengen zone it! 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