Bulgaria is an attractive option for business people who want an EU passport without much hassle. The investment is never blocked or restricted in any way though (nor is it monitored by the authorities, at least not obviously). Bulgarian citizens are currently ranked number 10 in the world by most current statistical data, based on number of countries that provide visa-free entry to Bulgarian nationals. It is worth noting that permanent residency is the highest grade residency status in Bulgaria and it provides many rights and privileges to its holder. And that’s it – you are now officially Bulgarian and EU citizen. Bulgaria is enjoying the lowest tax rate in the whole EU – 10% flat on both personal and corporate profits. ⤅ Bulgaria’s Residence by Investment Program, ⤅ Problems Plaguing the Bulgarian RBI Program, ⤅ How to Become a Resident and Citizen of Bulgaria, ⤅ The Step-by-Step Bulgarian Residence by Investment Application Guide, ⤅  The Pros of the Bulgarian Residence Program, ⤅  The Cons of the Bulgarian Residence Program, ⤅  Bulgarian Residence by Investment – FAQs. From the available investment options, the most widely used is the investment in Eurobonds (Sovereigns). There is confusion in the investment immigration world as to what Bulgaria’s program really is. The same minimum amount applies – invest €511,292 in a Bulgarian company for four or five years and you’ll be granted Bulgarian residence and eventually a passport too. How it works The Bulgarian citizenship by investment program is a two staged process. 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. How come it’s a con? 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. Hello Marina i am ishtiaq javed from pakistan please tell me the whole process of Bulgrain citizenship and fee amount for pakistan, Your email address will not be published. Eligible for citizenship after 5 years (Fast-track option is available). And those who do know wish that it would stay this way. Rather than increasing the investment to 1 024 000 EUR after one year, as with the standard fast-track option, the applicant can opt not to make any additional investment tranches in which case he will be able to apply for and obtain Bulgarian citizenship after a period of 5 years. Interesting alternative to the more well-known programs. The same minimum amount applies – invest. Spain’s RBI program has a similar price tag as Bulgaria’s – a minimum investment of, €500,000 is expected of all foreigners. Please note however that there is no clearly defined and predictable path to citizenship through the Bulgarian “programme”. The process ends with the issue of a Bulgarian Citizenship Certificate that allows the investor to get a Bulgarian passport Standard Track 1 investment of ~€ 500,000.00 the right to circulate and reside freely in the Community; the right to vote and to stand as a candidate for European and municipal elections in the State in which he or she resides; the right to protection by the diplomatic or consular authorities of a Member State other than the citizens Member State of origin on the territory of a third country in which the state of origin is not represented; the right to petition the European Parliament and to submit a complaint to the Ombudsman. Another great advantage of the bonds is that they can be denominated in Euro, thereby eliminating both eventual currency fluctuations and any currency exchange fees. The money must be kept in the trust for at least five years to be eligible for eventual citizenship.Â. Meanwhile, a handful of other RBI programs offer you a no-frills option of becoming their resident without having to travel to the country at all.Â. How come it’s a con? Investing EUR 430,000 in 2 residential units in the capital Sofia can allow applicants to attain full EU citizenship in as little as 18 months. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal.Â, . Bond investors in the Bulgarian residency programme can apply for Bulgarian citizenship after 5 years. Registration in the municipality and in the register. Like Eastern Europe? Nor will there be any medical exams or in-person interviews.Â, It’s a cheap country. . And, that’s not including interest, which can add up to around $320K. Read more. Our lawyers are lodging formal citizenship application with the Ministry of Justice. Bulgaria generally doesn’t care much about where the money comes from – provided it’s from a legitimate source. 3. Financing externally. © 2021. Bulgaria, as full EU member, makes no exception of this rule for its standard citizenship procedures. You’ll next need to locate your nearest Bulgarian Embassy or Consulate because applying for a Type D Investor visa requires you to be physically present.Â, Basically, you will need to enter the country legally to deal with the remaining steps of your residence – not having a visa is not an option. Â, The visa will be valid for six months after it’s issued, so you must plan to visit Bulgaria in those six months. 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. “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 program isn’t widely known. Let’s talk about each of them in more detail.Â. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal.Â. Once you obtain the passport, it’s yours for life.Â, Your spouse (of at least five years) and underage children can all be added to the application for the same price.Â, It’s imminent that Bulgaria joins the Schengen area. Who Should Consider the Bulgarian Residence-to-Citizenship Program? Some clients from certain countries (with favorable visa-free travel possibilities) are often utilizing the semi-fast-track citizenship option in order to relocate to Bulgaria or to obtain much more favorable tax status than in their own country. It criticized the Bulgarian program (and all EU investor immigrant programs, as it does), but it had the fortunate effect of pushing the Bulgarian government to change its program with hopes of making it sustainable.Â, This means that there are multiple amendments pending, including faster processing times, the scrapping of the bonds option, and the strengthening of its due diligence process.Â, It remains to be seen if these changes will pass through the legislative apparatus and be made a reality.Â. Learn how your comment data is processed. And, we have this option for an extremely good price.”Â. Then you shouldn’t delay.Â, Bulgaria could prove to be the smartest decision that you’ll ever make – obtaining European citizenship for a rather low price in a country that’s soon going to be part of the Schengen and the Eurozone.Â. : a residence program that will lead to citizenship in the vast majority of cases.Â. Here at Nomad Capitalist, we can help you figure out if Bulgaria fits well in your holistic financial plan, and help you with the entire process of obtaining residence and eventually citizenship there too. Getting a passport now means you’ll automatically have access to that benefit once it is available. 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. Once you obtain your Bulgarian passport, you will get access to 170 different countries – visa-free. 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. During the 20th Century, it was part of the Soviet Bloc. , some people believe that the program has no legal basis. Yet, it’s a relatively safe loan since it’s financed through official channels.Â. Yes, your spouse (of at least 5 years) and all underaged dependent children can be added to the same application. Bulgarian citizenship by investment - the ultimate fast track EU citizenship choice. I have a question: I’m a British citizen and my wife-to-be is a non-EU citizen. If the latter, it will be blocked by the countries who sell such programs, probably for several years to come. Charming and sleek at the same time, Cyprus is dripping in immigration investors’ money. Why and how to get Bulgarian citizenship by investment. Different countries from just about every corner of the world are offering some kind of "Citizenship by Investment" initiatives. As it is now, the Bulgarian CIP is simply a gift. Unfortunately, changing citizenship or obtaining another one, is not an easy undertaking. Latvia. The plus side is that you’ll be able to travel freely and invest in property throughout the EU. 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. And, that’s not including interest, which can add up to around $320K. You only have to visit the country once when you’re applying for residence. As Bulgarian citizen, you and your children will also have full access to the best schools and universities in all member states. No requirement to reside in Bulgaria. Selection and purchase of the initial investment of 512 000 EUR. 3. You will be able to get your bond investment back after five years if you’ve opted to go for the regular track path to citizenship. Emerging world citizens from places like China or Russia can often become frustrated with their “. Alongside the unlimited living and working rights within the EU, being Bulgarian citizen allows travelling to almost any country worldwide visa-free. . Student credit facilities are also being provided to EU citizens at preferential conditions. 1 It is extremely difficult to determine the exact number of visa-free countries for any particular passport holder. Since it’s really a hybrid program, not many people linger in the permanent resident stage. For many years now, the Bulgarian Citizenship by Investment program has been definitely the most favorable EU CBI program of … The cheapest EU true citizenship by investment program, that lacks the publicity and state support, that it definitely deserves…. He has personally lived this lifestyle for over a decade, and now works with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best". Bulgaria’s history is rich and fascinating. If you are interested in doing business in either sphere or both, Bulgaria could be the perfect fit.Â, You could have access to the zero-tariff European Union market, which has a giant population of 500 million, plus access to the zero-tariff Turkish market with a population of 80 million.Â. This secrecy and low-keyness has led the Bulgarian residence by investment program to some problems.Â, You could say the program was badly designed from the get-go.Â, Most stability-seeking foreign investors are often alarmed at how unusual this program seems to be, even too good to be true.Â, You see, the main idea behind any RBI or CBI program is to inject foreign investment capital into the economy. 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, . While the Bulgarian residence-to-citizenship program will be a great way forward for some, other investors won’t find it to be the right fit. You will need to visit it. Offered in accordance with the Foreigners in the Republic of Bulgaria Act, the Investor Program for Residence and Citizenship includes a fast-track citizenship option. 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. Get your Spanish citizenship after ten years.Â. While we value comments that add to the conversation, we reserve the right to edit or delete anything that is abusive, threatening, libelous, spammy, or is otherwise inappropriate. Your citizenship is unconditional and for a lifetime. As an additional advantage, many types of profits are completely free of tax in Bulgaria, i.e. Is Bulgarian Residence and Citizenship For You? China: Our participation at the "Emigration & Luxury Property" EXPO in Shanghai on 22-23 March 2018. The investment grade credit rating of Bulgaria by all major agencies, such as "Standard and Poor’s" and "Moody’s" is additional layer of protection and peace of mind for the investor in Bulgarian government bonds. This is one of the cheapest RBI programs in the EU. Its charming culture and balmy climates rival those of Bulgaria. , it’s hard to give up one of the world’s strongest passports. Save my name, email, and website in this browser for the next time I comment. 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? You won’t have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. Frankly, that’s a fair question. Be a non-EU citizen. The biggest perk of a European residence is being able to travel all over Europe visa-free. By the Bulgarian citizenship law, in case of investment in Bulgarian shares or bonds, the positions should be held for at least 2 years after the citizenship decree has been signed. . It’s imminent that Bulgaria joins the Schengen area. So, you have decided to go ahead and change your citizenship status. ” that only offer visa-free access to a limited number of countries. As with all other residence programs, you will not have to speak any Bulgarian to become a resident or citizen of the country. No other residence or citizenship program offers the opportunity to invest in intellectual property, but Bulgaria does.Â, Needless to say, Bulgaria has many highly educated and skilled professionals looking to make a living.Â, So, if you want to buy patents, copyrighted objects, inventions, models, trademarks, or other types of intellectual property, you could fast-track yourself to European citizenship at the same time.Â, A minimum investment of €511,292 is required.Â. While you get permanent residency (and all of the benefits that come with it) almost immediately, you need to wait at least two years before officially becoming a Bulgarian citizen. 2 The European Parliament and the European Council have adopted a Regulation 1289/2013 with the aim to apply full visa reciprocity mechanism for the EU member states. The biggest perk of a European residence is being able to travel all over Europe visa-free. It is also very important to know that whichever investment option you choose – it will always remain on your account in your name. It’s cheaper to get residence in Portugal than in Bulgaria. Owning Eurobonds means that the whole amount is unconditionally guaranteed by the state. Your personal worldwide income won’t be taxed. Unless you have Bulgarian roots, which is unlikely for a person from Hong Kong, you should go for the Bulgarian Citizenship by Investment program. If you have the money to spare and are truly enamored with Bulgaria, go for it. A nice article. We think of Bulgaria’s program as a hybrid 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. ⤅  Is Bulgarian Residence and Citizenship For You? There is no Schengen access. State Shares. 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. You can also apply for a passport after five years of being a resident. Did you know that for example, as Bulgarian citizen, you can live without any restrictions or formalities in Martinique in the Caribbean? The biggest draw of the Bulgarian residence-to-citizenship investment program is that it is the fastest way to obtain a European citizenship besides citizenship by investment. We strongly recommend you reading the Bulgarian fast-track citizenship vs other countries investment citizenship programs to find out why the Bulgarian citizenship simply stands out and has no alternatives, neither within the EU nor worldwide. You won’t need to learn the language if you’re applying for Bulgarian permanent residence and citizenship. to apply for citizenship after just 1 year of being a resident – the so-called fast track option. Possess a valid passport or another foreign travel document. – namely, to obtain the legal right to invest in real estate properties that are only available to EU citizens. Even then, the process of approving these applications takes another 2 to 5 years, making the total waiting period, in the majority of the cases, more than 15 years. Unlike Spain or Portugal, Bulgaria is not romanticized enough to garner much attention on its own, and its residence-to-citizenship process isn’t as quick or easy as Cyprus, whose citizenship process takes just two to three months. Additionally, if there are scholarship fees, you will be charged at "domestic EU rates", rather than "international fees", which are much higher. Be prepared to invest 1 million Bulgarian Lev to become eligible to apply for permanent residence and/or citizenship. Dual citizenship allowed. Throughout its history, it has been part of the Roman Empire, the Byzantine Empire, the Ottoman Empire, and spent many centuries as the independent Bulgarian Empire. 25, par. I will explain what citizenship by investment is in a bit, but before then, I would love to explain the concept of having a second passport first. The citizenship will be granted without any language or history exams and without the requirement to surrender any existing citizenship(s). This is a document that will be required to obtain your investor visa.Â. 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. You can either invest in government bonds (the most popular option), buy intellectual property, invest in a local business, or establish a trust. The next step is pretty straight-forward too.Â, You will be required to make the investment that would qualify you for obtaining Bulgarian residence.Â, The investment will need to be made in Bulgarian Lev, so you should take into consideration the forex fees too. Unlike countries such as Portugal, which require your children to re-apply, Bulgarian citizenship is passed on automatically. Guaranteed investment in government bonds and available financing option. At the moment, Bulgarian passport holders enjoy visa-free travel to about 150 countries1. But is there even a place for comparison? It is possible to fast track the citizenship option by increasing the investment amount a further €511,292. This way, you won’t need to worry about interest rates or outside financing, and your money will effectively be held in an account that’s locked for five years. Certification procedures. And if you compare it to the naturalization timeline for any of the other residence by investment programs in Europe – the so-call Golden Visas – it’s also the fastest.Â, It’s not as fast as the six months it will take to get citizenship by investment in Cyprus, but for a substantially lower investment of, you can get residence in Bulgaria and fast-track your citizenship to become a European citizen in just two years.Â, If you don’t want to pay more for the fast-track citizenship option, you can make a minimum investment ofÂ. Account opening with the selected Bulgarian bank. However, before you pull the trigger, be sure that Bulgarian residence and citizenship is something that you really want. 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