Bulgaria

About Bulgaria Citizenship and Residency

The Bulgarian Permanent Residency Programs have been established to allow applicants a relatively swift process for attaining Permanent Residency.

It is compulsory for applicants to obtain a permanent residence permit before applying for citizenship. Also, investors are required to meet several conditions before applying for a permanent residence permit, such as owning the investment for a full five years as a resident, not having a criminal record or being under criminal investigation in Bulgaria, and proving sufficient income to support themselves and their family. (Foreigners Act art. 25, para. 17(7)–(11).) After five years they have the right to apply for citizenship.

A spouse and minor children may obtain a permanent residence permit in Bulgaria together with the investor and apply for citizenship under the simplified procedure. (Citizenship Act art. 12a, paras. 1 & 2.)

Bulgaria Permanent Residency Program

Bulgaria offers permanent residency through an investment of (BGN 1 million) into a choice of investment funds that must be held for five years. At the end of the five years, the funds can be withdrawn and returned to the investor. 

The following foreign applicants are eligible for a permanent residence permit under the Foreigners in the Republic of Bulgaria Act (FRBA) and the Rules on Application of Foreigners in the Republic of Bulgaria Act (RAFRBA):

1. Invested over BGN 1,000,000 (one million Bulgarian Leva) within the country – or have increased their investment with the same amount – through the acquisition of:

• shares in Bulgarian companies listed on the Bulgarian Stock Exchange
• bonds and treasury bills, as well as derivative instruments issued by Bulgarian financial institutions (with a maturity period of no fewer than 6 months)
• rights of ownership of assets in Bulgarian company with more than 50% government share (under the Privatization and Post-Privatization Control Act)
• government shares in Bulgarian companies
• Bulgarian intellectual property (e.g. copyrightable works, ideas, discoveries, inventions)
• rights on concession contracts between a company and the Bulgarian government that gives the right to operate a specific business under the government’s jurisdiction.

2. Invest a minimum of BGN 1,000,000 at a licensed credit institution in Bulgaria for a period of at least 5 years. This cannot be used as collateral for loans financed by other Bulgarian credit institutions.

3. Applicants who have made a capital investment of at least BGN 6,000,000 in a Bulgarian company that is not traded on a regulated stock exchange.

4. Investment in the country by deploying more than BGN 500,000 venture capital in a Bulgarian company. The applicant must be a partner or a shareholder who holds a majority of the company’s stock and has achieved the following as a result of the investment:

• acquisition of fixed assets for the amount of BGN 500,000
• creation of at least 10 jobs for Bulgarian citizens
• sustainability of investment over the period of residence

The extended residence permit is issued for a period of up to five (5) years (depending on the expiry dates of the submitted documents) and can be renewed an indefinite number of times.

Benefits Of The Bulgaria Residency By Investment Program

• Holders of Bulgarian permanent residency can work in Bulgaria without a work permit;
• Non-EU nationals and their families (spouse and minor children) can obtain Permanent Residence in Bulgaria. It should be noted that permanent residence gives the same rights as Bulgarian citizens, except voting;
• Holding Bulgarian permanent residence for five years entitles you to apply for Bulgarian citizenship;
• Opportunity to become a resident of the European Union. Easy access to EU countries – no visa requirement.
• Holding a permanent residence the foreign national is entitled to enter and leave the country as many times as they wish without visas.
• Free education and medical system throughout EU.
• Bulgaria tax residence. Becoming a permanent resident, you can easily qualify as a Bulgaria tax resident.
• Holders of a permanent residence permit are entitled to the same rights and obligations that come with Bulgarian citizenship except those which are explicitly forbidden (e.g. participating in the political process by registering and voting, joining the police force or military).

Bulgaria Residency Requirements And Qualifications

– Be 18 years of age or older
– Possess a valid passport and reside legally in a country
– Visit Bulgaria three times, for 2-4 days at a time (but no further in-country residence is required)
– Pass due diligence and medical check
– Make only a declaration on the source of funds (no detailed documents required)

Steps And Timeline

Step 1. Your lawyer will prescreen your passport copy for government pre-approval to ensure fast processing. After a down payment of the professional fees required to open your application, World Gate will provide assistance and advice regarding the collection of the required documents

Step 2. The applicant then makes an appointment at a Bulgarian embassy or consulate for document signing. After the investment is transferred by the applicant, the investment certificate is issued. A second appointment is made at a Bulgarian embassy or consulate to apply for the Schengen Visa- Type D (long stay visa).

Step 3. Once the Schengen Visa- Type D is granted, the applicants must travel to Bulgaria to submit the application for permanent residence.

Step 4. Once the permanent residence is approved, the applicant will then make a second trip to Bulgaria to apply for the permanent residence ID card.

Step 5. Once the main applicant is issued the Bulgarian ID document, the procedure for qualifying family members begins. The process for obtaining a Bulgarian ID may take up to six months (this includes two mandatory trips to Bulgaria for each qualifying family member) with an appointment at a Bulgarian embassy or consulate for document signing.

Step 6. The permanent residency certificates are issued to you via courier once the balance of professional fees has been paid and settled.

Our Services

Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:

• Find the best solution for your needs.
• Identify and deploy a strategy to help you accomplish your goals.
• Activate our network of people in the country where you need help without having you search for the best solution or lawyer. We only work with licensed people in every country whom we carefully vet and pass our guidelines and principles of privacy we stand for.
• Focus on cutting through the red tape and to expedite your process.
• Provide proper communication with you about your case.
  …. and above all: Offer you legal strategies to provide additional layers of privacy for your identity, while obtaining your residency or citizenship!

Privacy World can also help you with incorporating your company in Bulgaria, assisting in getting you settled in the country and coordinating with you so that this experience will be less of a hassle.

Want Privacy World to handle your case? Have any questions? Contact us!

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