Plus, Greece just has that Mediterranean charm that Bulgaria often lacks. The following steps of participation in the Bulgarian citizenship by investment program are described for reference purpose only. This makes it an attractive option for someone looking to add an EU residence and an eventual passport to their portfolio without any cumbersome language or residency requirements. You are not required to live in Bulgaria or visit Bulgaria to keep your Bulgaria passport. Well, the benefits of EU citizenship are certainly immense, but they come at a price. Application for permanent residency for the main applicant’s family members (if applicable). However, with a Bulgarian residence and eventual citizenship, you can give up your US citizenship without giving up a solid passport.Â. 1. Financing outright. Read how to get it by yourself. Guaranteed investment in government bonds and available financing option. It is worth stating that the fast-track citizenship program doesn’t require the candidate to pass any language, history or other tests, nor to surrender his existent citizenship(s). The country needs no introduction, its economic and political currents are somewhat predictable, and its real estate is highly coveted. English-speaking Mediterranean island living, anyone? 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. To become Bulgarian citizen (through the standard procedures), one should live constantly in the country for 5 years, then he needs to obtain permanent residency and wait another 5 years and only then, after at least 10 years, the citizenship application can be submitted. It may take time, but these condition will be certainly tightened. And while Bulgaria does not currently belong to the Schengen zone, it won’t be long before they do. Pack your bags and get ready to see your new country of residence! Shares of Bulgarian listed companies on the Bulgarian Stock Exchange; Bulgarian state bonds (Sovereign bonds, Eurobonds), Bulgarian municipal bonds or their derivatives. EU citizenship grants the permission to live, work or study in any country of the European Union. The Index of Economic Freedom assigns Bulgaria a rating of 68.3, which ranks it 23rd among 44 European countries and 47th in the world.Â. . We strongly advocate against practices, where the client is guaranteed successful outcome from the beginning without any preliminary due diligence and feasibility assessment. You can finance your investment in three ways:Â. . Once it does, you will be free to travel all over Europe visa-free when you’re a resident.Â, . Investment of EUR 1 million Shares of Bulgarian commercial companies traded on a Bulgarian stock exchange or licensed institution 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 will be able to apply for Greek citizenship in seven years’ time. Bulgarian citizens have visa-free access to 170 countries, making it the 17th-strongest passport in the world. Its low tax rates and freedom from citizenship-based taxation means that you won’t have to pay terribly much in taxes – especially compared to other countries in the EU. to protect their interests while abroad. According to Art. Since it’s really a hybrid program, not many people linger in the permanent resident stage. Yet, unlike other programs, you won’t have to become a tax resident to work towards obtaining citizenship – that’s major. Your dependants, their dependants and so on, they are all considered to be Bulgarian citizens as well (see Citizenship by Origin). As part of the deal, you will also receive your TIN (tax identification number, locally known as the EGN). Bulgaria’s residence-to-citizenship by investment program may not necessarily be in your best economic interest, so if you do move forward with the process, be sure that your personal reasons are enough to justify the time and money. The Bulgarian Citizenship by Investment Program offers straightforward routes to acquiring European Citizenship for the entire family with freedoms to live, work and study in any of the 28 EU member states. Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. Bulgaria ranks #31 out of 80, sitting right in the middle along with India, Thailand, and Croatia. Buy Bulgarian IP including trademarks, patents, models, etc.Â. This attractive option allows wealthy individuals and their family members to enjoy numerous benefits such as visa-free access … Of course this is technically not possible as there is always some extra processing time for due diligence procedures, document preparation, etc. In order for the application to be approved, the candidate should pass comprehensive language test, cancel (not always possible) his existing citizenship(s) and go through a number of other procedures before his application will be eventually approved. ⤅ Who Should Consider Bulgaria’s Residence-to- Citizenship Program? Its charming culture and balmy climates rival those of Bulgaria. 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. While in the Schengen area, you won’t be even bothered showing your ID. Your citizenship is unconditional and for a lifetime. EU citizens have access to the social security and medical system in all member states, depending on their choice of residency. 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. They’ll get to keep the country and its investment opportunities all to themselves. While this is a fairly short amount of time for an A-level passport, it’s also not ideal for someone who needs a second passport relatively quickly (i.e., in months). Your simplest financing option is to pay the bond outright with your own capital. Your email address will not be published. Submitting the application for Bulgarian citizenship. However, the sooner you go, the sooner you will obtain your residence permit.Â. Please be warned however that since the unrest started in HK, there are more and more worrying news about unscrupulous HK agents trying to market the program illegally. © 2021. Hong Kong: "EU Citizenship by Investment" - lecture by our lawyer at the annual gathering on March 18th 2018. Bulgaria’s history is rich and fascinating. : One of the most important values and principles of the European Union is the unrestricted and unconditional freedom of movement of its citizens. Not many people are aware of what Bulgaria has to offer. EU citizenship grants the permission to live, work or study in any country of the European Union. While no two cases are the same, below is the average processing time, showing the different (main) stages. Member of VD&A. We are proud to confirm that we have never had a single rejection in cases where our preliminary due diligence conditions have been successfully met. 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. The biggest perk of a European residence is being able to travel all over Europe visa-free. Get your Spanish citizenship after ten years.Â. Read more about Portugal’s program, . With its rich history, proud culture, and stunning scenery, in Bulgaria can be quite worthwhile if you’re willing to go through the process.Â, the founder of the US-based fintech unicorn Robinhood is Bulgarian. All rights reserved by "Citizenship & Investments" LTD. Once the second investment tranche has been effected, the process enters its final stage. 1, p. 6 and p. 7 of the "Law for the Foreigners in Bulgaria" has to invest the aforementioned amount in one or more of the following instruments: There are also other investment options, such as state properties or shares of privatized companies, but these have proven to be overly complicated and we are not recommending them to our customers anymore. It also doesn’t require actual stay (residency term) in Bulgaria in order for the citizenship to be granted. Residency by Investment: An investment based residency application process, followed by citizenship through naturalization after 5 years of maintaining the residency investment. There won’t be any interest accrued, however. Life could be worse. So, what are the actual steps to obtaining residence by investment in Bulgaria? In fact, Bulgaria offers favorable tax rates for both individuals and businesses – a flat 10% corporate tax rate, anyone? Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. 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, . However, what sets Spain apart is its large economy and worldwide status. Hong Kong: The situation in Hong Kong is running out of control (summer 2019). But free stuff doesn’t last for long. 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. Invest €250,000 in the country’s real estate, financial assets, or business, and you could gain access to the entire Schengen area – visa-free. The Nomad Capitalist team has helped hundreds of people create and execute holistic offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of success, 3 Tiers of Passports: How to Define the Best Passport in the World, The Guernsey Permanent Residence by Investment Guide. Whenever you invest, there is a risk involved. Bulgaria offers one of the cheapest permanent residence programs in Europe, and the cheapest citizenship program.Â, . Bulgarian citizenship is a life saver. 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. , which require your children to re-apply, Bulgarian citizenship is passed on automatically. This investment must be doubled to EUR 1 million after one year to apply for fast track citizenship. 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, . – you will remain a permanent resident for at least five years before you become eligible for citizenship. You can also apply for a passport after five years of being a resident. Permanent residence in the country leads you down the path to obtain citizenship. in a Bulgarian company for four or five years and you’ll be granted Bulgarian residence and eventually a passport too. 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. 3. Financing externally. 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. 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. Who Should Consider the Bulgarian Residence-to-Citizenship Program? Citizenship and Investments LTD advises the Bulgarian Government... BCCI supports the Bulgarian Citizenship by Investment Program, The Cypriot CIP falls the first victim of the tightened EU regulations, Our participation at the "2018 Fall EB-5 Expo" in Ho Chi Minh, Vietnam, Our speaker at the "Emigration & Luxury Property" EXPO in China - 2018, Lecture in Hong Kong by our lawyer at the annual gathering on March 18, Our panellist at the "2018 Uglobal Investment Immigration Expo" in Vietnam, Rising number of US citizens applying for Bulgarian CBI, Bulgarian fast-track Citizenship vs other Countries Investment Citizenship Programs, More about the the eligibility of your investment - Government Bonds, EU Citizenship - do you need one? You can also finance the bond in your home country or outside of Bulgaria. The processing time for citizenship applications is usually about a year. In order to obtain the permanent residency, the applicant, according to art. Bulgaria: The latest Bill(s) and legal amendments of the Bulgarian Citizenship by Investment program. Spain’s RBI program has a similar price tag as Bulgaria’s – a minimum investment of, €500,000 is expected of all foreigners. How come it’s a con? 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. Unless you have Bulgarian roots, which is unlikely for a person from Hong Kong, you should go for the Bulgarian Citizenship by Investment program. At the same time, you will also be issued with a personal tax number. 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.) Read more. Plus, the government has been unable to advertise its program due to lack of funds, which has led to a vicious cycle of low numbers of applicants, low earnings, and no marketing budget. Thanks to the Nomad Capitalist team for pointing it out – I’ve got my fast-track second passport in just two years.”Â, “Expanding my business to Europe has only been possible by becoming a Bulgarian resident. The country’s scenic landscapes and relaxed pace of life are certainly appealing to investors looking to escape from hectic and expensive international hubs like New York or Dubai. 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. A minimum investment of BGN 1 million (€511,292) in bonds is required to become a permanent resident of Bulgaria – a financial asset class that’s considered quite low-risk. 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. These are in general either exclusive properties with extremely high investment potential (including land plots) or historical (heritage) properties. 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. That’s absolutely not true.Â, figure out which program best fits with your personal and financial goals.Â. It’s not overly complicated. You can also read the word of caution section for additional information. Fast-track citizenship. Would you like to still apply under the existing conditions, as they are set out in this article? As Bulgarian citizen, within the EU and most other European countries (ie Switzerland), you don’t even need carrying your passport. The Bulgarian Investor visa will normally take up to 35 business days to be issued. Bulgaria’s diverse and scenic landscape also means that you have a great variety of options to choose from when deciding on your official second residence. And those who do know wish that it would stay this way. In fact, Bulgaria offers favorable tax rates for both individuals and businesses – a flat 10% corporate tax rate, anyone? You can contact us by email for all general enquiries. The fast-track citizenship program foresees that 12 months after the permanent residency status has been granted, the applicant can invest another 512 000 EUR (making the total investment equal to at least 1 024 000 EUR) and can then apply immediately for Bulgarian citizenship. “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. Basically, the Bulgarian CIP is a free EU citizenship, compared tot he CIPs of Malta and Cyprus. Unfortunately, changing citizenship or obtaining another one, is not an easy undertaking. Unlike countries such as Portugal, which require your children to re-apply, Bulgarian citizenship is passed on automatically. The same minimum amount applies – invest. 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. Investment of EUR 1 million in Shares owned by the State or municipalities. You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian citizenship. Essentially, anyone who isn’t already a citizen of the EEA and who is at least 18 years old can apply. One thing to note, however, is that the main applicant must obtain the residence/citizenship first before the family members become eligible to apply. You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian citizenship. This site uses Akismet to reduce spam. As all our clients are registered in pre-approved regions of the capital Sofia, family members can obtain residency status almost instantly. Be a non-EU citizen. Bulgaria offers one of the cheapest permanent residence programs in Europe, and the cheapest citizenship program.Â, No residence requirement. 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. Bulgaria is also the birthplace of the Cyrillic alphabet, which is used in many Eastern European languages. 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. As an additional advantage, many types of profits are completely free of tax in Bulgaria, i.e. You can travel to Bulgaria’s capital Sofia to apply, but you can also do so at your nearest Consulate or Embassy.Â. “I never realized that a European citizenship could be so accessible. There won’t be any interest accrued, however. If you’re trying to renounce as quickly as possible, then that’s certainly not a bad deal. Its US News and World Report Quality of Life Ranking tells a similar story. This means that you’ll be able to spend a day enjoying top-quality Alpine skiing and still make it to the coast in time for a sunset dinner. The acquisition of Bulgarian citizenship is regulated by the Constitution of the Republic of Bulgaria, the Bulgarian Citizenship Act and the international conventions in force when the facts or events connected with the citizenship are present. Bulgarian retains its CIP - latest 2019 news (VIDEO), Bulgarian citizenship for residents of Hong Kong, Special time limited offer 2020 - OFFER EXPIRED, Citizenship application – denied or delayed. The second stage is the citizenship application. Learn how your comment data is processed. Will hold this citizenship vests new rights in Europeans, viz is where our assistance proves to all... 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( residency term ) in Bulgaria. citizenship program in hong Kong: `` EU only '' (... Much more secure than bank deposit accounts in EU are guaranteed by government bond identification number, locally as! Reference purpose only Bulgarian shares on the Sofia Stock Exchange might be,... The ultimate fast track citizenship further €511,292 you are now officially Bulgarian EU. Unless you engage us in Exchange for a minimum amount of €511,292 if you’re applying residence! Cip falls the first victim of the European Union, which is both a and... Majority of cases. ultra conservative citizenship candidate founded in 681 and is average. Fancy something more exciting and riskier than government bonds applying for Bulgarian permanent residence for a investment! News and world Report Quality of life Ranking tells a similar story almost any country in Europe anymore a now! Apply, but there are are also offering their own fast-track citizenship procedures one, not! 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