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Bulgaria

Bulgaria

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Bulgaria, bordered by Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east, located in southeastern Europe with a rich history, vibrant culture, and beautiful natural scenery, has become an increasingly popular destination for tourists and ex-pats. The country is also known for its favorable business climate, low taxes, and relatively low cost of living. 

Foreign individuals can obtain citizenship in Bulgaria through its Citizenship by Investment Program. The program requires an investment of at least one million BGN in a Bulgarian government bond portfolio for five years. Alternatively, a two million BGN investment in a Bulgarian company, not publicly traded or listed on a Bulgarian stock exchange, can also qualify for citizenship. Applicants must also meet specific eligibility criteria, including being over 18 years old, having no criminal record, and demonstrating a legal source of funds for the investment.

Performance Guarantee:

In Bulgaria, there is no official performance guarantee program for citizenship-by-investment applicants. However, applicants must invest in government-approved projects and provide proof of investment before their application is approved. Additionally, if the government finds any fraudulent or criminal activity related to the investment funds or application, they may revoke the applicant’s citizenship, and the investment may forfeit. Therefore, you should seek guidance from reputable and trustworthy service providers to comply with all regulations and requirements.

Steps and Timeline for Acquiring Bulgarian Residency and Citizenship Through Investment

  1. Investment: The first step is to make a qualifying investment in Bulgaria. The most popular investment options are:
    • Investment of BGN 500,000 (€255,646) in a trading company:
      1. i.Tangible or intangible assets must be acquired.
      2. ii.At least 10 jobs for Bulgarians must be created.
      3. iii.The foreigner’s permit and the investment purpose must be proven to the Ministry of Economy.
      4. iv.The investment must be maintained for a minimum of 5 years.
    • Investment of BGN 1 million in collective investment schemes or alternative investment funds:
      1. i.The schemes or funds must be licensed and registered by the Financial Supervision Commission.
      2. ii.The investment strategy should predominantly target Bulgarian companies.
      3. iii.The funds should solely invest in assets and/or bonds of Bulgarian companies, including special purpose investment companies.
      4. iv.Minimum net asset value requirements apply.
      5. v.The investment must be maintained for a minimum of 5 years.
    • Investment of BGN 1 million in rights under concession contracts:
      1. i.The investment should be made in concession contracts on the territory of the Republic of Bulgaria.
      2. ii.The investment must be maintained for a minimum of 5 years.
    • Investment of BGN 2 million:
      1. i.The investment can be made in the share capital of a Bulgarian trade company implementing a priority investment project certified under the Investment Promotion Act and verified by the Ministry of Economy.
      2. ii.Alternatively, the investment can be made in shares or bonds of Bulgarian companies traded on a Bulgarian-regulated market or multilateral trading facility.
      3. iii.The investment must be maintained for a minimum of 5 years.
    • Investment of BGN 6 million in the capital of a non-publicly traded Bulgarian company:
      1. i.The investment must be made in the capital of a non-publicly traded Bulgarian company.
      2. ii.The investment must be maintained for a minimum of 5 years.
  1. Citizenship Application: Once the applicant invests, they can submit their citizenship application with all the required documents to the Bulgarian Ministry of Justice. The applicant must be over 18 years old. The applicant must have maintained permanent resident status in Bulgaria for the past five years. The applicant must have a valid residential address in Bulgaria for the past five years. The applicant must pass medical tests in their current country of residence.
  2. Background Check: The Ministry of Justice will conduct a thorough background check on the applicant to ensure they meet all the eligibility requirements and have no criminal history.
  3. Approval: If the applicant meets all the eligibility requirements and passes the background check, their citizenship application will be approved.
  4. Oath: After approval, the applicant must take an oath of allegiance to the Republic of Bulgaria before a Bulgarian notary.
  5. Citizenship Certificate: Once the applicant takes the oath, they can receive their Bulgarian citizenship certificate.

The timeline for acquiring Bulgarian citizenship through investment can vary, but the process typically takes 1-2 years to complete. This timeline includes the time needed for the investment to mature, the background check process, and the processing time for the citizenship application.

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