Foreigners investing half a million euros, qualify for golden visa in Bulgaria. According to latest report from OCCRP, the Bulgarian Golden visa program has received €148 million investment over 5 years
According to the latest statistics revealed by OCCRP
Five years prior to October 2017, a total of 296 foreigners were granted permanent residency under the Golden visa program. Of these, 70 were Russians, 38 were Chinese, 32 were Pakistanis, 27 were Egyptians, and 23 were Lebanese.
Bulgaria also offers fast track citizenship by investment to investors after 18 months for €1 million since 2013.
According to latest statistics of CBI program in Bulgaria, 16 people have gained citizenship using the program until the end of 2017. Those granted citizenship include five Russians, two Lebanese, two Indians, and one each from Egypt, Ethiopia, China, Ukraine, Vietnam, Pakistan and the United States.
According to OCCRP report, Bulgaria’s golden visa program is on a decline.
Bulgaria is currently in the process of joining the Schengen area. Bulgaria holds the revolving presidency from 1 january 2018.
Permanent Residence Permits
According to Invest Bulgaria, Permanent residence permits are issued also to Foreigners who have made certain investments in Bulgaria, such being Foreigners
(i) who have invested in Bulgaria over BGN 1,000,000 (one million Bulgarian Leva) or have increased their investment with such amount, through acquisition of shares in Bulgarian companies which are traded on the Bulgarian stock exchange, through acquisition of rights under concession agreements on the territory of the Republic of Bulgaria, or through acquisition of other securities or rights explicitly provided by the law,
or
(ii) who have invested in Bulgaria over BGN 6,000,000 (six million Bulgarian Leva) in the capital of a Bulgarian company whose shares are not traded on the Bulgarian stock exchange.
Residence Permits
Residence permit options require much cheaper investment. Foreigners can obtain one year extended residence permit in Bulgaria, if they invested:
- over BGN 600 thousand (EUR 300,000) in acquiring immovable property directly or through a Bulgarian company, in which the Foreigner has invested BGN 600 thousand as capital, or
- over BGN 250 thousand (EUR 130,000) in economically disadvantaged areas through a Bulgarian company, in which the Foreigner has invested BGN 250 thousand as capital, and as a result the company acquired xed tangible and intangible assets amounting to BGN 250 thousand and has employed at least 5 Bulgarian nationals for the term of the Foreigner’s residence in Bulgaria.
In February 2013, important amendments in the Investment Promotion Act and the Regulations on its implementation, the Foreigners in the Republic of Bulgaria Act, and the Bulgarian Citizenship Act were promulgated. In general, these complement the existing legislative frame, but also give new opportunities to foreign individuals who wish to obtain permanent and/or continuous residence on the grounds of passive and active investment. Among the most attractive changes are the new investment option leading to fast track citizenship application and the waiving of the compulsory exam to demonstrate knowledge of the Bulgarian language and the requirement to denounce the current nationality in the citizenship application.
After the latest legislative changes in February 2013, foreign investors can choose between a variety of investment options to obtain the preferred residence status. These can be divided into the following groups:
● Passive Investment
● Entrepreneurial options
● Acquisition of real estate
● Investment in certified large-scale projects The options are examined briefly below.
Arguably, the most interesting and risk-free option remains the investment of minimum 511,292 euro in government bonds that leads to permanent residence. There are options available to leverage the investment by using nancing facilities. The statutory holding period of 5 years can now be reduced if the person also invests in a Priority Investment Project as de ned in the Investment Promotion Act and the Regulations for its implementation. The threshold amount for each investment is 511,292 euro. By making the additional investment, the foreign individual quali es to apply for Bulgarian citizenship under a fast track procedure. The cumulative requirements under this rule are:
● for the person to have been permanent resident for at least one year; and
● for the person to have invested in a company carrying out a Priority Investment Project (as de ned in the Investment Promotion Act); and
● for the person to hold both investments for a period of two years after being granted Bulgarian citizenship.
Alternatively, the foreign investors may choose to hold the government bonds for the standard period of ve years when they will qualify for Bulgarian citizenship under the general rule.
Those who opt for the fast track citizenship procedure can benefit from quali cation for application 1 year after obtaining their PR and from the faster processing of their application. Such applications are processed within 6 months.
Bulgaria Passport
Bulgarian passport is one of the best european travel documents. According to Henley Passport Index 2018, Bulgarian passport ranks #20 in world passport rankings with visa free travel to 156 countries in the World. Recently Canada lifted visa requirement to Bulgaria along with Romania.
Source:
- https://www.occrp.org/en/goldforvisas/bulgarias-golden-visas-missed-targets-and-a-banking-loophole
- http://www.investbg.government.bg/files/useruploads/files/legal_guide_2013.pdf
