Bulgaria is a balkan country encompassing black sea coastline. Bulgaria has borders with Greece, Romania, Serbia, Turkey and Macedonia. Sofia is the capital and the currency is Bulgarian Lev which is a strong and stable currency. Bulgaria is also a member of a member of the European Union, NATO and European Council. Main industries are sectors are energy, mining, metallurgy, machine building, agriculture and tourism. Bulgaria does not participate in the Schengen area a certain candidate in the future. Bulgaria is also preferred by millions of foreign tourists every year because of the unique climate with 4 seasons, the incomparable nature, culture and traditions
Background
The Bulgarian Immigrant Investor Programme started in 2005 when article 25(1), § 6 of the Foreigners Act was amended to allow the granting of permanent residency in Bulgaria to foreigners who invested more than 1 million Bulgarian leva (BGN) (about US$561,000 in 2005) in the Bulgarian economy. Bulgaria continues to offer permanent residence permit for foreigners under “Immigrant investor program'”for investments. The fast track citizenship by investment route is closed in 2021.
Legal Acts
The FRBA (Foreigners in the Republic of Bulgaria Act) and RAFRBA (Rules of Application of Foreigners in the Republic of Bulgaria Act) , it is possible to receive a temporary or permanent residence permit and later obtain Bulgarian citizenship by naturalisation. The foreigner must invest a specific amount in legally defined financial instruments.
Golden Visa
The following categories are eligible for Golden visa, under the amended legislation on foreigners published by Migration directorate.
1.Real Estate
Foreigners can be granted to foreigners that have invested an amount not less than BGN 600 000 (EUR 300,000) – for each foreigner, for acquiring of title of real properties on the territory of the Republic of Bulgaria or where the foreigner is the owner of more than 50% of the capital of a Bulgarian business company, and has paid such amount into the capital of the company and as a result of that the company has acquired the title of real properties in the country amounting to that same amount; as of the date of submission of the application for granting of prolonged residence permit the foreigner or the legal entity must have paid that amount in full and it must have been received in a bank account opened with a Bulgarian licensed credit institution, and where the properties have been acquired by loaned funds the outstanding unpaid portion of the loan must not exceed 25%.
A prolonged residence permit (limited time validity) can be granted under this category.
Application deadline for submission: 14 days prior to expiration of the residence period granted or the period of the D-type visa issued
Period for examination: up to 14 days as of the date of submission. In case of legal and factual complexity and necessity of presentation of additional documents that period can be extended by 1 month..
2.Business
Foreigners that have made an investment in economically disadvantaged regions in the sense of the Investment Promotion Act through payment into the capital of a Bulgarian business company not less than BGN 250 000 (EUR 125,000) where the foreigner is a partner or shareholder and owns at least 50% of the company capital and as a result of the investment new long-term tangible and intangible assets amounting to at least BGN 250 000 have been acquired and at least 5 workplaces for Bulgarian citizens have been opened and maintained during the residence period, and that has been certified by the Ministry of Economy.
3.Permanent Residence
Fast tracked permanent residence permit is granted to foreign investors, if have invested more than BGN 1 000 000 (EUR 512,000) or that have increased their investment by that amount through the acquisition of:
а) Shares in Bulgarian business companies traded at the Bulgarian regulated market;
b) Bonds and treasury bills, as well as their derivative instruments issued by the state or by the municipalities, with residual term to final maturity not less than 6 months;
c) Property right of an autonomous part of the assets of a Bulgarian business company with more than 50% of state or municipal participation in the capital, under the Privatization and Post-Privatization Control Act;
d) Shares held in Bulgarian business company by the state or the municipalities under the Privatization and Post-Privatization Control Act;
e) Bulgarian intellectual property – subjects of copyright and related rights, patent-protected inventions, utility models, trademarks, marks for services and industrial design;
f) Rights under concession contracts on the territory of the Republic of Bulgaria;
The investment amount must stay for 5 years and then refunded back with interest.
Authorities
The Migration directorate of the Ministry of interior is responsible for examining the investment applications for residence permit.
The Bulgaria Investment Agency assists with making investments and issuing certificates. Each investor may apply for different class of investment certificate for his project from Invest Bulgaria Agency. The class of certificate (A, B or Priority) determines the package of incentive measures that could be utilized.
Bulgaria Citizenship
Foreigners can apply for citizenship after legally living for five years of residence. Family of main investor and investor can become EU citizens.
Bulgaria passport
Bulgaria passport offers full EU citizenship rights. As of 2023, the passport of Bulgaria ranks 18th powerful passport in the world with visa free travel to 176 countries (Canada, UK, Europe etc,)