bulgarian citizenship by investment

Bulgarian citizens have visa-free access to 170 countries, making it the 17th-strongest passport in the world. One more thing to note about spouses is that your marriage must be legally recognized in Bulgaria, which is a homophobic way of saying no LGBTQ couples are allowed. Cyprus: The Cypriot CIP falls the first victim of the tightened regulations introduced by the EU authorities. It criticized the Bulgarian program (and all EU investor immigrant programs, as it does), but it had the fortunate effect of pushing the Bulgarian government to change its program with hopes of making it sustainable.Â, This means that there are multiple amendments pending, including faster processing times, the scrapping of the bonds option, and the strengthening of its due diligence process.Â, It remains to be seen if these changes will pass through the legislative apparatus and be made a reality.Â. This step usually takes a few good weeks, or a month if weâre being generous. As it is now, the Bulgarian CIP is simply a gift. And those who do know wish that it would stay this way. to apply for citizenship after just 1 year of being a resident â the so-called fast track option. Spouse and children (even >18 years old) can also obtain EU citizenship. But it is true â being Bulgarian citizen, you can live in Paris, Rome, Berlin, Zurich or Geneva â anywhere you wish. Unless you have Bulgarian roots, which is unlikely for a person from Hong Kong, you should go for the Bulgarian Citizenship by Investment program. Citizens of the less fortunate countries suffer from discrimination and their travel rights are being violated, even suspended completely. In general, the Bulgarian citizenship can be acquired by origin, place of birth and naturalization. However, Bulgaria has favorable credit ratings (BBB and BAA2) as well as a positive economic outlook. . Bulgaria is also the birthplace of the Cyrillic alphabet, which is used in many Eastern European languages. And if you couldnât care less about logistics, then perhaps some of Bulgariaâs international clout would persuade you?Â, There has been a Bulgarian Head of the IMF, a Bulgarian Head of UNESCO, the founder of the US-based fintech unicorn Robinhood is Bulgarian, et cetera.Â, Plus, Bulgaria is a destination thatâs known for its science and technology scene. But free stuff doesnât last for long. However, you will also be subject to the whims of a large, cumbersome government entity that might impose stricter rules on citizenship-based taxation and residency requirements. So, why would you want a Bulgarian passport? Be a non-EU citizen. Latvia. Here are some of the biggest cons of the Bulgarian residence-to-citizenship program. Youâre also able to set up a trust account with a local Bulgarian bank of a minimum amount of â¬511,292. Achieving all that would be at least feasible, if the western countries were issuing easily residency permits (in order to start the counting clock for the required residency term). Letâs talk about each of them in more detail.Â. Does anyone know if this is a QMV issue or needs assent of the full 27? Who Should Consider the Bulgarian Residence-to-Citizenship Program? While you may be able to freely travel and buy property throughout Europe, youâre also subject to EU laws and regulations, which are becoming increasingly burdensome by the moment. Whether you dream of owning an Alpine ski villa or a condo by the beach, youâll have plenty of options in Bulgaria. Rather than increasing the investment to 1 024 000 EUR after one year, as with the standard fast-track option, the applicant can opt not to make any additional investment tranches in which case he will be able to apply for and obtain Bulgarian citizenship after a period of 5 years. Read how to get it by yourself. The Bulgarian residence by investment program is not for everyone, but it is one of the easiest countries to get into in Europe.Â. Even then, the process of approving these applications takes another 2 to 5 years, making the total waiting period, in the majority of the cases, more than 15 years. Bulgaria is enjoying the lowest tax rate in the whole EU â 10% flat on both personal and corporate profits. Germany, France, etc.) You are set to start a whole new life with less stress and more time to enjoy the really important things â your and your familyâs freedom! Here at Nomad Capitalist, we can help you figure out if Bulgaria fits well in your holistic financial plan, and help you with the entire process of obtaining residence and eventually citizenship there too. These are in general either exclusive properties with extremely high investment potential (including land plots) or historical (heritage) properties. Youâll next need to locate your nearest Bulgarian Embassy or Consulate because applying for a Type D Investor visa requires you to be physically present.Â, Basically, you will need to enter the country legally to deal with the remaining steps of your residenceÂ âÂ not having a visa is not an option.Â Â, The visa will be valid for six months after itâs issued, so you must plan to visit Bulgaria in those six months. Plus, the Cypriot residence eventually leads to citizenship too. While this is a fairly short amount of time for an A-level passport, itâs also not ideal for someone who needs a second passport relatively quickly (i.e., in months). And while Bulgaria does not currently belong to the Schengen zone, it wonât be long before they do. If you choose this way, then all you will need to do is pay an up-front deposit, which is normally around $195,000. The Bulgarian CBI Program is an attractive opportunity for foreign investors and wealthy individuals to enjoy visa-free access or visa-on-arrival access to 157 countries and territories, Bulgarian citizenship â¦ Read more about Portugalâs program here. However I would like to add something to the historical part. Your dependants, their dependants and so on, they are all considered to be Bulgarian citizens as well (see Citizenship by Origin). The program isnât widely known. Itâs currency â the Bulgarian lev âÂ is pegged to the euro, so there wonât be any nasty surprises when you go for Bulgariaâs residence.Â, Bulgaria is not the most well-known country on the planet. The next step is pretty straight-forward too.Â, You will be required to make the investment that would qualify you for obtaining Bulgarian residence.Â, The investment will need to be made in Bulgarian Lev, so you should take into consideration the forex fees too. And when compared to countries like Greece or Portugal, where you can become a resident (but not a citizen) for half the price of Bulgaria, the attractiveness of Bulgaria wanes. We believe that everyone should be allowed unrestricted travel to any country in the world. No more worries in these cases â the citizens of Bulgaria have the option to chose any other diplomatic EU mission (i.e. However, before you pull the trigger, be sure that Bulgarian residence and citizenship is something that you really want. and get residence and the regular five-year timeline to naturalization. We think of Bulgariaâs program as a hybrid residence-to-citizenship program. Usually, the western countries, which in general enjoy the best travel privileges worldwide, require a lengthy legal residency period (usually 10+ years), comprehensive language and history exams, etc. The rule is that each EU citizen has the right of diplomatic protection from any EU diplomatic or consular authority worldwide (when there is no such authority from the home country of the EU citizen). I have a question: I’m a British citizen and my wife-to-be is a non-EU citizen. People with criminal background, unclear (suspicious) source of funding or any other irregularities will be rejected by the Bulgarian government and will not be able to obtain citizenship. © 2021. If you are ever assured that your application will be approved, while you havenât even provided copy of your passport, then we advise you to walk away from any such offers. This is another advantage of the Bulgarian citizenship as it provides extremely favorable business opportunities to the Bulgarian nationals as well as perfect capital preservation climate. You wonât need to learn the language if youâre applying for Bulgarian permanent residence and citizenship. Did you know that for example, as Bulgarian citizen, you can live without any restrictions or formalities in Martinique in the Caribbean? The Republic of Bulgaria is one of several EU Member States which offer residence by investment (RBI) and citizenship by investment (CBI) Learn more. "Freedom is the only worthy goal in life. Thanks to the Nomad Capitalist team for pointing it out â Iâve got my fast-track second passport in just two years.âÂ, âExpanding my business to Europe has only been possible by becoming a Bulgarian resident. 25, par. Yes, your spouse (of at least 5 years) and all underaged dependent children can be added to the same application. Invest â¬250,000 in the countryâs real estate, financial assets, or business, and you could gain access to the entire Schengen area âÂ visa-free. Or, you can just visit it for holidays â you choose.Â. The following steps of participation in the Bulgarian citizenship by investment program are described for reference purpose only. The biggest perk of a European residence is being able to travel all over Europe visa-free. Vietnam: Our speaker at the "2018 Uglobal Investment Immigration Expo" in Ho Chi Minh City. While we value comments that add to the conversation, we reserve the right to edit or delete anything that is abusive, threatening, libelous, spammy, or is otherwise inappropriate. US citizens who frequently do business in the EU, for example, may want to invest in an EU residence-come-passport to ensure visa-free access to the Schengen zone and other EU countries.Â. Border checks are being simplified and transit times shortened â all because of the prestige of the EU citizenship. Not many people know that Bulgaria has an investment immigration program that offers its applicants residence and fast-tracks them to European citizenship.Â. If those things are important to you, youâll be glad to know that Bulgaria doesnât publish the names of its applicants or residents either.Â, This obscure program is actually a hybrid one âÂ a residence-to-citizenship by investment program that offers a chance to become a European resident in two short years and for the best price too.Â, At the same time, investors might be put off by how shrouded in mystery the program is. You can also finance the bond in your home country or outside of Bulgaria. . Certification procedures. The Best Citizenship by Investment Programs for 2020, And even if you decide to expedite the process, it will still take, US News and World Report Quality of Life Ranking. Then read on to find out more.Â, In this ultimate guide, we will tell you everything that you need to know about Bulgariaâs residence and citizenship by investment programs.Â. 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. Greece. ID card is sufficient to cross any order via the express "EU only" gates (available at all EU airports). : One of the most important values and principles of the European Union is the unrestricted and unconditional freedom of movement of its citizens. So can your dependants. The countryâs 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. Youâll be able to invest in government bonds if you want to apply for Bulgarian residence, an investment thatâs fully recoupable once the holding period is over. Bulgarian Citizenship by Investment Program was introduced back in 2014 by changes in Bulgarian Citizenship Act and Foreigners in the Republic of Bulgaria Act and since then it has been offering different opportunities to foreign business investors to gain fast track Bulgarian citizenship in â¦ The Bulgarian Citizenship Investor Program is an attractive opportunity for foreign investors and wealthy individuals to enjoy visa-free access or visa-on-arrival access to 157 countries and territories, Bulgarian citizenship for â¦ Read more. Then the stocks or shares of a company listed on the Sofia Stock Exchange might be just the ticket. This is probably the reason why many unregistered and not licensed agents are advising liquidating the investment right after the citizenship has been acquired. Bulgariaâs 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. Bulgarian citizenship by investment - 2020 update! Read more. And, we have this option for an extremely good price.âÂ. This site uses Akismet to reduce spam. This makes it an attractive option if youâre looking to permanently leave the US or want to expand your childrenâs educational opportunities as an emerging world citizen. At just â¬350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. Bulgarian citizens are currently ranked number 10 in the world by most current statistical data, based on number of countries that provide visa-free entry to Bulgarian nationals. A nice article. This one is an interesting option. Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. In fact, Bulgaria offers favorable tax rates for both individuals and businesses â a flat 10% corporate tax rate, anyone? And the list expands constantly, mainly because of the EU common visa reciprocity policy2. Free movement within the Schengen countries after Bulgaria becomes a â¦ Historical Prague, beautiful Greek island or ice-cold Finland â you have full rights, as EU citizen. âThe 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.â The legal basis of investor naturalization in Bulgaria appears to be sound, but that does not a CIP make. With its rich history, proud culture, and stunning scenery, in Bulgaria can be quite worthwhile if youâre willing to go through the process.Â, the founder of the US-based fintech unicorn Robinhood is Bulgarian. Unfortunately, changing citizenship or obtaining another one, is not an easy undertaking. Obtain residence by investment in Bulgaria and choose the fast-track to getting EU citizenship in just two years. While itâs nowhere near as complicated as German or French citizenship, you still need to ensure that you go about it correctly to avoid getting caught in red tape. â that only offer visa-free access to a limited number of countries. 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. Interesting alternative to the more well-known programs. Learn more. Getting a passport now means youâll automatically have access to that benefit once it is available. There are a few other eligibility criteria, for example, you cannot be deemed a threat to national security and need to be of good financial standing (read, a high-net-worth individual). This makes it an attractive option if youâre looking to permanently leave the US or want to expand your childrenâs educational opportunities as an emerging world citizen. Like all foreign investment programs, you wonât have to actually reside in Bulgaria to maintain your residence permit there. No. You will also be able to work, live, and purchase land anywhere in the European Union.Â, . Your personal worldwide income wonât be taxed. InvestÂ BGN 1 million (â¬511,292) and hold for five years. in order to accept citizenship applications. Citizenship, Residency, and Visas in Bulgaria Fast Track Bulgarian Citizenship by Investment. W hen you acquire citizenship under the Bulgaria Citizenship by Investment Program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent. Bulgaria has set out four investment options when it comes to its residence-to-citizenship program. It is possible to fast track the citizenship option by increasing the investment amount a further â¬511,292. Yes, you will need to make at least one trip to Bulgaria to submit your biometric information and apply for the permanent residence permit. 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. Question in relation to the EU ‘swooping in’ to levy citizenship-based taxation. China: Our participation at the "Emigration & Luxury Property" EXPO in Shanghai on 22-23 March 2018. As legal conformity is our top priority, we strongly advocate against such practices and warn that the investment should be held as explained above. Throughout its history, it has been part of the Roman Empire, the Byzantine Empire, the Ottoman Empire, and spent many centuries as the independent Bulgarian Empire. . The country needs no introduction, its economic and political currents are somewhat predictable, and its real estate is highly coveted. Is Bulgarian Residence and Citizenship For You? Be it Canada, Australia, New Zealand, Japan, Hong Kong, just name it â Bulgarians travel freely worldwide without the need to obtain visa. The second investment can be done in the same type of assets as the first investment. Itâs not a highly desirable place to live. âI never realized that a European citizenship could be so accessible. The investor is not required to live and work in Bulgaria, or to be fluent in Bulgaria. Permanent residence in the country leads you down the path to obtain citizenship. , a second passport from the EU may give US business people the peace of mind that they need knowing that they will always have visa-free access to EU countries. The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. Bulgaria has one of the most compelling citizenship by investment programs worldwide. One of the biggest leg-ups that Greece has over Bulgaria is that it has access to the Schengen area, so you could travel freely to anywhere without securing a visa first. There are cheaper residence programs (but not citizenship programs) in Europe.Â, Youâll need to spend over â¬500,000 just to get your foot in the door, and if you want to fast-track your citizenship, you will spend double that amount.Â. Guaranteed investment in government bonds and available financing option. The uptake has been so low that it has almost killed the program off.Â. You can finance your investment in three ways:Â. Well, the benefits of EU citizenship are certainly immense, but they come at a price. Selection and purchase of the initial investment of 512 000 EUR. So, the valuable lesson here is that you should just comply with the rules that are set out and you will be able to obtain and maintain your Bulgarian passport without running into any issues. Theyâll get to keep the country and its investment opportunities all to themselves. This is a document that will be required to obtain your investor visa.Â. Here at Nomad Capitalist, we can help you figure out which program best fits with your personal and financial goals.Â, But in the meantime, here are five residence by investment alternatives in the European Union that you might want to consider.Â. 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, . No language test for residence or citizenship. You will need to visit it. In order to obtain the permanent residency, the applicant, according to art. Of course this is technically not possible as there is always some extra processing time for due diligence procedures, document preparation, etc. Citizenship by descent. Bulgarian Citizenship by Investment. But itâs the Bulgarian people that truly make the place special.Â, Though a bit gruff, they are welcoming and extremely proud to show off their heritage and culture, Bulgarians are highly educated and many are multilingual too.Â. 1 It is extremely difficult to determine the exact number of visa-free countries for any particular passport holder. It will take approximately 4-6 months to obtain residence by investment in Bulgaria. . Investment of EUR 1 million in Shares owned by the State or municipalities. If youâre trying to renounce as quickly as possible, then thatâs certainly not a bad deal. , which require your children to re-apply, Bulgarian citizenship is passed on automatically. Read more. While the Bulgarian residence-to-citizenship program will be a great way forward for some, other investors wonât find it to be the right fit. In the EU itself, Bulgariaâs fast-track citizenship program is not the only one. a) A foreign person can obtain Bulgarian citizenship, subject to compliance with art.12, par.1, p.1 and 3, if he or she has been granted âpermanent residenceâ status in Bulgaria at least one year earlier under the terms of art.25, par.1, p.6 or 7 of the âLaw for the Foreigners in Bulgariaâ (these are the investment terms and options that we have outlined above) and has, under the same terms, increased his or her â¦ EU citizens have access to the social security and medical system in all member states, depending on their choice of residency. You will, however, need to maintain an address in the country, so you could consider renting a property.Â. Then read on to find out more.Â. Dual citizenship allowed. As Bulgarian citizen, you and your children will also have full access to the best schools and universities in all member states. The process for obtaining a Bulgarian investment passport typically takes 2 years. At just â¬350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. No. There wonât be any interest accrued, however. Like Eastern Europe? At the same time, you will also be issued with a personal tax number. Alongside the unlimited living and working rights within the EU, being Bulgarian citizen allows travelling to almost any country worldwide visa-free. So can your dependants. You will need to fill out a rather complex application and present a whole bunch of legalized documents, including your criminal record certificate, marriage certificates, birth certificates, proof of funds, and so on. From Saint Kitts and Nevis in the Caribbean to Vanuatu in the South Pacific, there are different citizenship alternatives. Preparation of the legal citizenship file. Another benefit of Bulgarian citizenship is that it passes on to your descendants â even adult children. â namely, to obtain the legal right to invest in real estate properties that are only available to EU citizens. . If you choose this way, then all you will need to do is pay an up-front deposit, which is normally around $195,000. Cyprus. The investment grade credit rating of Bulgaria by all major agencies, such as "Standard and Poorâs" and "Moodyâs" is additional layer of protection and peace of mind for the investor in Bulgarian government bonds. You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. +1Â (979)966-6623Â CONTACT US SERVICESPRIVACY POLICY FAQs, Copyright 2012-21, Nomad Capitalist Limited"Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks. If youâve never visited Bulgaria before, this will be the first chance that you get.Â, Once your visa is approved, you will be expected to make your way to the country to apply for your permanent residence card.Â. Possess a valid passport or another foreign travel document. Unlike countries such as Portugal, which require your children to re-apply, Bulgarian citizenship is passed on automatically. Our clients are constantly asking us to provide clear timeline of all stages during the citizenship application and all processes prior to its submission and approval. There are many stakeholders that oppose the changes.Â. In the end, you might end up trading a strong passport with high government interference for a weaker one with the same amount of hassle. We believe that everyone should be allowed to choose his residence anywhere in the world. Obtaining Bulgarian Citizenship by investment is an easy and straightforward path that allows foreigners to obtain an EU citizenship. People from countries with fewer visa-free options might then consider becoming a resident and a subsequent citizen of Bulgaria in order to get the increased opportunities that are available with a European passport. Easy to apply. Frankly, thatâs a fair question. Hong Kong: "EU Citizenship by Investment" - lecture by our lawyer at the annual gathering on March 18th 2018. "Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks, Offshore Banking: How to Open an Offshore Bank Account Legally, The best offshore banks (even for Americans), The easiest place in the world to open a bank account, The 5 countries with the safest offshore banks, Offshore Company: How a Foreign Corporation can Reduce Taxes, Labuan: Asiaâs secret haven for an offshore corporation, Second Passport: How to Get Dual Citizenship, The Fastest Countries in The World to Become a Citizen, Get second residency and pay no tax in these 20 countries, Second Residence: How to Get a Residence Permit Overseas, The Best Citizenship by Investment Programs, Citizenship By Descent: How to Get an Ancestral Passport, International Investment: How to Invest in Emerging Markets, Bulgaria’s Residence by Investment Program, The Step-by-Step Bulgarian Residence by Investment Application Guide, The Pros of the Bulgarian Residence Program, The Cons of the Bulgarian Residence Program. The cost of living in Bulgaria is one of the lowest in Europe. Student credit facilities are also being provided to EU citizens at preferential conditions. However, what sets Spain apart is its large economy and worldwide status. From the available investment options, the most widely used is the investment in Eurobonds (Sovereigns). Submitting the application for Bulgarian citizenship. This way, you wonât need to worry about interest rates or outside financing, and your money will effectively be held in an account thatâs locked for five years. This will be a nice addition for the readers as when reading the article they might get the impression that the country was always integrated in some other entity, thus having submissive status. Plus, the Cypriot residence eventually leads to citizenship too. Account opening with the selected Bulgarian bank. Bulgariaâs program actually makes up a tiny sliver of the, â¬5 billion European investment immigration industry â just over 200 people have applied for it to date.Â, This obscure program is actually a hybrid one âÂ a residence-to-citizenship by investment program that offers a chance to become a European resident in, Do you think you would want to give it a chance and invest in, in this southeastern European nation? We strongly advocate against practices, where the client is guaranteed successful outcome from the beginning without any preliminary due diligence and feasibility assessment. You wonât have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. Permanent residence in the country leads you down the path to obtain citizenship. recently retracted the citizenship of eight people, who obtained it fraudulently. This option provides the opportunity to invest in virtually any financial instruments â worldwide (the Bulgarian bank only acts as custodian). âÂ double your investment to a total of, and you can apply for citizenship after just one year of being a permanent resident.Â, While the regular five-year timeline to naturalization is still much faster than most other European programs, t, From start to finish, you can expect to become a Bulgarian citizen in approximately. Once you obtain the passport, itâs yours for life.Â, Bring your family. The plus side is that youâll be able to travel freely and, However, you will also be subject to the whims of a large, cumbersome government entity that might impose stricter rules on. Then you shouldnât delay.Â, Bulgaria could prove to be the smartest decision that youâll ever make â obtaining European citizenship for a rather low price in a country thatâs soon going to be part of the Schengen and the Eurozone.Â. â¤Â Is Bulgarian Residence and Citizenship For You? English-speaking Mediterranean island living, anyone? Get your Spanish citizenship after ten years.Â, . , itâs hard to give up one of the worldâs strongest passports. 2 The European Parliament and the European Council have adopted a Regulation 1289/2013 with the aim to apply full visa reciprocity mechanism for the EU member states. Somewhat predictable, and Croatia be issued to you within three business days to obtained! No more worries in these cases â the so-called fast track citizenship an address in the trust at... Eu citizenship grants the permission to live and work in Bulgaria requires permanent... Transit times shortened â all because of the EEA, and Visas in Bulgaria, as an citizen. 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