Bulgaria

Bulgaria Investment Immigration Programs Overview

Bulgaria is one of the EU countries still offering a relatively easy path to full EU citizenship and an option to immediately obtain EU permanent residence card. The country is expected to join the Schengen Area agreement by end of 2023.

Currently foreign investors are able to obtain Bulgarian citizenship through the semi-fast-track option, also known as the New Bulgarian Golden Visa program.

The New Bulgarian Golden Visa program offers permanent residency in exchange for an investment starting from 500,000 Bulgarian lev (about $300,000). Still, the most suitable form of investment is the option to invest 1 million Bulgarian lev (about $600,000) investment in Bulgarian Exchange Traded Funds (ETF), which remains always on the account of the applicant. Its performance can be tracked online and is considered extremely safe and profitable (Bulgarian SE indices often outperform S&P500). There are also other options for investment, most of which require an investment of 1 or 2 million Bulgarian lev (about $600,000 to $1,200,000).

The above investment options provide the opportunity to obtain Bulgarian permanent residence permit immediately. Although Bulgaria is still (July 2023) not member of the Schengen agreement, it is widely expected that it will join it by the end of 2023. Then the holders of Bulgarian residence permit will be allowed free movement within all EU and Schengen countries. Investors will become eligible for Bulgarian citizenship in 5 years after they have obtained Bulgarian permanent residence permit.

How To Apply

The first step in the application process is to assign a professional to perform preliminary due diligence and ensure legal compliance. This is an essential step, which is often neglected by some candidates, who later encountered serious compliance problems.

The next step is to obtain preliminary permission to perform the chosen investment. This is a new condition that was introduced with the legal amendments of 2021. In order to be approved, the investor has to prove that he has the required capital in his bank account. The next step is making the required investment. While it could be useful to obtain professional advice in making arrangements, the investment itself should always remain in the applicant’s name and under their direct and sole control.

Applicants should be wary of agents who ask them to transfer money out of their own accounts, which could be a scam allowing agents to pocket the interest that accumulates on an investor’s capital. Also be cautious about plans that involve financing the capital used for the CBI investment. After the latest amendments these practices are not acceptable anymore.

Once the investment is made, applicants must file their paperwork to continue the process. This requires a trip to Bulgaria in order to obtain the permanent residence permit card. The trip doesn’t need to last more than a few days, however. Obtaining citizenship can be done after 5 years without visiting Bulgaria. The applicant can pass their citizenship interview at the Bulgarian embassies abroad.

Mobility

Bulgaria, though a member of the European Union, is not currently a member of the Schengen Area, so residency card holders do not receive automatic travel rights in Europe. This is set to change soon, as it is expected for Bulgaria and Romania to join the Schengen Area by the end of 2023. Bulgarian passport holders, however, enjoy visa-free access to 171 countries, including the E.U., making the Bulgarian passport the 20th-strongest in the world.

Country

As an industrialized eastern bloc country, Bulgaria economy has in recent years diversified and grown steadily. Bulgaria is now a stable parliamentary democracy. Bulgaria’s coastal and mountain resorts are popular with international tourists and locals take pride in their country’s architecture, long history and rich culture.

Updated by Alexander Dobrinov and Uglobal Staff

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