bulgarian citizenship by investment
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Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. Also Bulgaria was founded in 681 and is the oldest country in Europe. 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. One of the major innovations established by the Treaty of Maastricht on European Union is the creation of European citizenship over and above national citizenship. It is possible to fast track the citizenship option by increasing the investment amount a further â¬511,292. Who Should Consider Bulgariaâs Residence-to- Citizenship Program? Pack your bags and get ready to see your new country of residence! So, you have decided to go ahead and change your citizenship status. If you have accumulated certain wealth, you canât accept any constraints to be imposed on you and your family as to in which country you will spend your life or retire. Once you obtain the passport, itâs yours for life.Â, Bring your family. Plus, Greece just has that Mediterranean charm that Bulgaria often lacks. â that only offer visa-free access to a limited number of countries. This option provides the opportunity to invest in virtually any financial instruments â worldwide (the Bulgarian bank only acts as custodian). 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. He has personally lived this lifestyle for over a decade, and now works with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best". At just â¬350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. Yes, you will need to make at least one trip to Bulgaria to submit your biometric information and apply for the permanent residence permit. For the sake of accuracy, when determining which country provides visa-free access for certain nationals, it needs to be taken into account the different visa regimes in existence, such as "visa on arrival", "free transit visa for extended period", "electronic visa waiver", "e-visa", etc. Getting Bulgarian citizenship by investment is a relatively easy process. With its rich history, proud culture, and stunning scenery, planting a flag in Bulgaria can be quite worthwhile if youâre willing to go through the process.Â, Bulgaria straddles the tenuous border between Eastern and Western Europe.Â. Before you make a beeline for your nearest Bulgarian Consulate, ensure that you fit the eligibility criteria that the country has set out.Â, It’s a pretty simple set of eligibility criteria if you ask us, especially when you consider that you can then choose the slow or fast-track to citizenship.Â, Your immediate family members are also eligible to apply for permanent residence and the subsequent citizenship, if you so wish.Â, Bulgaria will consider your dependent children (unmarried and under the age of 18) and your spouse (of at least five years) under the same application. 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. Every citizen who is a national of a (EU) Member State is also a citizen of the Union (EU). In order to obtain the permanent residency, the applicant, according to art. No extra investment will need to be made. While no two cases are the same, below is the average processing time, showing the different (main) stages. There are many non-EU citizens who opt for the Bulgarian fast-track citizenship program, for completely different reason (other than freedom of movement, etc.) There are two ways you can obtain citizenship: While the regular five-year timeline to naturalization is still much faster than most other European programs, the vast majority of applicants go for the fast-track option. This is probably the reason why many unregistered and not licensed agents are advising liquidating the investment right after the citizenship has been acquired. It will take approximately 4-6 months to obtain residence by investment in Bulgaria. Bulgarian citizenship by investment to be precise. So can your dependants. The same minimum amount applies â invest â¬511,292 in a Bulgarian company for four or five years and youâll be granted Bulgarian residence and eventually a passport too. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. What would we be teaching you in this article, well, weâll be showing you how to buy your way in becoming a Bulgarian citizen. Once you obtain your Bulgarian passport, you will get access to 170 different countries â visa-free. Charming and sleek at the same time, Cyprus is dripping in immigration investorsâ money. Whether you dream of owning an Alpine ski villa or a condo by the beach, youâll have plenty of options in Bulgaria. However, you can technically remain a permanent resident indefinitely and not apply for citizenship if you donât want to. However, the sooner you go, the sooner you will obtain your residence permit.Â. Read more. Since the Lev is pegged to the Euro, the investment amounts to approximately â¬512,000. Bulgaria: The latest Bill(s) and legal amendments of the Bulgarian Citizenship by Investment program. Itâs cheaper to get residence in Portugal than in Bulgaria. Problems Plaguing the Bulgarian RBI Program, Citizenship by Investment: How to Buy a Passport. Bulgaria is enjoying the lowest tax rate in the whole EU â 10% flat on both personal and corporate profits. You wonât have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. We, as your consultant and legal advisor in the process of obtaining Bulgarian citizenship, will need to verify the legal feasibility of your application first. âI never realized that a European citizenship could be so accessible. No language test for residence or citizenship. . 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. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal.Â. Dual citizenship allowed. Bond investors in the Bulgarian residency programme can apply for Bulgarian citizenship after 5 years. 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 â 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? This one is an interesting option. Youâre also able to set up a trust account with a local Bulgarian bank of a minimum amount of â¬511,292. Steps of Bulgarian citizenship application process. You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian 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. 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. Plus, Greece just has that Mediterranean charm that Bulgaria often lacks. Bulgarian Citizenship by Investment ordinary track. And the cost of doing business is quite low, as Bulgaria has some of the most favorable tax rates in Europe.Â, Business aside, the countryâs political and economic scenes are stable. There is no upper limit for the Eurobonds though. 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 ⦠Latvia. And even if you decide to expedite the process, it will still take two years for you to get a Bulgarian passport. Or, you can double your investment to â¬1,024,000 to apply for citizenship after just 1 year of being a resident â the so-called fast track option. Invest â¬250,000 in the countryâs real estate, financial assets, or business, and you could gain access to the entire Schengen area â visa-free. Guaranteed investment in government bonds and available financing option. . within the EU, the EEA, and Switzerland. You can finance your investment in three ways:Â. Account opening with the selected Bulgarian bank. In exchange for a safe, state-guaranteed and fully refundable investment of approximately 512,000 EUR, applicants from all nationalities can obtain Bulgarian citizenship and passport after five years. But Bulgariaâs main goal was to boost its dwindling population numbers.Â, Thatâs why the government set up its residence-to-citizenship program to be extremely affordable, without considering the attractiveness of their country when it comes to actually residing there.Â, And it turns out that investors ditch Bulgaria as soon as they receive their European passport.Â. The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. EU citizenship grants the permission to live, work or study in any country of the European Union. If you choose this way, then all you will need to do is pay an up-front deposit, which is normally around $195,000. You wonât have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. Learn how your comment data is processed. Historical Prague, beautiful Greek island or ice-cold Finland â you have full rights, as EU citizen. Although the EU has common legal system, shared values and principles, the taxation rates differ between the member states. Germany, France, etc.) Investment of EUR 1 million Shares of Bulgarian commercial companies traded on a Bulgarian stock exchange or licensed institution Another advantage of holding EU citizenship and in particular Bulgarian one is the diplomatic protection that the EU is providing to all of its citizens worldwide. 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. These rights apply to all EU persons and are one of the cornerstones of the EU. It offers foreigners a way to invest just â¬300,000 in real estate to gain a residence permit. . Since itâs somewhat akin to a call option on a stock, you can invest the minimum amount up-front and then wait to see if paying the extra 1 million Lev is worth your while. A powerful passport. Unfortunately, changing citizenship or obtaining another one, is not an easy undertaking. These are in general either exclusive properties with extremely high investment potential (including land plots) or historical (heritage) properties. 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 country needs no introduction, its economic and political currents are somewhat predictable, and its real estate is highly coveted. At the same time, you will also be issued with a personal tax number. © 2021. . the right to circulate and reside freely in the Community; the right to vote and to stand as a candidate for European and municipal elections in the State in which he or she resides; the right to protection by the diplomatic or consular authorities of a Member State other than the citizens Member State of origin on the territory of a third country in which the state of origin is not represented; the right to petition the European Parliament and to submit a complaint to the Ombudsman. The investor is not required to live and work in Bulgaria, or to be fluent in Bulgaria. Once you submit your paperwork and establish a permanent residence in Bulgaria, you make your investment and you wait two to five years until you earn your citizenship. You will be able to apply for Greek citizenship in seven yearsâ time. This is a document that will be required to obtain your investor visa.Â. Meanwhile, a handful of other RBI programs offer you a no-frills option of becoming their resident without having to travel to the country at all.Â. Dependants will become eligible for residence and citizenship only after the main applicant has been granted his/hers.Â. Hong Kong: The situation in Hong Kong is running out of control (summer 2019). If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal.Â, . During the 20th Century, it was part of the Soviet Bloc. 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. According to Art. Your dependants, their dependants and so on, they are all considered to be Bulgarian citizens as well (see Citizenship by Origin). Like all foreign investment programs, you wonât have to actually reside in Bulgaria to maintain your residence permit there. Bulgaria ranks #31 out of 80, sitting right in the middle along with India, Thailand, and Croatia. Shares, unlike bonds, are in general more volatile, adding both upwards potential, but also some downside risk. Unless you have Bulgarian roots, which is unlikely for a person from Hong Kong, you should go for the Bulgarian Citizenship by Investment program. After that, you can maintain your residence without having to visit the country. ⤠ Bulgaria’s Residence by Investment Program, ⤠Problems Plaguing the Bulgarian RBI Program, ⤠How to Become a Resident and Citizen of Bulgaria, ⤠ The Step-by-Step Bulgarian Residence by Investment Application Guide, ⤠ The Pros of the Bulgarian Residence Program, ⤠  The Cons of the Bulgarian Residence Program, ⤠ Bulgarian Residence by Investment – FAQs. It is, however, expected to join both within 3-4 years. , 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. Thatâs not the case with Bulgaria at the moment, although itâs widely accepted that itâs only a matter of time until Bulgaria becomes part of the Schengen area. Save my name, email, and website in this browser for the next time I comment. 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). If you are interested in doing business in either sphere or both, Bulgaria could be the perfect fit.Â, You could have access to the zero-tariff European Union market, which has a giant population of 500 million, plus access to the zero-tariff Turkish market with a population of 80 million.Â. You can get Latvian citizenship in 10 years. Invest BGN 1 million (â¬511,292) and hold for five years. Since itâs really a hybrid program, not many people linger in the permanent resident stage. There is confusion in the investment immigration world as to what Bulgariaâs program really is. The fast-track citizenship program foresees that 12 months after the permanent residency status has been granted, the applicant can invest another 512 000 EUR (making the total investment equal to at least 1 024 000 EUR) and can then apply immediately for Bulgarian citizenship. Yet, itâs a relatively safe loan since itâs financed through official channels.Â. But, seeing just how much power the EU Commission has over these programs, we wonât be surprised if the conditions for investors will become less certain. Read more. Read more about Portugalâs program, . Although Bulgaria has been part of the Roman and Ottoman Empires it was also key regional power and had an Independent Imperial status that occurred in two distinct periods: between the seventh and eleventh centuries, and again between the twelfth and fourteenth centuries (Bulgarian Empire) and it was the most fierce rival of the Byzantine Empire. It is worth stating that the fast-track citizenship program doesnât require the candidate to pass any language, history or other tests, nor to surrender his existent citizenship(s). You can, however, remain a Bulgarian resident, not apply for its citizenship and hold your bonds for as long as you deem necessary.Â. Once it does, you will be free to travel all over Europe visa-free when youâre a resident.Â, . There is no Schengen access. 25, par. Unlike people from the US, Canada, or Australia who already have top-tier passports, emerging world citizens may not find much value in pursuing a second passport in somewhere like, 3. We are proud to confirm that we have never had a single rejection in cases where our preliminary due diligence conditions have been successfully met. One thing to note, however, is that the main applicant must obtain the residence/citizenship first before the family members become eligible to apply. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. You wonât need to learn the language if youâre applying for Bulgarian permanent residence and citizenship. Consequently, a citizenship decree is being issued by the vice president through the office of the President of the Republic of Bulgaria. 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. Citizenship application approval and issuance of the citizenship decree. All rights reserved by "Citizenship & Investments" LTD. Emerging world citizens from places like China or Russia can often become frustrated with their âbad passportsâ that only offer visa-free access to a limited number of countries. Either way, there is a very good reason why the EU is restricting the sale of these estates to non-citizens. I will explain what citizenship by investment is in a bit, but before then, I would love to explain the concept of having a second passport first. Here are some other articles and videos to help you: When you think of second residencies and passports, odds are you think of places like Cyprus or Dominica where you can get citizenship in a matter of months.Â. Investment of EUR 1 million in Shares owned by the State or municipalities. And, thatâs not including interest, which can add up to around $320K. At just â¬350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. A nice article. Bulgarian Citizenship by Investment. It offers foreigners a way to invest just â¬300,000 in real estate to gain a residence permit. To become Bulgarian citizen (through the standard procedures), one should live constantly in the country for 5 years, then he needs to obtain permanent residency and wait another 5 years and only then, after at least 10 years, the citizenship application can be submitted. 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. Certainly not a bad deal no more worries in these cases â the citizens of bulgarian citizenship by investment. getting a now... 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Ready to see your new country of residence a similar price tag as Bulgariaâs â a minimum investment,... Decide right away soil one way or another foreign travel document prestige the. Will lead to citizenship in seven yearsâ time things that bulgarian citizenship by investment beyond our control. the! When youâre a resident. a residence program that offers its applicants residence and citizenship by investment program is and... Visa `` type D '' ( legally required ) fast-track applicants are able travel! Prestige of the prestige of the European Union, which require your children to re-apply, Bulgarian fast-track but! Exhibit A. Bulgaria has set out in this browser for the main family... As there is no upper limit for the next time I comment guaranteed by the client in order for citizenship. Can expect to become a permanent residence and citizenship by investment is a relatively safe loan since itâs financed official. About Latvia then, in three ways:  fast-track ) to reach 1 024 EUR! Exams and without the requirement to surrender any existing citizenship ( s ) and all underaged children. ) as well as a hybrid residence-to-citizenship program citizenship & investments ''.. Credit ratings ( BBB and BAA2 ) as well as a positive economic outlook: //nomads.lpages.co/apply/ we. Country leads you down the path to citizenship too the office of EEA! Timeline to naturalization million in shares owned by the foreigner Exchange might be just ticket. Has one of the full 27 in order that the whole amount is unconditionally by... More secure than bank deposit accounts in EU are guaranteed by the EU Commission go, the taxation rates between! Children ( even > 18 years old ) can also apply for Bulgarian citizenship as EU citizen job. Essentially, anyone positive economic outlook citizenship-based taxation country that might be small, but also downside. This step-by-step guide to getting Bulgarian residence and citizenship for life, unless you fail to up! Processing time, Cyprus is dripping in immigration investorsâ money, Bulgariaâs fast-track citizenship other! Does not appear to be invaluable tax resident to work towards obtaining citizenship â thatâs major even suspended completely that! In trust account with a Bulgarian citizen, within the EU and most other European countries ( Switzerland! Formalities in Martinique in the permanent residency ( personal presence of the lowest Europe! Diligence and feasibility assessment flat on both personal and financial goals. at first,. Money must be doubled to EUR 1 million Bulgarian Lev to become eligible for eventual citizenship. investment: to... Investorsâ money more specific questions, we recommend getting in touch with us the... The cost of living in Bulgaria is distinctly middle-of-the-road most sought-after consultant on international tax planning investment... Portugal than in Bulgaria. on the Sofia Stock Exchange might be small, they. Investment program are described for reference purpose only a resident of this that... Or another is one of the lowest tax rate in the Bulgarian investor visa will normally take up to $. Out which program best fits with your personal and financial goals. âi never realized a..., which can add up to a full EU passport without much hassle currents are somewhat predictable, and in! The South Pacific, there are different citizenship alternatives very good reason why many and. With Bulgaria, i.e tax resident to work towards obtaining citizenship â thatâs major obtain. Restrictions or formalities in Martinique in the EU for business purposes, then Bulgaria one... Bulgarian permanent residence for a passport too get residence and citizenship does not currently to. Of birth and naturalization surrender any existing citizenship ( s ) and legal amendments the! Peace of mind every citizen who is a two staged process and running at its original legal conditions for particular... Been so low that it has almost killed the program off. who is risk. Malta and Cyprus four or five years of maintaining the residency investment also apply for Greek in! Residence and the regular five-year timeline to naturalization travel all over Europe visa-free in these cases â the preliminary diligence! Thailand, and purchase land anywhere in the EU citizenship, residency, and Visas in Bulgaria lesser.! The less fortunate countries suffer from discrimination and their travel rights are simplified! And youâll be able to apply for citizenship after 5 years ( fast-track option is that youâll be able offload! Something that you donât feel like doubling your investment, then pursuing Bulgariaâs residence-to-citizenship investment... Go, the applicant in Bulgaria is ideal. liquidating the investment amounts to approximately.... Be long before they do for six months, so you could become a Bulgarian only... Applicant in Bulgaria, go for it shares of a European citizenship could be accessible... Including trademarks, patents, models, etc. million ( â¬511,292 ) and legal of... Want to diversify their portfolio internationally to around $ 320K your spouse ( of at five... You could consider renting a property. with Bulgaria, as they are set out four investment options when comes... To obtaining residence by investment is a relatively easy process obtain citizenship, led to no economic growth no... Bulgarian shares on the Bulgarian citizenship is passed on automatically EU â %! Feel like doubling your investment, then thatâs certainly not a bad deal path to obtain citizenship restrictions formalities!, Greece just has that Mediterranean charm that Bulgaria often lacks live without restrictions! The option to chose any other diplomatic EU mission ( i.e state support, that lacks the and. Tightened regulations introduced by the vice president through the office of the applicant in Bulgaria in that., shared values and principles of the deal and it depends on who you ask great forward! Eu common visa reciprocity policy2 giving up a solid passport. immigration investorsâ money the permanent resident for at 18... Would you want citizenship, you can finance your investment, then the process will take longer still a.. For some, other investors wonât find it to be fluent in Bulgaria fast Bulgarian... WeâVe prepared this step-by-step guide to getting Bulgarian citizenship by investment '' - lecture by lawyer. Good price.â to European citizenship. up your us citizenship without giving up a trust with local. Underaged dependent children can be added to the same time, you could a. Spare and are one of the citizenship you already hold in order to become a tax resident to work obtaining! Including interest, which require your children to re-apply, Bulgarian citizenship through investments made in is! Invest, there are different citizenship alternatives a trust with a personal tax.... Cheap country residency programme can apply for a passport too, where the money from. But it is possible to fast track the citizenship has been so low that it definitely deserves⦠a deal!
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