Bulgarian Citizenship by Investment

Last Updated on November 24, 2024 by Bulgarian Citizenship Team

The Bulgarian Golden Visa Program is an attractive opportunity for foreign investors and wealthy individuals to enjoy visa-free access or visa-on-arrival access to 179 countries and territories, Bulgarian citizenship for the family members, and many other benefits.

Our team specialises in assisting non-EU nationals to obtain Bulgarian citizenship and passport by investment. The amendments of the Bulgarian Citizenship Act voted on 26 of February 2021 cancelled the Bulgarian bond investment. Investors can now invest in Bulgarian Funds, including Alternative Investment Funds (AIFs), Exchange-Traded Funds (ETFs), or stocks of Bulgarian companies traded on the Bulgarian Stock Exchange.

The required investment amount remains unchanged. Investors in AIFs or ETFs have to invest 512,000 EUR to obtain permanent residency and maintain the investment for 5 years before they can apply for Bulgarian citizenship. Unfortunately, the fast-track citizenship option by way of doubling the investment amount was cancelled by the voted Citizenship Act amendments in 2022.

What’s new about the Bulgarian citizenship by Investment in 2024?

• Bond investment cancelled –All citizenship applications submitted before the Act amendments were cancelled. Applicants who already hold permanent residency status can still apply for Bulgarian citizenship. These applicants must pass a Bulgarian language exam or obtain an exemption.
• New investment options ETFs and AIFs – Exchange Traded Funds and Alternative Investment Funds are the new options to invest towards the Bulgarian citizenship by investment.
• Fast-track option cancelled – The fast-track citizenship option by doubling the investment amount was cancelled.
• Financing options are no longer available – You can no longer use the investment as collateral to partially finance your investment or secure a loan.
• Shorter way for spouse to get Bulgarian citizenship – Spouse can apply for Bulgarian citizenship 3 years after the investor was granted Bulgarian citizenship. This is 2 years shorter compared to the old Citizenship Act.
• Faster Processing – The legislators have also mandated expedited timelines for processing. Whether these will be closely kept will be a matter of practice and as such to be seen.
• Children of Bulgaria Golden Visa holders are eligible to apply for Bulgarian citizenship without the requirement to pass a language exam or relinquish their existing citizenship.

More articles about obtaining Bulgarian citizenship by investment in Bulgarian Funds:

• Advocate Markov Discusses the Bulgarian Golden Visa Program on the Investment Migration Council
• Why should you consider buying the Bulgarian ETFs through a Bulgarian-based brokerage firm
• How safe are the Bulgarian ETF UCIT

Bulgaria Golden Visa Funds

1. Minimum Investment:
   • Applicants must invest at least 1,000,000 BGN in shares or stocks of alternative investment funds.
2. Fund Establishment and Management:
   • The Funds must be established in the Republic of Bulgaria.
   • The entities managing these Funds must also be based in Bulgaria and operate in accordance with the Collective Investment Schemes Law.
3. Asset Requirements:
   • Each Fund must have assets valued at no less than 3,000,000 BGN.
4. Licensing and Registration:
   • Both the Funds and the entities managing them must be licensed or registered by the Financial Supervision Commission of Bulgaria.
5. Investment Strategy:
   • The Fund’s investment strategy must primarily focus on Bulgarian assets.
   • The funds should invest exclusively in shares, stocks, and bonds of Bulgarian companies, including special purpose investment companies.

Only a few funds currently meet these stringent requirements, making them eligible for the Bulgaria Golden Visa program. You can find a suitable Bulgaria Golden Visa Fund.

Advantages of our law firm to obtain Bulgarian citizenship and passport:

• Advocate Markov is a professional member of the Investment Migration Council, the worldwide association for investor migration and citizenship by investment, a premier organization that guarantees services of the highest standard.

• The law office of Advocate Markov is a member of the prestigious legal association, Global Law Experts and recognised for the third consequent year as Citizenship Law Firm of the Year in Bulgaria.

• Advocate Markov comes highly recommended by Legal 500. His expertise and dedication have earned him recognition in the legal community.
  

• Our experienced citizenship lawyers have assisted more than 250 individuals to participate in the Bulgarian citizenship and passport by investment since 2013. We have assisted more foreign investors to obtain Bulgarian passport than any other law firm or consultancy.

• We don’t pass anything to agents or subcontractors.

• Our fees are 5 to 20 times lower than the fees charged by the “international agents” from their offices in Hong Kong, London, Dubai, etc.

• Our success rate is much higher than the success rate of the “international agents”, who are often “lost in the translation”, before they eventually reach us.

Bulgarian citizenship and passport by Investment

In exchange for a safe and liquid investment of 512,000 EUR, applicants of all nationalities can obtain Bulgarian citizenship and passport. The investor needs to invest 512,000 EUR in the first year and maintain the investment for 5 years.

• The client purchases ETFs or AIFs of 512,000 EUR
• Time to Permanent Residency  – 8 months
• Time to Bulgarian Citizenship  – 78 – 84 months
• Investment in EUR (Refundable)  – 512,000 EUR
• Time to maintain the Investment– 66 months
• All-in Handling Fee in EUR (Non-refundable)  – please ask for a quote
• Handling Fee in EUR Dependents – please ask for a quote

Do you need to know Bulgarian before you get your citizenship?

To obtain Bulgarian citizenship, you are required to pass a Bulgarian language test at the A1/A2 level. This is a basic entry-level proficiency test designed to assess your ability to communicate in everyday situations. While it is a mandatory requirement, the level is considered manageable for most applicants with some preparation.

However, our team can assist you in seeking exemption from the language requirement, ensuring a smoother path to citizenship.

Benefits of the Bulgarian citizenship by investment program

• You are not required to open an account with a Bulgarian bank or brokerage firm to invest in Bulgarian AIFs or ETFs. You can deposit your investment directly in the accounts of the chosen AIF or ETF fully remotely.
• You might be sentenced in your home country and it will not count if you are rehabilitated.
• EU citizens may also apply for Bulgarian citizenship by investment if they hold a passport of a non-EU member country. Excellent choice is the citizenship of Dominica or St. Lucia.
• Newborn children are granted Bulgarian citizenship immediately after the investor is granted Bulgarian citizenship.

Other benefits of obtaining Bulgarian passport by investment

• You will easily qualify as a Bulgarian tax resident;
• You can sell the ETFs & AIFs and avail liquid investment in money market instruments (stocks, bonds, etc.) at any time;
• You have no restrictions on buying agricultural land in Bulgaria;
• You will get free movement, education and healthcare in EU and Schengen;
• You will possess the Bulgarian passport which is an EU passport;
• You can vote in Bulgaria;
• You can buy properties in the entire EU and Schengen zone without any restrictions;
• You can open bank accounts in any EU & Schengen countries.

Common misconceptions about the Bulgarian citizenship by investment

• • Investors who have been sentenced cannot apply for Bulgarian citizenship by investment. This does not apply if the applicant has been rehabilitated.

  • Spouses are granted Bulgarian citizenship immediately after the investor is granted citizenship. However, the reality is that spouses must hold permanent residence for minimum of three years before they can apply for Bulgarian citizenship.

  • Children under 18 automatically receive Bulgarian citizenship when their parent is granted citizenship. However, this is not the case. Children under 18 must apply for Bulgarian citizenship by origin, which is a separate process. The only exception is for newborn children, who will automatically receive Bulgarian citizenship upon their birth.

Read more Common Misconceptions about the Bulgarian CIP

Bulgarian citizenship by investment for family members

According to Art. 18 of the Bulgarian Citizenship Act, children under 14 years of age, of whom only one of the parents is a Bulgarian citizen, can become Bulgarian citizens without the presence of the conditions, under Art. 12 if both the parents or a living parent gives written consent for this. Consent by a parent who has lost his parental rights is not required. Children from 14 to 18 years of age can apply personally for Bulgarian citizenship.

In 2022, the processing time for citizenship applications of children under 18 years of age was reduced to just 9 months. Additionally, children are not required to meet any physical residence or language fluency requirements in Bulgaria.

Timeline for Obtaining Permanent Residence by Investment

Months 0-2: Due Diligence and Investment

• • Pass due diligence with the Bulgarian Investment Agency.
  • Once approved, proceed with the investment in Bulgarian AIFs or ETFs.
  • Obtain a confirmation certificate of investment issued by the Fund Management company.
  • Prepare the Bulgaria Golden Visa application documents.

Month 3-4: Visa Application

• • Apply for a D visa at the nearest Bulgarian embassy or consulate.
  • The Bulgarian Investor visa is typically granted within 30 working days.

Month 5: Permanent Residence Application

• • Visit Bulgaria to apply for permanent residence by investment at the local Migration Office.
  • Permanent residence applications are usually processed within 45 working days.

Month 8: Residence Approval and Card Issuance

• • Once the residence application is approved, the investor will be photographed.
  • The permanent residence card is issued within 3 working days.
  • Start the family reunification process. Family members will obtain permanent residence within 3 months.

5-Year GAP Period, during which the investor has to maintain the investment.

Months 66-68: Language Test or Exemption

• The investor either takes a Bulgarian language test or obtains an exemption.

Months 68-70: Citizenship Application

• The investor applies for Bulgarian citizenship with the Ministry of Justice or at the nearest Bulgarian embassy or consulate.

Months 82-86: Citizenship Approval

• The Bulgarian citizenship application is approved.
• Family members can now apply for Bulgarian citizenship.

Useful

Reserve a date for applying for Bulgarian citizenship by investment.

Check the status of your citizenship application.

• Issuance of a Bulgarian passport

  You may apply for the issuance of a Bulgarian passport at the local branches of the Ministry of Interior in Bulgaria or at the nearest Bulgarian embassy or general consulate.

  Issuance time at Ministry of Interior:

  • Normal – 30 calendar days
  • Fast – 3 working days
  • Express – 8 hours

  Issuance time at Bulgarian embassy:

  • Normal – 90 calendar days
  • Fast – 60 calendar days
• Visa Free Countries

  LIST OF VISA FREE TRAVEL COUNTRIES FOR BULGARIA PASSPORT HOLDERS

  Visa-free access or visa-on-arrival access to 157 countries and territories.

  AFRICA: Botswana, Comoros, Djibouti, Egypt, Gambia, Kenya, Madagascar, Mauritius, Mauritania, Mayotte, Morocco, Mozambique, Reunion, Seychelles, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Somalia, Somaliland, Burundi, Cape Verde, Guinea-Bissau, Mali

  AMERICAS: Anguilla, Antigua & Barbuda, Argentina, Aruba, Bahamas, Barbados, Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, , Cayman Islands, Columbia, Costa Rica, Curacao, Chile, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands, French Guiana, French West Indies, Greenland, Grenada, , Guatemala, Haiti, Honduras, Jamaica, Margarita Island, Mexico, Montserrat, Nicaragua, Panama, Paraguay, Peru, St Kitts & Nevis, St Lucia, St Martin, St Pierre & Miquelon, St Vincent, Trinidad & Tobago, Turks & Caicos Island, Uruguay, Venezuela

  ASIA: Armenia, Bangladesh, Brunei, Cambodia, Georgia, Hong Kong, Indonesia, Iran, Israel, Japan, Jordan, Kyrgyzstan, Laos, Lebanon, Macau, Malaysia, Maldives, Mongolia, Nepal, Oman, Palestine, Philippines, Sabah, Sarawak, Singapore, Taiwan, Tajikistan, Thailand, South Korea, Timor Leste, Bahrain, Kuwait, United Arab Emirates, Iraqi Kurdistan, Kish Islands, Phú Quốc

  EUROPE: Albania, Andorra, Austria, Belgium, Bosnia & Herzegovina, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Turkish Republic of Northern Cyprus, Ukraine, United Kingdom, Vatican City

  OCEANIA: Cook Islands, Micronesia, Fiji, French Polynesia, Kiribati, Marshall Islands, New Caledonia, New Zealand, Niue, Palau, New Guinea, Pitcairn Islands, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu, Wallis & Futuna

  • Please note that this list is subject to change and so kindly confirm the information before planning any trip.

• Benefits of Bulgarian Citizenship

  • Fast process to permanent residency (six to nine months);
  • Special exemption from physical residence enforced with legislation;
  • No language requirements for residence;
  • Lowest tax rates and free trade environment within the EU.

  BENEFITS FOR PERMANENT RESIDENTS:
  • Free movement within the Schengen countries;
  • Access to high quality healthcare in Bulgaria and the EU;
  • Free employment in Bulgaria;
  • Right to own land in Bulgaria and in a EU country;
  • Hassle-free family reunification process.

  BENEFITS FOR CITIZENS:
  • Unrestricted right to live, work and study in Europe;
  • Becoming a Bulgarian tax resident and pay only 10% flat tax rate on your worldwide income.

If you have any queries regarding Bulgarian citizenship by investment, please do not hesitate to contact us.

Go to 通過投資獲得保加利亞公民身份

Bulgaria Golden Visa 2024, Bulgarian Citizenship By Investment 2024