Pre-approval process for Bulgarian Citizenship by Investment
On April 19th, 2023, Decision No.58 was issued to restart the Bulgarian citizenship by investment program. The decision lays out specific criteria for the initial approval of applicants. This program allows individuals to obtain permanent residency and potentially Bulgarian citizenship without making any investments upfront. To do so, the Investment Agency will conduct a preliminary approval process. If the preliminary application is approved, applicants can proceed with their investment in Bulgarian AIF or ETF. However, if it is denied, applicants will be informed that they should not make the investment.
To apply for preliminary approval for investment under Article 25, paragraph 1, item 6 of the Foreigners Act, applicants need to submit their application to the Bulgarian Investment Agency. They must also provide supporting documents, including:
- Copy of passport with a validity of at least 6 months;
- Bank reference for a BGN or EUR account opened in the applicant name, containing information on available funds not less than the minimum threshold for the respective investment;
- Declaration of the origin of funds;
- Declaration regarding their public figure status;
- Work, professional, and investment activities documents;
- Certificate of no criminal record;
- Certified and legalized Power of Attorney if the application is submitted remotely.
** The bank reference should be with a bank located in the EU, EEA, Swiss Federation, or a third country under Article 27, third proposal of the AMLA.
How long does the pre-approval process take?
The pre-approval process for the Bulgarian citizenship by investment program has a maximum processing time of 40 calendar days, as per the new regulations imposed by the government.
Following the recent amendments made to the Bulgarian Citizenship Act, the bond investment program has been cancelled, and investors are now permitted to invest in Bulgarian AIFs or ETFs. The required investment amount is as low as 512,500 EUR, and the investment must be maintained for at least 5 years. Upon making the investment, permanent residency status is granted within 6 months.
It’s important to note that once granted, permanent residency status in Bulgaria is indefinite, which means that you can remain a permanent resident of Bulgaria if you maintain your investment and visit the country regularly.
Our team can assist you with the preliminary approval or the so-called pre-clearance process and make it hassle-free. For more information on how to meet the Investment Agency’s requirements and obtain a Bulgarian Golden visa, please contact us.