Pre-approval process for Bulgarian Citizenship by Investment

Last Updated on November 11, 2023 by Bulgarian Citizenship Team

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. To achieve this, the Investment Agency will carry out a preliminary approval process. If the preliminary application receives approval, applicants can then proceed with their investment in Bulgarian AIF or ETF. However, if the preliminary application is denied, applicants will be advised not to proceed with their investment.

Pre-approval documents

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:

  1. Copy of passport with a validity of at least 6 months;
  2. 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;
  3. Declaration of the origin of funds;
  4. Declaration regarding their public figure status;
  5. Work, professional, and investment activities documents;
  6. Certificate of no criminal record;
  7. 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.

Current Program

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 of indefinite duration. This means that as long as you maintain your investment for the initial 5-year period and visit the country at least once annually, you can continue to enjoy your status as a permanent resident of Bulgaria.

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.

Pre-clearance process for Bulgarian Golden Visa

Pre-approval process for Bulgarian Citizenship by Investment