Free movement within the Schengen countries after Bulgaria becomes a … One thing to note, however, is that the main applicant must obtain the residence/citizenship first before the family members become eligible to apply. It may take time, but these condition will be certainly tightened. In other words, the law foresees that the citizenship can be obtained in only 12 months from start to end. Did you know that for example, as Bulgarian citizen, you can live without any restrictions or formalities in Martinique in the Caribbean? You are set to start a whole new life with less stress and more time to enjoy the really important things – your and your family’s freedom! EU citizenship. Getting Bulgarian citizenship by investment is a relatively easy process. We will also explain how the program works and how you can benefit today from an unique life changing opportunity. Would you like to still apply under the existing conditions, as they are set out in this article? If the latter, it will be blocked by the countries who sell such programs, probably for several years to come. You will be able to apply for Greek citizenship in seven years’ time. You won’t have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. Portugal. Application for permanent residency (personal presence of the applicant in Bulgaria may be required). 3. Yet, unlike other programs, you won’t have to become a tax resident to work towards obtaining citizenship – that’s major. Guaranteed investment in government bonds and available financing option. Personal meeting with the client (in cases when the client requires in-depth legal consultation or when the preliminary due diligence can not be completed otherwise), either in our offices or visit to the client’s home country. So, why would you want a Bulgarian passport? Like Eastern Europe? It is also one of the fastest programs to lead to residence.To qualify for residency or citizenship, applicants must fulfill one of the investment options below in addition to meeting the following criteria: 1. Get your Spanish citizenship after ten years.Â, . A minimum investment of BGN 1 million (€511,292) in bonds is required to become a permanent resident of Bulgaria – a financial asset class that’s considered quite low-risk. Is Bulgarian Residence and Citizenship For You? The Bulgarian citizenship by investment program offers affluent persons of impeccable standing to receive Bulgarian (EU) citizenship on the basis of an investment in Bulgaria. Bulgaria generally doesn’t care much about where the money comes from – provided it’s from a legitimate source. W hen you acquire citizenship under the Bulgaria Citizenship by Investment Program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent. Charming and sleek at the same time, Cyprus is dripping in immigration investors’ money. No requirement to reside in Bulgaria. The investor is not required to live and work in Bulgaria, or to be fluent in Bulgaria. For many years now, the Bulgarian Citizenship by Investment program has been definitely the most favorable EU CBI program of … Invest €250,000 in the country’s real estate, financial assets, or business, and you could gain access to the entire Schengen area – visa-free. Bulgarian citizens have visa-free access to 170 countries, making it the 17th-strongest passport in the world. Here is where our assistance proves to be invaluable. And, that’s not including interest, which can add up to around $320K. Obtaining investment certificate. Citizenship application approval and issuance of the citizenship decree. Bulgaria’s RBI program might as well be called residence by bond investment, because it’s the investment option that’s most widely spoken about and chosen by foreigners investing in the country. This makes it an attractive option if you’re looking to permanently leave the US or want to expand your children’s educational opportunities as an emerging world citizen. Dependants will become eligible for residence and citizenship only after the main applicant has been granted his/hers.Â. People with criminal background, unclear (suspicious) source of funding or any other irregularities will be rejected by the Bulgarian government and will not be able to obtain citizenship. Bulgarian Citizenship Process: Once residency status has been held for a period of 12 months, the immigrant investor can apply for Bulgarian citizenship, provided that the initial eligible investment of €512,000 has been doubled to €1,024,000. Either way, there is a very good reason why the EU is restricting the sale of these estates to non-citizens. Emerging world citizens from places like China or Russia can often become frustrated with their “. Get your Spanish citizenship after ten years.Â. No more worries in these cases – the citizens of Bulgaria have the option to chose any other diplomatic EU mission (i.e. If you are ever assured that your application will be approved, while you haven’t even provided copy of your passport, then we advise you to walk away from any such offers. At just €350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. Yet, unlike other programs, you won’t have to become a tax resident to work towards obtaining citizenship – that’s major. Life could be worse. And while Bulgaria does not currently belong to the Schengen zone, it won’t be long before they do. 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 country’s political and economic scenes are stable. You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. That’s absolutely not true.Â, figure out which program best fits with your personal and financial goals.Â. Lastly, the investment in trust account with Bulgarian bank is suited for investors who want to diversify their portfolio internationally. However, what sets Spain apart is its large economy and worldwide status. All eight investors had gone for the fast-track citizenship but failed to make or maintain their investments.Â. After that, you can maintain your residence without having to visit the country. Commercial companies. profits from shares, bond coupons, investment funds, etc. Your simplest financing option is to pay the bond outright with your own capital. Essentially, anyone who isn’t already a citizen of the EEA and who is at least 18 years old can apply. Emerging world citizens from places like China or Russia can often become frustrated with their “bad passports” that only offer visa-free access to a limited number of countries. We strongly advocate against practices, where the client is guaranteed successful outcome from the beginning without any preliminary due diligence and feasibility assessment. Once issued, your visa is valid for six months, so make sure you travel to Bulgaria within that period. Another great advantage of the bonds is that they can be denominated in Euro, thereby eliminating both eventual currency fluctuations and any currency exchange fees. Historical Prague, beautiful Greek island or ice-cold Finland – you have full rights, as EU citizen. – namely, to obtain the legal right to invest in real estate properties that are only available to EU citizens. For one, the government bond option is likely to disappear, making way for the pre-approved ‘priority projects.’ It remains to be seen what that entails. The Bulgarian citizenship by investment program offers affluent persons of impeccable standing to receive Bulgarian (EU) citizenship on the basis of an investment in Bulgaria. The biggest perk of a European residence is being able to travel all over Europe visa-free. You can get Latvian citizenship in 10 years. No other residence or citizenship program offers the opportunity to invest in intellectual property, but Bulgaria does.Â, Needless to say, Bulgaria has many highly educated and skilled professionals looking to make a living.Â, So, if you want to buy patents, copyrighted objects, inventions, models, trademarks, or other types of intellectual property, you could fast-track yourself to European citizenship at the same time.Â, A minimum investment of €511,292 is required.Â. +1 (979)966-6623 CONTACT US SERVICESPRIVACY POLICY FAQs, Copyright 2012-21, Nomad Capitalist Limited"Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks. Submitting the application for Bulgarian citizenship. While we value comments that add to the conversation, we reserve the right to edit or delete anything that is abusive, threatening, libelous, spammy, or is otherwise inappropriate. Or, you can just visit it for holidays – you choose.Â. Like Eastern Europe? The country needs no introduction, its economic and political currents are somewhat predictable, and its real estate is highly coveted. You can get Latvian citizenship in 10 years. Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. There is no Schengen access. This way, you won’t need to worry about interest rates or outside financing, and your money will effectively be held in an account that’s locked for five years. Then read on to find out more.Â. There are cheaper residence programs (but not citizenship programs) in Europe.Â, You’ll need to spend over €500,000 just to get your foot in the door, and if you want to fast-track your citizenship, you will spend double that amount.Â. As it is now, the Bulgarian CIP is simply a gift. If push comes to shove and you find yourself needing to work in Bulgaria, you can legally do so as a permanent resident and a citizen. Once you obtain the passport, it’s yours for life.Â, Bring your family. However, you can technically remain a permanent resident indefinitely and not apply for citizenship if you don’t want to. Yet, it’s a relatively safe loan since it’s financed through official channels.Â. The cost of living in Bulgaria is one of the lowest in Europe. Charming and sleek at the same time, Cyprus is dripping in immigration investors’ money. No. Read more. Even then, the process of approving these applications takes another 2 to 5 years, making the total waiting period, in the majority of the cases, more than 15 years. Plus, the Cypriot residence eventually leads to citizenship too. 2. Financing through the Bulgarian government. That’s exactly why we’ve prepared this step-by-step guide to getting Bulgarian residence and citizenship by investment. It is worth stating that the fast-track citizenship program doesn’t require the candidate to pass any language, history or other tests, nor to surrender his existent citizenship(s). Bulgarian Citizenship by Investment – updates 2020 Amendments to the existing “Law for the Bulgarian citizenship”. The processing time for citizenship applications is usually about a year. Read more. During the 20th Century, it was part of the Soviet Bloc. The cost of living in Bulgaria is one of the lowest in Europe. Investment of EUR 1 million in Shares owned by the State or municipalities. If you’ve 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. Not many people are aware of what Bulgaria has to offer. Citizenship, Residency, and Visas in Bulgaria Fast Track Bulgarian Citizenship by Investment. 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. Cyprus and Malta are also offering their own fast-track citizenship procedures. While you can cover a lot of ground with a solid passport portfolio, it’s hard to give up one of the world’s strongest passports. Who Should Consider the Bulgarian Residence-to-Citizenship Program? Bulgaria: The latest Bill(s) and legal amendments of the Bulgarian Citizenship by Investment program. It’s currency – the Bulgarian lev – is pegged to the euro, so there won’t be any nasty surprises when you go for Bulgaria’s residence.Â, Bulgaria is not the most well-known country on the planet. If those things are important to you, you’ll be glad to know that Bulgaria doesn’t publish the names of its applicants or residents either.Â, This obscure program is actually a hybrid one – a residence-to-citizenship by investment program that offers a chance to become a European resident in two short years and for the best price too.Â, At the same time, investors might be put off by how shrouded in mystery the program is. Preliminary due diligence. You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian citizenship. Buy Bulgarian IP including trademarks, patents, models, etc.Â. This one is an interesting option. You won’t have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. "Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks, Offshore Banking: How to Open an Offshore Bank Account Legally, The best offshore banks (even for Americans), The easiest place in the world to open a bank account, The 5 countries with the safest offshore banks, Offshore Company: How a Foreign Corporation can Reduce Taxes, Labuan: Asia’s secret haven for an offshore corporation, Second Passport: How to Get Dual Citizenship, The Fastest Countries in The World to Become a Citizen, Get second residency and pay no tax in these 20 countries, Second Residence: How to Get a Residence Permit Overseas, The Best Citizenship by Investment Programs, Citizenship By Descent: How to Get an Ancestral Passport, International Investment: How to Invest in Emerging Markets, Bulgaria’s Residence by Investment Program, The Step-by-Step Bulgarian Residence by Investment Application Guide, The Pros of the Bulgarian Residence Program, The Cons of the Bulgarian Residence Program. Consequently, a citizenship decree is being issued by the vice president through the office of the President of the Republic of Bulgaria. You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian citizenship. It is worth noting that permanent residency is the highest grade residency status in Bulgaria and it provides many rights and privileges to its holder. For the most part, applicants are only interested in the fast-track to a European passport, so we’d understand if you mistook it for a regular CBI program. Read more about Portugal’s program here. This is a tricky question and it depends on who you ask. Preparation of the legal citizenship file. However, with a Bulgarian residence and eventual citizenship, you can give up your US citizenship without giving up a solid passport.Â. You’ll be able to invest in government bonds if you want to apply for Bulgarian residence, an investment that’s fully recoupable once the holding period is over. If you have the money to spare and are truly enamored with Bulgaria, go for it. It’s also, . No other national, of any other country in the world, has the freedom to reside, work, study, retire, just name it, in more than 30 countries - all EU members states plus other European countries, such as Switzerland and Norway, who have also signed agreements with the EU for free movement of their citizens. Plus, Greece just has that Mediterranean charm that Bulgaria often lacks. If you’re trying to renounce as quickly as possible, then that’s certainly not a bad deal. Nor will there be any medical exams or in-person interviews.Â, . 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. With the Standard Track you can obtain a second passport in 6 years in exchange for a minimum investment of €512,000. The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. Spain’s RBI program has a similar price tag as Bulgaria’s – a minimum investment of €500,000 is expected of all foreigners. As Bulgarian citizen, within the EU and most other European countries (ie Switzerland), you don’t even need carrying your passport. The same minimum amount applies – invest. You only need to provide the original documents. Its low tax rates and freedom from citizenship-based taxation means that you won’t have to pay terribly much in taxes – especially compared to other countries in the EU. Eligible for citizenship after 5 years (Fast-track option is available). ⤅  Is Bulgarian Residence and Citizenship For You? The good news is that your permit will be issued to you within three business days. It’s brought me low tax rates and huge business growth potential in not just Europe but Turkey too.”Â, “I love knowing that my family has an option for a place to go in Europe if conditions become unfavorable at home. All eight investors had gone for the fast-track citizenship but failed to make or maintain their investments.Â, The Pros of The Bulgarian Residence Program, . It will take approximately 4-6 months to obtain residence by investment in Bulgaria. to protect their interests while abroad. Living standards differ from country to country and hence many governments are restricting access to their soil one way or another. a) A foreign person can obtain Bulgarian citizenship, subject to compliance with art.12, par.1, p.1 and 3, if he or she has been granted “permanent residence” status in Bulgaria at least one year earlier under the terms of art.25, par.1, p.6 or 7 of the “Law for the Foreigners in Bulgaria” (these are the investment terms and options that we have outlined above) and has, under the same terms, increased his or her … Please note however that there is no clearly defined and predictable path to citizenship through the Bulgarian “programme”. Since the EU has recently eliminated visa-free access for US citizens, 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. You can also finance the bond in your home country or outside of Bulgaria. Possess a valid passport or another foreign travel document. Student credit facilities are also being provided to EU citizens at preferential conditions. Unfortunately, changing citizenship or obtaining another one, is not an easy undertaking. Selection and purchase of the initial investment of 512 000 EUR. No language test for residence or citizenship. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. You can buy the bonds at any financial institution globally; you won’t need a local bank account or anything like that. Steps of Bulgarian citizenship application process. Be a non-EU citizen. However, Bulgaria has favorable credit ratings (BBB and BAA2) as well as a positive economic outlook. Whether you dream of owning an Alpine ski villa or a condo by the beach, you’ll have plenty of options in Bulgaria. Read more about Greece’s program here. Here at Nomad Capitalist, we can help you figure out which program best fits with your personal and financial goals.Â, But in the meantime, here are five residence by investment alternatives in the European Union that you might want to consider.Â. In the end, you might end up trading a strong passport with high government interference for a weaker one with the same amount of hassle. Then you shouldn’t delay.Â, Bulgaria could prove to be the smartest decision that you’ll ever make – obtaining European citizenship for a rather low price in a country that’s soon going to be part of the Schengen and the Eurozone.Â. Let’s talk about each of them in more detail.Â. - Epictetus Have you have ever felt like being deprived of one of the most basic human rights - the right of free movement, travel and settlement? – you will remain a permanent resident for at least five years before you become eligible for citizenship. It is won by disregarding things that lie beyond our control." One of the biggest leg-ups that Greece has over Bulgaria is that it has access to the Schengen area, so you could travel freely to anywhere without securing a visa first. Especially, if you are financially independent person with sustainable and successful career or business model, you simply can’t afford your travel privileges to be restricted. Obtaining permanent residency permission and Bulgarian ID card. A provision in the Bulgarian citizenship law exists that allows the applicant to effect only the initial investment of 512 000 EUR and to obtain immediately permanent residency status, as explained above. The acquisition of Bulgarian citizenship is regulated by the Constitution of the Republic of Bulgaria, the Bulgarian Citizenship Act and the international conventions in force when the facts or events connected with the citizenship are present. 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. Latvia. Your spouse (of at least five years) and underage children can all be added to the application for the same price.Â, Visa-free travel. 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. and get residence and the regular five-year timeline to naturalization. Fancy something more exciting and riskier than government bonds? However, before you pull the trigger, be sure that Bulgarian residence and citizenship is something that you really want. Alongside the unlimited living and working rights within the EU, being Bulgarian citizen allows travelling to almost any country worldwide visa-free. It is possible to fast track the citizenship option by increasing the investment amount a further €511,292. 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. 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. in bonds is required to become a permanent resident of Bulgaria – a financial asset class that’s considered quite low-risk. tells a similar story. The investment is never blocked or restricted in any way though (nor is it monitored by the authorities, at least not obviously). There won’t be any interest accrued, however. As with all other residence programs, you will not have to speak any Bulgarian to become a resident or citizen of the country. While you get permanent residency (and all of the benefits that come with it) almost immediately, you need to wait at least two years before officially becoming a Bulgarian citizen. Invest BGN 1 million (€511,292) and hold for five years. There is absolutely no residence requirement in Bulgaria. Every citizen who is a national of a (EU) Member State is also a citizen of the Union (EU). If I buy a cheap house (for 5-10k€) to use as an address and get her the “relative of an EU citizen” residency permit in the country, is it possible for us to spend a few days of the year in Bulgaria for 5 years and become Bulgarian citizens? Read more. There are many factors to take into consideration when you’re making the decision whether Bulgaria’s residence-to-citizenship program is the right one for you, here are just a few of the positive points to consider: It’s a cheap program. Bulgaria, as relatively small country, although having large network of consular and diplomatic missions, is obviously not represented in every country around the globe. Its US News and World Report Quality of Life Ranking tells a similar story. What about Latvia then, a northeastern European country that might be small, but packs a powerful investment punch? The procedure to get a Bulgarian citizenship through investments made in Bulgaria requires a permanent residence permit to be obtained by the foreigner. Bulgaria’s diverse and scenic landscape also means that you have a great variety of options to choose from when deciding on your official second residence. , which require your children to re-apply, Bulgarian citizenship is passed on automatically. figure out if Bulgaria fits well in your holistic financial plan, and help you with the entire process of obtaining residence and eventually citizenship there too. 1 It is extremely difficult to determine the exact number of visa-free countries for any particular passport holder. Europe’s Golden Visas: 7 Coveted EU Residence Programs, EntreLeadership by Dave Ramsey: My Book Review, How to Start a Business with No Money or Experience. At just €350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. There is no upper limit for the Eurobonds though. If you choose this way, then all you will need to do is pay an up-front deposit, which is normally around $195,000. It offers foreigners a way to invest just €300,000 in real estate to gain a residence permit. If you are considering renouncing your US citizenship, you will find that one of the hardest things to let go of is the strength of the US passport.Â. It also doesn’t require actual stay (residency term) in Bulgaria in order for the citizenship to be granted. The program isn’t widely known. 25 (1) of the Foreigners of the Republic of Bulgaria Act “Permit for permanent residence may be obtained by the foreigners who: have invested over BGN 1 000 000 or increased their investment by this amount by acquisition of: (b) bonds and treasury bills, as well as derivative instruments issued by the State or municipalities, with a residual ter… It is also very important to know that whichever investment option you choose – it will always remain on your account in your name. Shares, unlike bonds, are in general more volatile, adding both upwards potential, but also some downside risk. The Bulgarian citizenship by investment program is a two-stage procedure: The first stage is a permanent residency card application, subject to an investment of minimum 512,000 euros. ( Sovereigns ) years and you’ll be able to work towards obtaining citizenship – that’s major a... Kong: `` EU only '' gates ( available at all EU airports ) vietnam our! Almost any country worldwide visa-free having to visit the country, so make sure you to... On international tax planning, investment immigration program that will be required to live, and purchase land in... Listed on the Sofia Stock Exchange a Bulgarian citizen, you can invest €250,000 in Greek real estate gain. Bond outright with your personal and financial goals. Exchange can be added to the best and... Cheap in Sofia or any of its ski or beach resorts potential ( including land plots ) or historical heritage! 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