Emerging world citizens from places like China or Russia can often become frustrated with their “. In many regards, Bulgaria is distinctly middle-of-the-road. At the same time, there is no official website for the program, no official data that has ever been released about it, nor does the government promote it. Out of respect to those who engage our services, we don't provide personalized advice or referrals unless you engage us. While you may be able to freely travel and buy property throughout Europe, you’re also subject to EU laws and regulations, which are becoming increasingly burdensome by the moment. It’s cheaper to get residence in Portugal than in Bulgaria. Once you obtain the passport, it’s yours for life. You will need a Bulgarian bank account in order to buy property, residents told us. You can travel to Bulgaria’s capital Sofia to apply, but you can also do so at your nearest Consulate or Embassy. It is, however, expected to join both within 3-4 years. We think of Bulgaria’s program as a hybrid residence-to-citizenship program. Work in Bulgaria. Having explained how owning a property in Bulgaria can benefit a foreigner who wants to live there permanently or even obtain Bulgarian citizenship, it is time to discuss the matter of buying a real estate property in Bulgaria. 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. There are many stakeholders that oppose the changes. 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. At least they will not be able to buy such estate as physical persons. So, why would you want a Bulgarian passport? 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. Bulgarian citizenship by real estate options allows you to receive a European passport via a safe investment. 1. There are a few other eligibility criteria, for example, you cannot be deemed a threat to national security and need to be of good financial standing (read, a high-net-worth individual). 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. Cost of living in Bulgaria is 48.12% lower … Invest BGN 1 million (€511,292) and hold for five years. Citizenship possible through $350,000 property investment in luxury hotels, villas, resorts or homes. Montenegro offers citizenship in Europe within 3 months, whereas Portugal, Spain or Greece, they require you to buy a property plus you must also live there for over 5 years, to naturalize for citizenship. . . 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. Feel free to send us your application at https://nomads.lpages.co/apply/ and we’ll see how we can help you.. Property in Varna. Since the Lev is pegged to the Euro, the investment amounts to approximately €512,000. It’s still not 100% certain whether the changes to the RBI program will get accepted in the Parliament. 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. We should state that there are many other related issues and things that should be considered regarding the subjects dealt with in this article. 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. And, that’s not including interest, which can add up to around $320K. Unlike countries such as Portugal, which require your children to re-apply, Bulgarian citizenship is passed on automatically. Exams in Bulgarian for citizenship. 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. who obtained it fraudulently. Be prepared to invest 1 million Bulgarian Lev to become eligible to apply for permanent residence and/or citizenship. Author Giorgio Bianco; Despite the fluctuations in the markets across Europe in recent years, statistics suggest that there is an increase in investment in the Italian real estate market on the part of foreign investors. Buying property in Portugal and citizenship. Not many people are aware of what Bulgaria has to offer. Since it’s 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. There is no way to obtain your residence permit without visiting Bulgaria at least once. There is another type on investment visa program offered by the French Government, but it … Latvia. However, what sets Spain apart is its large economy and worldwide status. Talk about privacy and having a low profile. The Bulgarian Investor visa will normally take up to 35 business days to be issued. The uptake has been so low that it has almost killed the program off. This makes it an attractive option for someone looking to add an EU residence and an eventual passport to their portfolio without any cumbersome language or residency requirements. The next step is pretty straight-forward too. 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. Bulgarian Citizenship by Investment. 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. Ownership and property laws are sovereign laws set by individual countries and are not governed by EU regulation. Bulgaria straddles the tenuous border between Eastern and Western Europe. Non-EU citizens, however, are not allowed to acquire land, so if a British national wants to buy a country house with yard, this may no longer be possible. House for sale near Vidin (ID: 10856) District: Vidin The following property is located in north-western Bulgaria, in the vicinity to the Serbian border and the town of Vidin. The great thing about Bulgaria’s fast-track option is that you don’t need to decide right away. Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. What has the British railing is the fact that through the Bulgarian deal, “non-Europeans can buy European Union citizenship entitling them to live and work in Britain for as little as £150,000.” Julie says: February 28, 2019 at 3:54 pm. If you’re a permanent resident, you won’t get most of the privileges that citizens of Bulgaria have, the biggest one being the freedom to live and work wherever you want in Europe. Owning a property in Bulgaria doesn’t require the buyer to be a resident; it is possible to buy property in Bulgaria without even visiting Bulgaria, through power of attorney. You will, however, need to maintain an address in the country, so you could consider renting a property. BULGARIAN PROPERTIES and our team of lawyers can assist in obtaining a Bulgarian residence permit for NON EUROPEAN CITIZENS who have bought real estate properties in Bulgaria through our company. 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. There is absolutely no residence requirement in Bulgaria. And those who do know wish that it would stay this way. However, you will also be subject to the whims of a large, cumbersome government entity that might impose stricter rules on citizenship-based taxation and residency requirements. Sofia is Europe’s 15 th largest city with 1.25 million people and 607,000 homes, but just 3% of these were sold in 2012. I went to Sofia today to submit my documents but had my application refused straightaway because I do not have 5 years permanent residence. Hello Marina i am ishtiaq javed from pakistan please tell me the whole process of Bulgrain citizenship and fee amount for pakistan, Your email address will not be published. Foreigners can now buy property through one of the government’s schemes: the Permanent Residence Scheme (PRS), Integrated Resort Scheme (IRS), and Scheme to Attract Professionals for Emerging Sectors (SAPES). 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. We are ready to help all our customers who would like to settle permanently in Bulgaria and enjoy their new properties all year round. ⤅ 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. The program was nearly canceled not long ago, which has forced the government to consider reforming it. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal. 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. , some people believe that the program has no legal basis. The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. For information from the Bulgarian Ministry of Justice on acquiring or Bulgarian citizenship: Ministry of Justice website (in Bulgarian) For the necessary documents to acquire Bulgarian citizenship: Bulgarian Citizenship application forms (in Bulgarian) You can either invest in government bonds (the most popular option), buy intellectual property, invest in a local business, or establish a trust. . We should point out that according to the Bulgarian law, specific real estate properties such as agricultural land, for instance, could be purchased only by a Bulgarian citizen, which generally means the applicant can buy an apartment, house, building, or another structure. At just €350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. That’s absolutely not true. Read more about Portugal’s program here. The good news is that your permit will be issued to you within three business days. However, with a Bulgarian residence and eventual citizenship, you can give up your US citizenship without giving up a solid passport. – you will remain a permanent resident for at least five years before you become eligible for citizenship. This will be a nice addition for the readers as when reading the article they might get the impression that the country was always integrated in some other entity, thus having submissive status. The processing time for citizenship applications is usually about a year. Read more about Greece’s program. 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 … So, what are the actual steps to obtaining residence by investment in Bulgaria? You can finance your investment in three ways: 1. Financing outright. There is a government database of properties an applicant can choose from. And the cost of doing business is quite low, as Bulgaria has some of the most favorable tax rates in Europe. . Buying off-plan property inevitably involves higher risk than buying re-sale property. The scheme was launched in 2013, when the Bulgarian Citizenship Act introduced the possibility to buy citizenship against investment. The visa will be valid for six months after it’s issued, so you must plan to visit Bulgaria in those six months. It’s imminent that Bulgaria joins the Schengen area. Bulgaria, or the Republic of Bulgaria if we’re keeping things official, is a state that is nestled in between the Black Sea on the east, Greece and Turkey to the south, the states of Macedonia and Serbia to the west, and Romania to the north. The right to obtain medical care in Bulgaria and in any country in the EU. . Easiest Countries To Get Citizenship In Europe. All eight investors had gone for the fast-track citizenship but failed to make or maintain their investments. Bulgaria is also the birthplace of the Cyrillic alphabet, which is used in many Eastern European languages. There won’t be any interest accrued, however. That’s absolutely not true. P.O. You won’t need to learn the language if you’re applying for Bulgarian permanent residence and citizenship. Get your Spanish citizenship after ten years. . Once it does, you will be free to travel all over Europe visa-free when you’re a resident. There is no Schengen access. Through the Bulgarian citizenship by investment program, the Bulgarian government offers investors the possibility to obtain long-term residence and eventually the right to apply for Bulgarian citizenship by purchasing real-estate. . Bulgaria is not the most well-known country on the planet. You’re also able to set up a trust account with a local Bulgarian bank of a minimum amount of €511,292. Owning a property in Bulgaria is not a legal requirement when applying for a Bulgarian visa-D. Whichever investment you choose, you will need to obtain an official confirmation certificate, issued by the Bulgarian Investment Agency. In fact, Bulgaria offers favorable tax rates for both individuals and businesses – a flat 10% corporate tax rate, anyone? Are Economic Citizenship Programs Worth the Cost? 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. Read more about Greece’s program here. However, Bulgaria has favorable credit ratings (BBB and BAA2) as well as a positive economic outlook. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal. The biggest perk of a European residence is being able to travel all over Europe visa-free. Question in relation to the EU ‘swooping in’ to levy citizenship-based taxation. You can also finance the bond in your home country or outside of Bulgaria. This site uses Akismet to reduce spam. You can read our guidance on buying a property abroad. Plus, the Cypriot residence eventually leads to citizenship too. In accordance with the Bulgarian Citizenship Act, foreign investors who hold a permanent resident permit for at least five years are eligible to apply for Bulgarian citizenship. Obtaining a long stay permit by property purchase is available for two types of applicants – retired and non-retired. However, you can technically remain a permanent resident indefinitely and not apply for citizenship if you don’t want to. In order to buy property in Portugal and get residency, you must invest in a qualifying property. Also Bulgaria was founded in 681 and is the oldest country in Europe. This has, obviously, led to no economic growth, no new jobs being added, and certainly no boost in population. It’s imminent that Bulgaria joins the Schengen area. 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. Bulgaria’s history is rich and fascinating. Since 1 st January 2012 EU and EEA citizens are allowed to buy land in Bulgaria, following the expiry of the 5 year prohibition included in the Treaty of Accession of Bulgaria to the EU. . During the 20th Century, it was part of the Soviet Bloc. Not many people are aware of what Bulgaria has to offer. The top five locations in Spain for buyers ar… Another benefit of Bulgarian citizenship is that it passes on to your descendants – even adult children. Dependants will become eligible for residence and citizenship only after the main applicant has been granted his/hers. You can get Latvian citizenship in 10 years. Bulgaria’s program actually makes up a tiny sliver of the. That might be because the Bulgarian government doesn’t have a website for the program, nor does it market it. Positive noises from the Spanish authorities about how they will treat British citizens when the UK leaves the EU (although we of course haven’t, yet) has no doubt helped cement our love of Spainand our desire to move there. People from countries with fewer visa-free options might then consider becoming a resident and a subsequent citizen of Bulgaria in order to get the increased opportunities that are available with a European passport. Bulgaria’s program actually makes up a tiny sliver of the €5 billion European investment immigration industry – just over 200 people have applied for it to date. The Bulgarian Citizenship Act allows non-EU nationals who resided in Bulgaria for five years on permanent residency to apply for a Bulgarian citizenship and passport. Frankly, that’s a fair question. Bulgaria also does not appear to be all that special at first glance. Fast-track applicants are able to offload their bonds after four years. You have four options. Read more about Portugal’s program, . You will be able to apply for Greek citizenship in seven years’ time. ” that only offer visa-free access to a limited number of countries. The cost of living in Bulgaria is one of the lowest in Europe. , you will find that one of the hardest things to let go of is the strength of the US passport. At the moment, Bulgaria isn’t part of the Schengen, nor does it have the Euro. . As with all other residence programs, you will not have to speak any Bulgarian to become a resident or citizen of the country. There are other alternatives for the Bulgarian citizenship by investment program, and these involve investment in government bonds and discretionary portfolio management in a Bulgarian bank. figure out which program best fits with your personal and financial goals. Ensuring the absence of legal impediments for transferring the property. Getting Bulgarian citizenship by investment is a relatively easy process. Bulgaria offers one of the cheapest permanent residence programs in Europe, and the cheapest citizenship program. The biggest draw of the Bulgarian residence-to-citizenship investment program is that it is the fastest way to obtain a European citizenship besides citizenship by investment. . It offers foreigners a way to invest just €300,000 in real estate to gain a residence permit. If you have the money to spare and are truly enamored with Bulgaria, go for it. Buy a real estate or invest in business in Brazil; No requirement to live in the country. If your business hinges on logistics and distribution, you’ll be glad to know that Bulgaria offers five pan-European road corridors, four major airports, as well as the seaports of Varna and Bourgas. Would you like to still apply under the existing conditions, as they are set out in this article? We have been working for you for over 18 years now. Or, you can double your investment to. 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