Bulgaria Residency – IPC

Bulgaria Residency

THE FASTEST AND EASIEST WAY TO GET RESIDENCY PERMIT

BULGARIA PERMANENT RESIDENCY:

Investment options
Investment in business capital or Governmental bond
  • Investment of BGN 500,000 (€255,646) in the capital of a trade company under which tangible or intangible assets are acquired and 10 or more jobs for Bulgarians are created. The reason for maintaining the foreigner’s permit and the investment must be proven to the Ministry of Economy.
  • BGN 1 million (€512,000) in collective investment schemes or alternative investment funds (minimum net asset value requirements apply in both cases) licensed and registered by the Financial Supervision Commission and whose investment strategy is targeted predominantly towards Bulgarian companies and which solely invest in assets and/or bonds of Bulgarian companies, including special purpose investment companies.
  • BGN 2 million (€1,024,000) investment in the share capital of a Bulgarian trade company implementing a priority investment project certified under the Investment Promotion Act and verified by the Ministry of Economy or in shares or bonds of Bulgarian companies, traded on a Bulgarian regulated market or multilateral trading facility in Bulgaria.
  • BGN 1 million investment in rights under concession contracts on the territory of the Republic of Bulgaria.
  • BGN 6 million (€3,073,493) investment in the capital of a non-publicly traded Bulgarian company.
  • The requirement to maintain the investment for a period of at least 5 years remains.

Investment in Real estate
  • Invest at least €310,000 in real estate and get temporary residence.

Investment in Business entity
  • Invest at least €250,000 in business entity and get temporary residence.

Benefits of Permanent Residence Program
  • The investment amount must stay for 5 years and then refunded back with interest.
  • It takes around six months to receive your investor visa in Bulgaria. This includes the whole process, from making your investment and entering the country to receiving your permanent residence card.
  • Dual Residency without notifying home authorities.
  • No physical residency requirements; you only have to visit the country twice: when you collect your residence card and when you apply for your ID number.
  • The residence card must be renewed every 5 years.
  • Access to medical healthcare.
  • Access to education system.
  • No language requirements.
  • Government-approved investments and available financing options from banks.
  • Holders of Bulgarian permanent residency can work in Bulgaria without work permit.
  • Non-EU nationals and their families (spouse and minor children till age 18) can obtain Permanent Residence in Bulgaria. It should be noted that permanent residence gives the same rights as Bulgarian citizens, except voting.
  • Once your residency is granted, your spouse and children of any age can acquire residency based on family reunification.
  • Free movement within the Schengen zone after Bulgaria becomes a member state.
  • After getting the investor visa and maintaining your investment for 5 years in Bulgaria, you can apply for citizenship. However, you can choose the option for fast-tracked citizenship, which allows you to become a Bulgarian citizen after 18 months under some conditions.

WHY INVEST IN BULGARIA:

  • EU member since 2007.
  • Expected fully join the Schengen Area soon.
  • Free trade with EU countries.
  • There is plenty of natural habitat in the mountains and rivers in Bulgaria.
  • Bulgaria recorded a total of 5 million tourists in 2020, ranking 38th in the world.
  • Bulgaria is ranked 20th among 45 countries in the Europe.
  • Bulgaria has one of the most competitive broadband markets.
  • The National Health Service is available to all who live in Bulgaria (including foreigners) and is run by Regional Health Centers.
  • Emergency healthcare is free in Bulgaria.
  • All modes of transport, including air, railways, roads, and waterways, are well developed, making living in Bulgaria and getting around the country easy.
  • Relaxed lifestyle, friendly people who welcome foreigners, cheap prices.
  • Bulgaria recorded a total of 5 million tourists in 2020, ranking 38th in the world.
  • Bulgaria’s economic freedom score is 71.0, making its economy the 29th freest in the 2022 Index.
  • The economy is projected to accelerate in 2022-23 with GDP growth ranging between 4.25% and 4.5 %.
  • Visa Free Access to 188 countries and territories.
  • Bulgaria is one of Europe’s oldest countries, founded in the seventh century.
  • Unrestricted Dual citizenship.

ABOUT BULGARIA:

  • Official Name: Republic of Bulgaria (Republika Bŭlgariya)
  • Form of Government: Unitary Parliamentary Republic
  • Capital: Sofia
  • Population: 7 million
  • Official Language: Bulgarian - Small % of Turkish
  • Currency: Bulgarian LEV(BGN)/ Euro
  • Area: 110,994 km2
  • Education: Bulgarian- Primary education to Upper Secondary education - Compulsory from ages 7 to 16
  • Culture: Bulgarian - grounded on Eastern Orthodox Church Influence - Interesting Blend of Thracian Slavic and Bulgar Traditions
  • Environment: Mountainous, plains, Black Sea Coast ,rivers and lakes
  • Health Care:Mixed public-private Healthcare financing system. - Does not meet the standards of most western European countries - Poor health infrastructure, poor hospital and clinic conditions
  • Taxation: Flat rate of 10% - Value added tax at flat rate of 20% on virtually goods.
  • Tourism: Oldest country in Europe, Millions of tourists visit Bulgaria, historical heritage
  • Weather: Temperate-continental Climate- Hot summers, Cold winters
  • Politics: Stable Political Parliamentary Democracy
  • Schengen: Not a member
  • Religion: Eastern Orthodox Christianity - Small Percentage of Roman Catholic and Protestants.

QUALIFICATION & INVESTMENT CRITERIA:

  • Applicant must be over 18 years old.
  • Applicant must be in good health.
  • Successfully pass due diligence checks.
  • Application form. You have to fill out the visa application form for your D visa, and you may also be required to submit a request for your permanent residence card.
  • You must provide a copy of your passport pages. Some embassies/consulates may ask for the original passport- so make sure you check with the embassy beforehand.
  • Certificate of investment. After you submit your investment, the Bulgarian Immigration Office will issue you a certificate confirming your investment. You must provide the certificate will the rest of the required documents.
  • Proof of paid visa fees. You need to provide a receipt showing that you paid for your application and processing fees.
  • Passport photo. You will need a recent passport photo or more, depending on the embassy requirements. The photos have to follow specific guidelines, i.e., your face has to be seen, no sunglasses, no editing, and there must be a plain white background. To make sure the photos are in regulation, you have the option to take the photos professionally at your country of residence.
  • Sales / purchase contract for the type of investment needed.
  • Proof of source of wealth :documents providing from where the wealth has been derived
  • Proof of source of investment funds: supporting with bank statements for last 12 months, owned properties contracts…
  • Proof of annual income –Audited accounts for business owners, HR letter, bank account interest, rental contracts…
  • Civil status documents. You’re required to provide certified copies of your civil status documents which include:
    • Birth certificate
    • Marriage certificate (if applicable)
    • Divorce papers (if applicable)
    • Adoption documents (if applicable)
    • Name change documents (if applicable)
  • Police certificate. You have to provide a police clearance certificate from your residence country proving that you have no criminal record.
  • Proof of funds. Submit your bank statements showing that you have enough financial funds to make the investment and support yourself and any dependents that apply with you. Also, proof that the funds you have are from a legitimate source.
  • Travel health insurance. You need to purchase travel health insurance when you apply for your investor visa. The insurance must be valid for your duration and cover any emergencies.
  • Please note that you may be required to provide other supporting documents.
  • Bulgarian Investor Visa Application Fees.
  • You’re required to pay additional fees to have your investor visa processed in Bulgaria:
    • National ID visa fee: €100 up to €200
    • Due diligence fee: € 7,500 (for single applicants)
    • Residence permit and ID application fee: € 650
  • All documents must be translated into Bulgarian.

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