Getting Residency In Bulgaria
Europe has been a hot commodity for investors now for quite some time and for good reason. The practicality of investing in a country located in the confines of the European Union gives investors a great logistical advantage. You can gain residency in the entire EU with an investment in Bulgaria. Let’s discuss getting residency in Bulgaria.
The only concern associated with investing in Europe is that the prices can fluctuate wildly leaving an unpredictable market. Still, with a few exceptions and some bumps in the road the European Union foreign investment market has been stable.
One country that is making its intentions clear regarding the promotion of foreign investment into their jurisdiction is Bulgaria. This Eastern European nation has left all of its social and political problems behind and is ready to grow.
The Bulgarian government has begun many programs designed to promote foreign investment and they have attracted a lot of attention. It would be wise for you to look into Bulgaria if you wish to expand your business to Europe.
I have only talked about investment, Bulgaria has been receiving many visitors since they were accepted into the European Union. The country offers breathtaking landscapes without the crowded tourism of other European countries.
Americans are already looking at Bulgaria as a prime destination for retirement. Bulgaria is a cheap European destination that anyone would be lucky spending their remaining years at. Bulgaria also has a pretty straightforward immigration system.
In order to obtain a permanent residency in Bulgaria you must maintain residence in the country for a period of five years according to the long term stay conditions. You must obtain a long term stay permit that you will have to renew annually.
To start this application you will have to show certain documents such as a proof of national insurance, insurance policy worth $30,000 thousand Euros, and proof that you have the assets to support yourself. The good thing about a residency in Bulgaria is that you have all of the rights a Bulgarian citizen has, except to vote.
If you wish to gain residency in Bulgaria within about one year, you need to deposit about 1 million Euros into a local bank. That gets your residency. If you want to turn that into citizenship, deposit another 1 million Euros.
If you wish to obtain a Bulgarian residence for the purpose of retiring in the country, you will have to demonstrate that you are receiving social security checks or have money saved in a retirement fund or trust.
You will have to open a bank account in a bank in Bulgaria to hold the income while you are living in the country. Another thing that you will have to add to the retirement visa application is a Bulgarian address.
Under Bulgarian Law you can receive a passport if you make a substantial investment into the country. To put it in direct terms, the law allows you to buy a Bulgarian Passport. This process consists of two stages.
The first stage being obtaining an investor visa, this process takes about 3 to 5 months. After you are approved you solicit Citizenship by doubling your investment or by investing in an area promoted by the Bulgarian Government.
The minimum amount of money that is required for you to invest is €511,292 which equals $592,665 dollars. This is an estimate based on the Euros to Dollars ratio on the moment of the writing of this article.
The investment must be made in a Governmental Bond Portfolio for a period of five years. The great thing about this Investment Program is that the money is returned to you after the five year period. The investment is also extremely safe as it is guaranteed by Bulgarian Government Bonds.
A Second Passport from Bulgaria can be useful in many ways:
– Being a resident/citizen of Bulgaria means being part of the European Union and having access to the European market.
– Bulgaria is working to become a member of the Schengen Area
– A second passport from Bulgaria gives you visa free travel to 153 Countries
– As a citizen or resident, you can easily buy property in Bulgaria and in any other European country.
– You may “port” your business throughout the European market.
What makes Bulgaria’s citizenship by investment program much different than any other country in Europe is how fast it is and that in the end you will get your money. You get citizenship from another country in Europe and you won’t spend a cent. No other country around the world offers that option.
I hope you’ve found this article on how to get residency in Bulgaria to be helpful. For more information, or for assistance with residency in Bulgaria or elsewhere, please contact us HERE today!
Here are a few articles on Bulgaria that you may enjoy reading!
10 Places To Explore in Bulgaria
Where Are Expats Living In Bulgaria
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