Bulgaria is located in Southeast Europe. It is bordered by the Black Sea to the east. It stretches over an area of 110,994 square kilometers and has a population of 6.927 million people. Its capital city is Sofia.
Immigration programs
The most prominent way to immigrate especially for those involved in the business is the Bulgaria Immigration Investor Program. This is an option for investors to obtain a permanent residency permit and even put them on the fast track to citizenship. The minimum investment requirement is BGN 1 000 000.
Application requirements
- Should not be a citizen of the European Union.
- Must have proof of legitimate source of funds or income;
- A certificate for investment in Bulgaria;
- Must have a visa type “D”;
- Must not have a criminal record in Bulgaria.
The investment options are either investment in government bonds, fiduciary agreement, a portfolio of investments or in a publicly listed company.
Using this program can put the individual on the first track to becoming a citizen within 18 months. The conditions they will have to fulfil to meet citizenship requirements are:
- At least 1 year of Permanent Residence status based on the Investor Program.
- Double the investment in bonds to at least BGN 2 000 000.
- Must hold both investments for at least 2 years after citizenship has been granted.
Some of the benefits of immigrating using this program include:
- Puts one on the fast track to citizenship.
- Family members, that is, spouses and children under the age of 18 years, automatically qualify for Permanent Residency Card
- Proficiency in languages in not required.
- Does not require one to relinquish their current nationality.
- 4-6 months to Bulgarian Permanent residence
- Can access high quality healthcare in Bulgaria and the EU
- Benefit from conditional tax exemption on world income
- Unrestricted right to live, work and study in Europe
- Can own land anywhere in the European Union.
Residence Permit
Foreigners that are interested in acquiring a Bulgarian Residence Permit are required to apply for a long-term D-visa at a Bulgarian embassy or consulate. If the application is successful, one is granted a temporary residence permit. If one holds this temporary permit for five years, they can apply for a permanent residence permit.
The grounds under which a Bulgarian residence permit can be made are:
- Registering of a foreign company’s office in Bulgaria.
- Incorporating a limited liability company that employs at least Bulgarian nationals for at least 6 months.
- Investing in real estate in an amount not less than 315,000 Euros.
- Family reunification in Bulgaria.
- Application for residence by members of the European Union.
Types of visas in Bulgaria
D-visa
Given for the registration of a trade office of a foreign company or a Bulgarian limited company, or to those that have made real estate investments of not less than 315,000 Euros. It covers those who come to work, marry a Bulgarian citizen, family member or a company representative.
Student visa
Given to foreign students that are enrolled in full-time education in Bulgaria.
C-visa
Given to foreigners that wish to travel to Bulgaria for up to 90 days, either for business, pleasure or personal reasons.
Life in Bulgaria
Bulgaria has a relatively low population. It is a beautiful country with beautiful scenery, from the mountains to the ski resorts. It has flax tax rates and the cost of living is low, especially compared to other European countries. Bulgaria is a country that has held on to its culture. It thrives, especially in the agriculture sector. The outsourcing sector is also very there. However, one must learn to speak the local language otherwise employment opportunities will be limited. State-run schools are not well funded and one must be above the earning average in order to benefit from the cost of living.
