Bulgaria Golden Visa for Indian Citizens
The profile of Indian citizens immigrating to Bulgaria has evolved significantly over the years. Initially, in 2007, many Indian citizens applied for Bulgarian residency through low-budget programs, such as opening trade representative offices for foreign companies. However, in recent years, Indian citizens, both residing in and outside of India, have become key investors in the Bulgarian economy. They have transitioned from budget-focused applicants to significant contributors, investing in properties and Bulgarian government bonds during the now-closed fast-track citizenship program. Indian citizens were the fourth largest group in the Bulgarian fast-track citizenship program, following Russians, Chinese, and Taiwanese, before its closure in 2021.
What’s New in 2024?
In 2024, Bulgaria has revamped its citizenship by investment program into a Golden Visa program. The current trend in the EU emphasizes fund investments, as opposed to property investments, due to the latter’s impact on local property markets. For example, property prices in Lisbon have skyrocketed, making them unaffordable for locals. This shift towards fund investments aims to channel resources into innovative businesses, fostering job creation and technological advancements.
Following this trend, the Bulgaria Golden Visa program now offers a fund investment option of 512,000 EUR. This investment grants indefinite permanent residency, which can be converted to citizenship after maintaining the investment for five years and achieving A1/A2 level proficiency in the Bulgarian language. While property investments remain popular, the Bulgarian program aligns with EU efforts to promote sustainable economic growth through fund investments.
Due Diligence for Indian Citizens
The Bulgaria Golden Visa is open to all nationalities, including citizens of India. Indian citizens, like all other applicants for the Bulgaria Golden Visa through investment in a Bulgarian Fund, must pass a due diligence process with the Bulgarian Investment Agency. Note that property investors are not required to undergo due diligence. This process takes up to 2.5 months and requires applicants to declare that they are non-politically exposed persons (PEPs), have no criminal offenses (or have been rehabilitated), and demonstrate the origin of their funds and a bank account in a country compliant with Anti-Money Laundering Regulations. Please review the Bulgaria Golden Visa documents.
Bank Account Requirements for Indian Citizens
India is a member of the Financial Action Task Force (FATF) and meets its requirements. Bank accounts opened in India are acceptable for the due diligence process. The FATF publishes monthly reports on grey and blacklisted countries. Additionally, applicants can provide a bank account from any other country that satisfies the FATF requirements.
Documents Legalization in India
Indian citizens must provide a birth certificate issued in India and apply for apostille legalization. The apostille should be applied to the no criminal record, PEP, and origin of funds declarations, and a Power of Attorney authorizing our team to assist with the entire process of obtaining a Bulgarian Golden Visa.
Indian Movies Filmed in Bulgaria
Bulgaria has also become a popular destination for Indian filmmakers, thanks to its picturesque landscapes, modern infrastructure, and cost-effective filming solutions. Several notable Indian movies have been filmed in Bulgaria, enhancing its reputation as a prime filming location.
Dilwale (2015)
One of the most famous Bollywood films shot in Bulgaria is “Dilwale,” directed by Rohit Shetty. Starring Shah Rukh Khan, Kajol, Varun Dhawan, and Kriti Sanon, the movie featured various scenes shot across different locations in Bulgaria. The success of this film significantly boosted tourism from India to Bulgaria.
Shivaay (2016)
Ajay Devgn’s film “Shivaay” was also extensively shot in Bulgaria. Initially planned to be filmed in Canada, the movie’s production was relocated to Bulgaria due to its suitable locations and better accessibility. The film showcased many breathtaking scenes set against Bulgaria’s natural landscapes, further promoting the country as a versatile filming destination.
If you need help with your Golden Visa application, please contact us for assistance.
