The End of Bond Investment for Citizenship

The previous program offered a fast-track route to Bulgarian citizenship for foreign investors through significant investments in government bonds. This option provided a straightforward path to obtaining Bulgarian citizenship, attracting a considerable number of investors seeking a European passport. However, changes in policy priorities and a revaluation of investment strategies led to the cessation of this program.

Introduction of the Bulgarian Golden Visa

In response to the discontinuation of the bond investment program, Bulgaria has pivoted to a more contemporary approach with the introduction of the Bulgaria Golden Visa, facilitated by investments in AIFs. This new program is tailored to attract foreign capital in a way that aligns more closely with Bulgaria’s current economic and strategic interests.

Investment in Alternative Investment Funds (AIFs)

The Golden Visa program requires foreign investors to invest in Bulgarian-based AIFs. This investment not only opens the door to obtaining a Bulgarian residency permit but also aligns with the broader European Union regulatory framework for financial investments. AIFs offer a diverse range of investment opportunities, including but not limited to real estate, private equity, and venture capital, thereby providing investors with a variety of options to suit their investment strategies.

Impact and Future Prospects The shift from bond-based citizenship to the AIF-centered Golden Visa represents Bulgaria’s adaptability and responsiveness to global investment trends. It is expected to bring a fresh influx of foreign investment into the country, contributing to the growth and diversification of the Bulgarian economy. For investors, it offers a new avenue to gain residency in Bulgaria and, potentially, a path to citizenship, along with the benefits of investing in a dynamic and varied economic landscape.

Eligibility for the Bulgarian Golden Visa

The Bulgarian Golden Visa program is an attractive pathway for non-EU citizens aiming to relocate to the Schengen area. Applicants must fulfill certain criteria to qualify for this visa:

• The applicant must be at least 18 years old at the time of application.
• A clean criminal record is mandatory.
• Proof of the legitimate origin of the investment funds is required.

Investment Options for the Bulgarian Golden Visa

Bulgaria offers various investment options to cater to the diverse needs of investors. In 2021, significant changes were introduced, including the replacement of one of the investment avenues:

• Investments in Exchange Traded Funds (ETFs) and Alternative Investment Funds (AIFs) with a minimum value of 512,000 euros.

The ETF and AIF investments have replaced the former government bond purchase option. Under the new regulations, a fast-track citizenship by investment procedure is not available. However, there are service providers who actively promote that an investment of 1,024,000 euros, Bulgarian citizenship can be obtained in 18 months. It’s crucial to be wary of service providers or promoters who may lack complete competence in this area. For accurate information and assistance, seeking advice from well-established legal professionals is advisable.

Application Process for the Bulgarian Golden Visa

The Bulgarian Golden Visa process in 2024 stands out for its straightforward approach, notably devoid of interview or language prerequisites. The journey towards obtaining this visa commences with a due diligence check conducted by the Bulgarian Investment Agency, a step that significantly streamlines the process.

Due Diligence for the Bulgarian Golden Visa

The due diligence phase takes approximately 2 months, during which the applicant’s background is thoroughly assessed. Please review the documents for the pre-approval stage of the Bulgaria Golden Visa.

Pre-approval Documents

To obtain preliminary approval for investment under the Bulgarian Golden visa program, applicants have to submit:

1. Copy of ID document
2. Evidence of sufficient funds meeting or exceeding the minimum investment threshold
3. Declaration of Anti-Money Laundering Compliance
4. Declaration Regarding Politically Exposed Person Status
5. Detailed information pertaining to employment, professional, and investment activities
6. Criminal record certificate issued from the home country and country of permanent residence
7. Certified Power of Attorney

You can find sample of Documents for Bulgaria Golden Visa.

Making the Investment

Once you receive pre-approval from the Bulgarian Investment Agency, you can proceed with your €512,000 investment in a Bulgarian-established and managed AIF. The investment process is straightforward and can be completed either remotely or in person. You’ll need to sign a few documents, including a service contract, categorization test, and declarations, and then wire the funds directly to the Fund’s bank account. There is no need to engage an investment brokerage company or other intermediary, making the process hassle-free and direct.

Obtaining the Golden Visa

The next step involves obtaining a D-visa from the Bulgarian embassy or consulate in the applicant’s home country.

Permanent Residency

Applicants can apply for indefinite permanent residency status and a 5-year permanent residency card up to 2 months before their D visa expires. The processing of permanent residency takes a few months. Once approved, applicants can initiate the family reunification process to secure permanent residency for their family members, ensuring the whole family benefits from the residency status.

Family members of Bulgaria Golden visa holders

For family members looking to initiate the reunification process, the first step is to apply for a Family D visa through the nearest Bulgarian embassy or consulate in their home country.

Upon obtaining the Family D visa, the process to secure permanent residency for these family members typically takes an additional 2 months. This streamlined approach facilitates a more efficient and straightforward path for families to reunite and establish their lives in Bulgaria.

Our Legal Assistance

Our law firm in Bulgaria is fully prepared to guide you through the Golden Visa application process. With our expertise, we ensure a seamless and effective journey towards obtaining your Bulgarian Golden Visa and permanent residency, as well as assisting with the subsequent steps for your dependents.

All Bulgaria Golden Visa Investment Options

The Bulgarian Golden Visa, offering permanent residency, can be obtained through a variety of investment options. The most accessible and straightforward method is by investing in Bulgarian Alternative Investment Funds (AIF). The following are the investment options that can lead to permanent residency:

1. Investment in Bulgarian Fund: Investing in shares or bonds worth no less than 1,000,000 BGN in AIF or ETFs.
2. Investment in Bulgarian Commercial Companies: If you invest in shares or bonds of Bulgarian commercial companies traded on a regulated market or multilateral trading system in the Republic of Bulgaria, with a market value of not less than 2,000,000 BGN.
3. Concession Agreement Rights: Acquiring rights under concession agreements in the Republic of Bulgaria, with a contract value of not less than 1,000,000 BGN.
4. Investment in Non-Publicly Traded Companies: Investing in the capital of a Bulgarian company whose shares are not traded on a regulated market, with an amount of not less than 6,000,000 BGN.
5. Priority Investment Projects: Contributing not less than 2,000,000 BGN to the capital of a Bulgarian company for a priority investment project, as certified under the Investment Promotion Act.
6. Substantial Investment and Job Creation: Investing at least 500,000 BGN in the capital of a Bulgarian company as a partner or shareholder with named shares, owning at least 50 percent of the company’s capital. This investment should result in the acquisition of new long-term tangible and intangible assets worth not less than 500,000 BGN and the creation of at least 10 jobs for Bulgarian citizens.

Each of these investment avenues offers a unique pathway to obtaining the Bulgarian Golden Visa, catering to different investment strategies and objectives.

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