Following the latest 2021 Bulgarian Citizenship Act amendments, Bulgarian Citizenship by Investment Program continues its operation in 2022 and is still among the few in European Union offering fast track-citizenship. New applications are now even processed faster and there are also new investment options available. In confirmation to the above, we are happy to announce that some of our clients obtained their decrees signed by the President in early 2022 and we have several fresh approved applications for permanent residence obtained via investment.
Bulgarian Citizenship by Investment Program was introduced back in 2014 by changes in Bulgarian Citizenship Act and Foreigners in the Republic of Bulgaria Act and since then it has been offering different opportunities to foreign business investors to gain fast track Bulgarian citizenship in a relatively easy way.
There are several citizenship options given by law depending on the type of investment and invested amount. Various routes for obtaining Bulgarian citizenship through investment are described in the applicable legislation, as well as in different articles published on the internet but most of them usually blindly copy the law. Herewith we will describe only those legal options which we consider as most recommendable and favourable to investors, judging entirely from our law firm’s practice and experience as immigration lawyers. Trifonov Law Offices has been working under the Bulgarian Citizenship by Investment Program from its very beginning and by 2018 we already have a number of successful applicants from all parts of the world.
Based on our professional experience in this field so far, we have selected the following legal options for obtaining Bulgarian citizenship through investment:
- Bulgarian citizenship by investing in government bonds
Unfortunately, this option is not available for investors applying after March 12, 2021, but it can be used by anyone who has taken even the first steps under the bond option before that date (such as permanent residence). The above is valid for family members as well.
The conditions under this option are as follows.The minimum required amount of the investment is BGN 1 000 000 (EUR 511 292). Upon purchasing the government bonds, the foreign citizen is given a D visa and then a permanent stay permit within six months. If the investment is maintained for 5 years, the foreigner can apply for citizenship after the fifth year. In other words, this means that the investor can obtain citizenship after 5 years from buying the bonds. Family of the investor – spouse and underage children can also obtain permanent residency as a family union.
This type of investment allows a bonus option – fast track Bulgarian citizenship. According to it, if in the second year of his permanent stay, the investor increases the invested amount by another million to a total of BGN 2 000 000, the foreigner can immediately apply for Bulgarian citizenship.
There are other requirements apart from making the investment itself, of course, but they are very minor: the applicant must be full aged, not criminally convicted and not suffering from a heavily contagious disease. Knowledge of Bulgarian language is absolutely not required, and also the applicant can keep his current citizenship as dual citizenship is allowed by Bulgarian legislation. There is an interview on filing the citizenship application but the interview and the application itself can be made at any Bulgarian embassy in the world, and special trips to Bulgaria are not necessary either for the application or for obtaining the decree for obtaining the citizenship and the Bulgarian ID card.
- Bulgarian citizenship through agreement for a discretionary portfolio management
Unfortunately, this option is not available for investors applying after March 12, 2021, but it can be used by anyone who has taken even the first steps under the bond option before that date (such as permanent residence). The above is valid for family members as well.
The conditions under this option are as follows. This option is very similar to the first one described above, with the only difference that instead of purchasing bonds, the applicant signs an agreement for management of a portfolio with a Bulgarian bank for a term not shorter than 5 years. The minimum amount invested is again BGN 1 000 000. The procedures and the requirements are absolutely the same as those listed above and the Bulgarian citizenship fast track option is also possible if during the second year of permitted stay the investment is doubled from the initial 1 million to 2 million Bulgarian levs.
The main difference here is that this type of investment is riskier as compared to government bonds option and it can generate larger profit or loss to the foreign investor, depending on the profitability of the portfolio.
We recommend the above described options for obtaining Bulgarian citizenship by investment, as they are the fastest, most secure and reliable and they involve minimum financial risk and less bureaucratic procedures. Additionally, these options provide more comfortable and simplified procedures for obtaining residence and citizenship for the family of the investor. The whole process from start to finish takes a little more than 2 years but permanent residence is granted within less than 6 months. Foreign investors also appreciate the two options listed above mainly because of the low financial risk of the investment and the fact that command of Bulgarian language is not required, nor renouncing the current citizenship of the applicant.
- Bulgarian citizenship through different types of investments
From March 12, 2021, the following new options are available:
- Investment in shares of Bulgarian commercial companies traded on a regulated market or a multilateral trading system in the Republic of Bulgaria, at a market value of not less than BGN 2,000,000.
Probably this would be the most attractive option to future investors, as it is similar to the government bond option which have been cancelled. Our office has experience and can assist all potential investors who have decided to obtain citizenship through the above investment.
- Purchase of shares or stocks in collective investment schemes originating in the Republic of Bulgaria, with a value of not less than BGN 1,000,000.
- Shares in alternative investment funds established in the Republic of Bulgaria.with a value of not less than BGN 1,000,000.
- Contribution to the capital of a Bulgarian commercial company in the amount of not less than BGN 2,000,000 for a priority investment project in Bulgaria implemented by the company.
Bulgarian citizenship FAQ
From our professional experience, we have discovered that these are one of the most frequently asked questions by our clients:
- How long does it take to obtain permanent residence permit (Phase 1)?
Approximately 6 months depending on how quickly client will be able to provide necessary documents.
- How many times and for how many days the applicant must visit Bulgaria?
Phase 1 – permanent stay permit: 2-3 times. First time to purchase the bonds (this can be arranged via a power of attorney but we recommend and most applicants prefer to come personally to Bulgaria to buy the bonds), second time to apply for the permanent stay permit, and third time to get a Bulgarian ID card upon receipt of the permit.
Phase 2 – citizenship: 1-2 times. At least once to buy the second bonds issue, however most clients prefer to come a second time to arrange medical tests in Bulgaria as it is easier and cheaper. Application for Bulgarian citizenship can be filed at the embassy and a special trip is not necessary.
- Is there a requirement for applicants to stay physically in Bulgaria?
No, there is no such a requirement. Applicants can live outside Bulgaria and just maintain a registered address in Bulgaria.
- Can an applicant stop after getting permanent residency if he does not have enough funds to proceed further?
Yes, this is possible. If an applicant does not wish to invest another half a million euro, he can still apply for citizenship but after 5 years from receipt of permanent residency. He must maintain the investment during all those 5 years.
- How many people can get Bulgarian passports with one investment?
Underage children (under 18 years old) can obtain permanent residency and citizenship in Bulgaria immediately after their parent receives it. Underage children can apply directly for citizenship and there is no need to go through permanent residency. Without investing anything, the spouse of the main applicant can receive permanent residency immediately after he receives it and there is an option for obtaining citizenship 3-5 years after the main applicant receives citizenship. Adult children (over 18 years old) can apply for Bulgarian citizenship by origin after his parent becomes a Bulgarian citizen but this is a totally different procedure and takes 2-3 years.
