Thanks to the Nomad Capitalist team for pointing it out – I’ve got my fast-track second passport in just two years.”Â, “Expanding my business to Europe has only been possible by becoming a Bulgarian resident. There are many factors to take into consideration when you’re making the decision whether Bulgaria’s residence-to-citizenship program is the right one for you, here are just a few of the positive points to consider: It’s a cheap program. No. Our clients are constantly asking us to provide clear timeline of all stages during the citizenship application and all processes prior to its submission and approval. Bulgaria’s program actually makes up a tiny sliver of the, €5 billion European investment immigration industry – just over 200 people have applied for it to date.Â, This obscure program is actually a hybrid one – a residence-to-citizenship by investment program that offers a chance to become a European resident in, Do you think you would want to give it a chance and invest in, in this southeastern European nation? W hen you acquire citizenship under the Bulgaria Citizenship by Investment Program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent. The investor is not required to live and work in Bulgaria, or to be fluent in Bulgaria. , it’s hard to give up one of the world’s strongest passports. Another advantage of holding EU citizenship and in particular Bulgarian one is the diplomatic protection that the EU is providing to all of its citizens worldwide. If you are considering renouncing your US citizenship, you will find that one of the hardest things to let go of is the strength of the US passport.Â. The Bulgarian Investor visa will normally take up to 35 business days to be issued. No. This is probably the reason why many unregistered and not licensed agents are advising liquidating the investment right after the citizenship has been acquired. Account opening with the selected Bulgarian bank. These are in general either exclusive properties with extremely high investment potential (including land plots) or historical (heritage) properties. We think of Bulgaria’s program as a hybrid residence-to-citizenship program. | XML SITEMAP |, Bulgarian fast-track citizenship vs other countries investment citizenship programs, Bulgarian citizenship by investment (fast-track). Getting Bulgarian citizenship by investment is a relatively easy process. You can invest €250,000 in Greek real estate to obtain residence there. Plus, the Cypriot residence eventually leads to citizenship too. Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. The Republic of Bulgaria is one of several EU Member States which offer residence by investment (RBI) and citizenship by investment (CBI) Learn more. Bulgarian citizenship by investment - the ultimate fast track EU citizenship choice. Investing EUR 430,000 in 2 residential units in the capital Sofia can allow applicants to attain full EU citizenship in as little as 18 months. A minimum investment of BGN 1 million (€511,292) in bonds is required to become a permanent resident of Bulgaria – a financial asset class that’s considered quite low-risk. The great thing about Bulgaria’s fast-track option is that you don’t need to decide right away. Exhibit A. Bulgaria has recently retracted the citizenship of eight people who obtained it fraudulently. Spain’s RBI program has a similar price tag as Bulgaria’s – a minimum investment of, €500,000 is expected of all foreigners. . Member of VD&A. Germany, France, etc.) Read more. , a second passport from the EU may give US business people the peace of mind that they need knowing that they will always have visa-free access to EU countries. The money must be kept in the trust for at least five years to be eligible for eventual citizenship.Â. Charming and sleek at the same time, Cyprus is dripping in immigration investors’ money. We’ve already mentioned that the Bulgarian residence-to-citizenship program isn’t like other comparable programs.Â, Usually presented as a citizenship by investment program, Bulgaria actually offers a residence by investment program with a fast-track option for citizenship.Â, For the most part, applicants are only interested in the fast-track to a European passport, so we’d understand if you mistook it for a regular CBI program.Â, It’s certainly one of the cheaper ways to obtain EU citizenship for yourself and your family at the moment, so the appeal is obvious.Â, And if you compare it to the naturalization timeline for any of the other residence by investment programs in Europe – the so-call Golden Visas – it’s also the fastest. Â, It’s not as fast as the six months it will take to get citizenship by investment in Cyprus, but for a substantially lower investment of €1,024,000, you can get residence in Bulgaria and fast-track your citizenship to become a European citizen in just two years.Â. Latvia. This has, obviously, led to no economic growth, no new jobs being added, and certainly no boost in population. : a residence program that will lead to citizenship in the vast majority of cases.Â. ID card is sufficient to cross any order via the express "EU only" gates (available at all EU airports). One of the biggest leg-ups that Greece has over Bulgaria is that it has access to the Schengen area, so you could travel freely to anywhere without securing a visa first. You’ll next need to locate your nearest Bulgarian Embassy or Consulate because applying for a Type D Investor visa requires you to be physically present.Â, Basically, you will need to enter the country legally to deal with the remaining steps of your residence – not having a visa is not an option. Â, The visa will be valid for six months after it’s issued, so you must plan to visit Bulgaria in those six months. People from countries with fewer visa-free options might then consider becoming a resident and a subsequent citizen of Bulgaria in order to get the increased opportunities that are available with a European passport. Nor will there be any medical exams or in-person interviews.Â, It’s a cheap country. The government bonds provide absolute protection and peace of mind. But is there even a place for comparison? EU citizenship grants the permission to live, work or study in any country of the European Union. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. in order to accept citizenship applications. Or, you can just visit it for holidays – you choose.Â, . Yes, your spouse (of at least 5 years) and all underaged dependent children can be added to the same application. Even then, the process of approving these applications takes another 2 to 5 years, making the total waiting period, in the majority of the cases, more than 15 years. Once you submit your paperwork and establish a permanent residence in Bulgaria, you make your investment and you wait two to five years until you earn your citizenship. and get residence and the regular five-year timeline to naturalization. 25, par. The investment grade credit rating of Bulgaria by all major agencies, such as "Standard and Poor’s" and "Moody’s" is additional layer of protection and peace of mind for the investor in Bulgarian government bonds. How come it’s a con? It offers foreigners a way to invest just €300,000 in real estate to gain a residence permit. The Bulgarian Citizenship by Investment program is up and running at its original legal conditions. If you divest, the money will once more be returned in Bulgarian Lev.Â, Whichever investment you choose, you will need to obtain an official confirmation certificate, issued by the Bulgarian Investment Agency. Like Eastern Europe? If you choose this way, then all you will need to do is pay an up-front deposit, which is normally around $195,000. One of the major innovations established by the Treaty of Maastricht on European Union is the creation of European citizenship over and above national citizenship. Potential applicants are advised to contact us for individual advice if they are considering this option. There are two ways you can obtain citizenship: While the regular five-year timeline to naturalization is still much faster than most other European programs, the vast majority of applicants go for the fast-track option. Meanwhile, a handful of other RBI programs offer you a no-frills option of becoming their resident without having to travel to the country at all.Â. Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. In order to obtain the permanent residency, the applicant, according to art. Dual citizenship allowed. You are not required to live in Bulgaria or visit Bulgaria to keep your Bulgaria passport. If you don’t feel like doubling your investment, then the process will take longer still. Consequently, a citizenship decree is being issued by the vice president through the office of the President of the Republic of Bulgaria. Plus, the Cypriot residence eventually leads to citizenship too. No. Obtaining permanent residency permission and Bulgarian ID card. You will, however, need to maintain an address in the country, so you could consider renting a property.Â. Interesting alternative to the more well-known programs. Whenever you invest, there is a risk involved. Either way, there is a very good reason why the EU is restricting the sale of these estates to non-citizens. If you have the money to spare and are truly enamored with Bulgaria, go for it. Life could be worse. As Bulgarian citizen, you and your children will also have full access to the best schools and universities in all member states. Another benefit of Bulgarian citizenship is that it passes on to your descendants – even adult children. Another benefit of Bulgarian citizenship is that it passes on to your descendants – even adult children. Here is where our assistance proves to be invaluable. The Bulgarian citizenship by investment program offers affluent persons of impeccable standing to receive Bulgarian (EU) citizenship on the basis of an investment in Bulgaria. It criticized the Bulgarian program (and all EU investor immigrant programs, as it does), but it had the fortunate effect of pushing the Bulgarian government to change its program with hopes of making it sustainable.Â, This means that there are multiple amendments pending, including faster processing times, the scrapping of the bonds option, and the strengthening of its due diligence process.Â, It remains to be seen if these changes will pass through the legislative apparatus and be made a reality.Â. The biggest perk of a European residence is being able to travel all over Europe visa-free. Here at Nomad Capitalist, we can help you figure out if Bulgaria fits well in your holistic financial plan, and help you with the entire process of obtaining residence and eventually citizenship there too. There is no Schengen access. Your personal worldwide income won’t be taxed. No other national, of any other country in the world, has the freedom to reside, work, study, retire, just name it, in more than 30 countries - all EU members states plus other European countries, such as Switzerland and Norway, who have also signed agreements with the EU for free movement of their citizens. Read how to get it by yourself. Invest €250,000 in the country’s real estate, financial assets, or business, and you could gain access to the entire Schengen area – visa-free. Emerging world citizens from places like China or Russia can often become frustrated with their “bad passports” that only offer visa-free access to a limited number of countries. It’s cheaper to get residence in Portugal than in Bulgaria. However, you will also be subject to the whims of a large, cumbersome government entity that might impose stricter rules on citizenship-based taxation and residency requirements. The same minimum amount applies – invest. 2. If you’re trying to renounce as quickly as possible, then that’s certainly not a bad deal. In general, the Bulgarian citizenship can be acquired by origin, place of birth and naturalization. Fancy something more exciting and riskier than government bonds? There are a few other eligibility criteria, for example, you cannot be deemed a threat to national security and need to be of good financial standing (read, a high-net-worth individual). Source of funds is of extreme importance for example, but stating simply "personal savings" doesn’t do the job in Europe anymore. Easy to apply. Get your Spanish citizenship after ten years.Â, . Bulgarian citizenship is a life saver. You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. Bulgaria’s program actually makes up a tiny sliver of the €5 billion European investment immigration industry – just over 200 people have applied for it to date.Â, That might be because the Bulgarian government doesn’t have a website for the program, nor does it market it.Â. There is no upper limit for the Eurobonds though. : One of the most important values and principles of the European Union is the unrestricted and unconditional freedom of movement of its citizens. It is, however, expected to join both within 3-4 years. Bulgaria is enjoying the lowest tax rate in the whole EU – 10% flat on both personal and corporate profits. Once it does, you will be free to travel all over Europe visa-free when you’re a resident.Â. Bulgaria is also the birthplace of the Cyrillic alphabet, which is used in many Eastern European languages. the EU has recently eliminated visa-free access for US citizens. So, the valuable lesson here is that you should just comply with the rules that are set out and you will be able to obtain and maintain your Bulgarian passport without running into any issues. Greece. If push comes to shove and you find yourself needing to work in Bulgaria, you can legally do so as a permanent resident and a citizen. Its charming culture and balmy climates rival those of Bulgaria. Are Economic Citizenship Programs Worth the Cost? This way, you won’t need to worry about interest rates or outside financing, and your money will effectively be held in an account that’s locked for five years. Also Bulgaria was founded in 681 and is the oldest country in Europe. You only need to provide the original documents. At the moment, Bulgaria isn’t part of the Schengen, nor does it have the Euro. So, there’s a good chance that you know nothing about Bulgaria and its culture.Â, Bulgaria, or the Republic of Bulgaria if we’re keeping things official, is a state that is nestled in between the Black Sea on the east, Greece and Turkey to the south, the states of Macedonia and Serbia to the west, and Romania to the north.Â. That’s not the case with Bulgaria at the moment, although it’s widely accepted that it’s only a matter of time until Bulgaria becomes part of the Schengen area. EU citizenship. They’ll get to keep the country and its investment opportunities all to themselves. Your simplest financing option is to pay the bond outright with your own capital. If your business hinges on logistics and distribution, you’ll be glad to know that Bulgaria offers five pan-European road corridors, four major airports, as well as the seaports of Varna and Bourgas. That’s absolutely not true.Â, figure out which program best fits with your personal and financial goals.Â. In order for the application to be approved, the candidate should pass comprehensive language test, cancel (not always possible) his existing citizenship(s) and go through a number of other procedures before his application will be eventually approved. There is absolutely no residence requirement in Bulgaria. Life could be worse. Getting Bulgarian citizenship by investment is a relatively easy process. The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. If you are interested in doing business in either sphere or both, Bulgaria could be the perfect fit.Â, You could have access to the zero-tariff European Union market, which has a giant population of 500 million, plus access to the zero-tariff Turkish market with a population of 80 million.Â. The same minimum amount applies – invest €511,292 in a Bulgarian company for four or five years and you’ll be granted Bulgarian residence and eventually a passport too. 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