In order to magnetize the foreign investors and encourage business interest in Bulgaria from various foreign countries, investor program for citizenship and residence in Bulgaria was introduced by the government. Investors, who obtain residence and citizenship status in Bulgaria, can instantly become EU resident as well.
Foreign investment is always important for a country, as it helps the economy of the country to grow. Not just economic growth, foreign investment creates job opportunities for local people. The process of applying for residence and citizenship in Bulgaria by foreign investors has been made simplified so that more investors can be encouraged to invest in this country.
Investment Needed for Obtaining Bulgarian Residence
Bulgaria immigrant investment program allows foreign investors and their families to procure permanent citizenship in the country. For them, it will ensure all the benefits and rights that other citizens of the country are entitled to obtain. Now, the question is what kind of investment needs to be done to apply for Bulgarian residence? In the following section, information has been shared briefly in this regard.
Under this category, the investor should be ready to invest BGN 1,000,000 for a minimum of 5 years. The investment has to be made in fully guaranteed government bond portfolio. The investment can be continued even after 5 years. However, one cannot stop the investment before completion of 5 years. At the end of the investment period, the investor will get the total invested sum with all incurred interest on that principal investment amount. Bulgarian economy is growing consistently and the country has political as well as economical stability. This is why good interest over the investment can be expected.
The second option for the investors is to go for financed investment. The investor has to deposit a certain amount. This amount has been changed as per the government’s policy and the country’s economic performance. Since this is financed investment, the deposit has not been returned to the investor. Instead of the principal investment, the investor can get the yearly interest on the investment.
Fast Track Options:
With fast track options, investors can apply and get citizenship at a quicker time span. However, the fast track application can only be considered, when the investment amount is doubled. Nevertheless, the invested money should go to a company which is working on the country’s priority infrastructure development projects. The investment should be done for a period of at least 3 years. After getting the citizenship, the investor must continue holding the investment for at least 2 more years.
How long should you wait to get Bulgarian Citizenship?
In order to get permanent Bulgarian residence and citizenship, one needs to wait for at least 6 to 9 months. During this time, all document related formalities are required to be done. Once an application has been made, the immigration officers will scrutinize the documents. Upon verification of the authentication of the documents and agreeing on other terms as well as conditions, permanent citizenship has been granted to the investor. It is to be remembered that Bulgaria is a member of the European Union (EU). This is why attaining Bulgarian residence and citizenship makes a person default EU residence. As a citizen of Bulgaria, one can enjoy visa-free mobility throughout the European Union. However, there are some restrictions too, as per the common terms and conditions of the EU.
Easy Steps for Application
To make it simple for the investors who want residence and citizenship in Bulgaria, here is the step by step guide:
- At the first step, migration service agreement needs to be signed along with power of attorney and insurance papers.
- Now, you need to open a bank account in Bulgaria and then transfer money through wire transfer to the newly opened account.
- Apply for Visa D in your country’s Bulgarian embassy.
- Pay a visit to the Bulgarian immigration office for the application. Only a one-time visit is needed.
- Once you get permanent residency status, you can apply for Bulgarian citizenship and EU citizenship.
Reasons to Choose Bulgarian Investor Immigration Program
- Bulgaria is EU and NATO member. Getting Citizenship in this country will fetch you to get EU citizenship easily.
- Bulgaria has a stable and growing economy. Thus, investment in this country makes sense.
- Permanent residency and citizenship procurement processes are simple.