It has ski slopes that are as fantastic as its sandy beaches. For example, while Bulgaria’s tax burden is reasonable now, the EU could easily swoop in and raise rates or impose some form of citizenship-based taxation. Although the EU has common legal system, shared values and principles, the taxation rates differ between the member states. Here are some other articles and videos to help you: When you think of second residencies and passports, odds are you think of places like Cyprus or Dominica where you can get citizenship in a matter of months.Â. 3. Financing externally. Like all foreign investment programs, you won’t have to actually reside in Bulgaria to maintain your residence permit there. And when compared to countries like Greece or Portugal, where you can become a resident (but not a citizen) for half the price of Bulgaria, the attractiveness of Bulgaria wanes. 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. Owning Eurobonds means that the whole amount is unconditionally guaranteed by the state. We will outline below, why the "Bulgarian Citizenship by Investment" program is one of a kind and what the main advantages of holding Bulgarian passport are. The visa reciprocity is a legal mechanism aiming to achieve completely visa free travel for citizens of all (EU) Member States to every non EU country whose citizens can travel visa-free to the EU. While you can cover a lot of ground with a solid passport portfolio, it’s hard to give up one of the world’s strongest passports. It will take approximately 4-6 months to obtain residence by investment in Bulgaria. within the EU, the EEA, and Switzerland. Bulgaria generally doesn’t care much about where the money comes from – provided it’s from a legitimate source. As an additional advantage, many types of profits are completely free of tax in Bulgaria, i.e. Rather than increasing the investment to 1 024 000 EUR after one year, as with the standard fast-track option, the applicant can opt not to make any additional investment tranches in which case he will be able to apply for and obtain Bulgarian citizenship after a period of 5 years. The cost of living in Bulgaria is one of the lowest in Europe. Your dependants, their dependants and so on, they are all considered to be Bulgarian citizens as well (see Citizenship by Origin). 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? 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, you can get residence in Bulgaria and fast-track your citizenship to become a European citizen in just two years.Â, If you don’t want to pay more for the fast-track citizenship option, you can make a minimum investment ofÂ. EU citizenship grants the permission to live, work or study in any country of the European Union. Bank deposit accounts in EU are guaranteed by the state for up to a maximum of 100 000 EUR. The ultimate solution, which is now being utilized by a steadily rising number of people from around the world, is to acquire citizenship of the "right" country in order to obtain better travel rights and freedom of settlement (among other things). Cyprus: The Cypriot CIP falls the first victim of the tightened regulations introduced by the EU authorities. I have a question: I’m a British citizen and my wife-to-be is a non-EU citizen. You can also apply for a passport after five years of being a resident. 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. Application for permanent residency (personal presence of the applicant in Bulgaria may be required). While the Bulgarian residence-to-citizenship program will be a great way forward for some, other investors won’t find it to be the right fit. "Freedom is the only worthy goal in life. 25, par. A citizenship program? Commercial companies. 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. Registration in the municipality and in the register. You can, however, remain a Bulgarian resident, not apply for its citizenship and hold your bonds for as long as you deem necessary.Â. Get your Spanish citizenship after ten years.Â, . Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. Let’s talk about each of them in more detail.Â. 1 It is extremely difficult to determine the exact number of visa-free countries for any particular passport holder. Unlike Spain or Portugal, Bulgaria is not romanticized enough to garner much attention on its own, and its residence-to-citizenship process isn’t as quick or easy as Cyprus, whose citizenship process takes just two to three months. At the moment, Bulgarian passport holders enjoy visa-free travel to about 150 countries1. Our estimates show, that without the adequate initial legal support and advice, more than 85% of all applications would have been rejected by the state straight away. These are in general either exclusive properties with extremely high investment potential (including land plots) or historical (heritage) properties. This is one of the cheapest RBI programs in the EU. The Republic of Bulgaria is one of several EU Member States which offer residence by investment (RBI) and citizenship by investment (CBI) Learn more. The acquisition of Bulgarian citizenship is regulated by the Constitution of the Republic of Bulgaria, the Bulgarian Citizenship Act and the international conventions in force when the facts or events connected with the citizenship are present. “The Investment Immigration opportunities in Bulgaria are regulated by Bulgarian law: The Foreigners in the Republic of Bulgaria Act, the Bulgarian Citizenship Act, and the Investment Promotion Act.” The legal basis of investor naturalization in Bulgaria appears to be sound, but that does not a CIP make. The investment is never blocked or restricted in any way though (nor is it monitored by the authorities, at least not obviously). This option provides the opportunity to invest in virtually any financial instruments – worldwide (the Bulgarian bank only acts as custodian). You can buy the bonds at any financial institution globally; you won’t need a local bank account or anything like that. Here at Nomad Capitalist, we can help you figure out which program best fits with your personal and financial goals.Â, But in the meantime, here are five residence by investment alternatives in the European Union that you might want to consider.Â. The Permanent Residence card is valid for 5 years, or for as long as your passport is valid (if less than 5 years). Once issued, your visa is valid for six months, so make sure you travel to Bulgaria within that period. For more specific questions, we recommend getting in touch with us through the contact section from the main menu above. Citizens of the less fortunate countries suffer from discrimination and their travel rights are being violated, even suspended completely. And the cost of doing business is quite low, as Bulgaria has some of the most favorable tax rates in Europe.Â, Business aside, the country’s political and economic scenes are stable. There are many stakeholders that oppose the changes.Â. Once it does, you will be free to travel all over Europe visa-free when you’re a resident.Â. Another benefit of Bulgarian citizenship is that it passes on to your descendants – even adult children. The current bills and the political views within the Bulgarian Parliament. These rights apply to all EU persons and are one of the cornerstones of the EU. Steps of Bulgarian citizenship application process. © 2021. Its low tax rates and freedom from citizenship-based taxation means that you won’t have to pay terribly much in taxes – especially compared to other countries in the EU. There won’t be any interest accrued, however. Like Eastern Europe? Bulgarian Citizenship Process: Once residency status has been held for a period of 12 months, the immigrant investor can apply for Bulgarian citizenship, provided that the initial eligible investment of €512,000 has been doubled to €1,024,000. How come it’s a con? Read more about Portugal’s program here. Bulgaria also does not appear to be all that special at first glance.Â, In many regards, Bulgaria is distinctly middle-of-the-road. State Shares. While you get permanent residency (and all of the benefits that come with it) almost immediately, you need to wait at least two years before officially becoming a Bulgarian citizen. We believe there should be no borders or entry visa restrictions, but there are. It’s cheaper to get residence in Portugal than in Bulgaria. Guaranteed investment in government bonds and available financing option. This is a document that will be required to obtain your investor visa.Â. +1 (979)966-6623 CONTACT US SERVICESPRIVACY POLICY FAQs, Copyright 2012-21, Nomad Capitalist Limited"Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks. The Best Citizenship by Investment Programs for 2020, And even if you decide to expedite the process, it will still take, US News and World Report Quality of Life Ranking. By the Bulgarian citizenship law, in case of investment in Bulgarian shares or bonds, the positions should be held for at least 2 years after the citizenship decree has been signed. Bulgaria is enjoying the lowest tax rate in the whole EU – 10% flat on both personal and corporate profits. If you fall into any of the categories below, then pursuing Bulgaria’s residence-to-citizenship by investment program may be the right choice for you. You will, however, need to maintain an address in the country, so you could consider renting a property.Â. According to Art. Your citizenship is unconditional and for a lifetime. 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. The biggest perk of a European residence is being able to travel all over Europe visa-free. Bulgarian citizenship can be the best of both worlds in some ways, but it can also be the worst of both worlds in others.Â. As Bulgarian citizen, within the EU and most other European countries (ie Switzerland), you don’t even need carrying your passport. With its rich history, proud culture, and stunning scenery, planting a flag in Bulgaria can be quite worthwhile if you’re willing to go through the process.Â, Bulgaria straddles the tenuous border between Eastern and Western Europe.Â. There is no Schengen access. Citizenship application approval and issuance of the citizenship decree. The option may look like the ultimate choice, because of its widest investment choices, but if we apply the wisdom of the saying "When in Rome, do as the Romans do", then why not choose the Bulgarian shares or bonds instead of investing in something that you may find everywhere. Once the second investment tranche has been effected, the process enters its final stage. You only need to provide the original documents. There are two options. The biggest perk of a European residence is being able to travel all over Europe visa-free. For many years now, the Bulgarian Citizenship by Investment program has been definitely the most favorable EU CBI program of … There is confusion in the investment immigration world as to what Bulgaria’s program really is. In the EU itself, Bulgaria’s fast-track citizenship program is not the only one. This makes it an attractive option if you’re looking to permanently leave the US or want to expand your children’s educational opportunities as an emerging world citizen. 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. It is, however, expected to join both within 3-4 years. However, what sets Spain apart is its large economy and worldwide status. You will hold this citizenship for life, unless you fail to hold up your end of the deal and it gets revoked. Well, the benefits of EU citizenship are certainly immense, but they come at a price. Hong Kong: "EU Citizenship by Investment" - lecture by our lawyer at the annual gathering on March 18th 2018. ID card is sufficient to cross any order via the express "EU only" gates (available at all EU airports). Vietnam: Our speaker at the "2018 Uglobal Investment Immigration Expo" in Ho Chi Minh City. Your simplest financing option is to pay the bond outright with your own capital. Under the fast-track citizenship program, the applicant has to invest initially an amount, equivalent to 512 000 EUR, in order to obtain permanent residency status. No language test for residence or citizenship. Bulgarian Citizenship by Investment – updates 2020 Amendments to the existing “Law for the Bulgarian citizenship”. 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. - Epictetus Have you have ever felt like being deprived of one of the most basic human rights - the right of free movement, travel and settlement? There is no way to obtain your residence permit without visiting Bulgaria at least once. Achieving all that would be at least feasible, if the western countries were issuing easily residency permits (in order to start the counting clock for the required residency term). Then you shouldn’t delay.Â, Bulgaria could prove to be the smartest decision that you’ll ever make – obtaining European citizenship for a rather low price in a country that’s soon going to be part of the Schengen and the Eurozone.Â. Unlike people from the US, Canada, or Australia who already have top-tier passports, emerging world citizens may not find much value in pursuing a second passport in somewhere like, 3. Bulgarian Citizenship by Investment. There are two options. Since it’s somewhat akin to a call option on a stock, you can invest the minimum amount up-front and then wait to see if paying the extra 1 million Lev is worth your while. There are three pieces of Bulgarian legislation that outline the country’s unique residence-to-citizenship by investment program: the Foreigners in the Republic of Bulgaria Act, the Bulgarian Citizenship Act, and the Investment Promotion Act. And those who do know wish that it would stay this way. However, what sets Spain apart is its large economy and worldwide status. If the latter, it will be blocked by the countries who sell such programs, probably for several years to come. No other residence or citizenship program offers the opportunity to invest in intellectual property, but Bulgaria does.Â, Needless to say, Bulgaria has many highly educated and skilled professionals looking to make a living.Â, So, if you want to buy patents, copyrighted objects, inventions, models, trademarks, or other types of intellectual property, you could fast-track yourself to European citizenship at the same time.Â, A minimum investment of €511,292 is required.Â. In other words, the law foresees that the citizenship can be obtained in only 12 months from start to end. Because you must travel to Bulgaria to obtain your residence permit, you will first need to get a travel visa to begin the application process. Then the stocks or shares of a company listed on the Sofia Stock Exchange might be just the ticket. Nor will there be any medical exams or in-person interviews.Â, . The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. You only have to visit the country once when you’re applying for residence. Bulgaria has set out four investment options when it comes to its residence-to-citizenship program. Germany, France, etc.) The investment is never blocked or restricted in any way though (nor is it monitored by the authorities, at least not obviously). Possess a valid passport or another foreign travel document. Get your Spanish citizenship after ten years.Â. It’s imminent that Bulgaria joins the Schengen area. The Bulgarian Citizenship by Investment Program offers straightforward routes to acquiring European Citizenship for the entire family with freedoms to live, work and study in any of the 28 EU member states. At just €350,000, you could become a legal resident of this country that will gladly see you invest in its real estate. Account opening with the selected Bulgarian bank. From the available investment options, the most widely used is the investment in Eurobonds (Sovereigns). So can your dependants. I will explain what citizenship by investment is in a bit, but before then, I would love to explain the concept of having a second passport first. In fact, Bulgaria offers favorable tax rates for both individuals and businesses – a flat 10% corporate tax rate, anyone? At the same time, you will also be issued with a personal tax number. The Bulgaria citizenship by investment program was created by the Bulgarian Government to encourage foreign investments by offering special incentives to investors from non-EEA countries. And even though Bulgaria does offer a quick and cheap way to obtain European citizenship, the obscurity of this program has put a dent in its reputation. It’s not a highly desirable place to live. As it is now, the Bulgarian CIP is simply a gift. . The same minimum amount applies – invest. 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