The Bulgarian legislation provides significant advantages for foreign investors in Bulgaria concerning investors’ business activities in the country and their personal status as individuals with foreign citizenship.
The Statutory Procedures for Investors in the Residency and Citizenship Program are provided by the Act for Foreigners in the Republic of Bulgaria (AFRB), as well the Regulations for its implementation and the Ordinance for the conditions and procedure for issuance of visas. This law gives the framework for entering, residing and exiting in and from the Republic of Bulgaria to the citizens of non – EU Members.
The application for the Bulgaria EU Investor Program must include the following legalized documents in English, alongside with a Bulgarian translation.
- Application for Permanent Residency and Visa D;
- Passport with applicable visa;
- Proof of paid application fees;
- Curriculum vitae of Main Applicant;
- Two photographs of the Main applicant;
- Investment Certificate issued by the Ministry of Finance for the amount of € 511,292;
- Proof of personal net worth of over € 1,000,000, if Main Applicant chooses financing option for the Investment (this is a requirement of the chartered Bulgarian Bank financing the investment of € 511,292);
- Statement of the Source of Funds;
- Power of Attorneys and Investment Agreements have to be notarized in the appropriate Bulgarian Consulate or Embassy or to be certified by a Notary;
- Proof that the applicant has no criminal record.
The statutory term for issuance of a Permanent Residence Permit is two months after submission of the documents.
Permanent Residence Permit is issued by the Migration Directorate of the Ministry of Interior. It entitles its holder to enter and exit Bulgaria freely and to reside in the country for indefinite period of time. The holder also receives a Bulgarian Identity Card, Personal Identity Number and address of residence.
Please note that all applicants for the Investor Program are subject to thorough checks by Interpol, Europol and other anti-crime organizations. A pre-requisite of the Program is that all applicants must have a crime free record and must not be subject of ongoing criminal proceedings.
Once the Permanent Residence Permit is obtained trough the foreign investment of € 511,292 as per the Bulgarian law and legislation, the foreign investor can benefit from a special exemption for physical residency requirement from the statutory 180 days per year over 5 years as per the Art 40. par.5 of the Act for Foreigners in Republic of Bulgaria (AFRB).
The foreign investor who holds a Permanent Residence permit for at least 5 years may apply for Bulgarian Citizenship according to the Act on Bulgarian Citizenship. To that effect the Foreign Investor has to, as of the date of filing the application for naturalization and as per Article 12 of the Act: be major; maintain his status of Permanent Residence, not been sentenced by a Bulgarian court for a capital offense and has not been accused in criminal proceedings for such a crime unless he has been rehabilitated.
Foreign citizen may acquire Bulgarian citizenship not subject to the provisions of Article 12 if the Republic of Bulgaria has an interest in his/her naturalization or if the person concerned has made a special contribution to the Republic of Bulgaria in social and economic spheres, or in the field of science, technology, culture or sports. Bulgarian Citizenship is granted personally by the President of the Republic by virtue of a President Decree issued on the grounds of a special wellfounded proposal of the Minister of Justice after the completion of a statutory procedure.