Bulgaria's citizenship programme is an accessible, transparent and respectable gateway into the European economy, society and way of life.
The minimum investment needed to qualify for citizenship is low, at BGN 1,000,000 (~ €512,000, or USD $ 630,000).
Applicants may finance this by borrowing. (Lower sums yet are required if the objective is long-term residence only. We cover this in a separate note dealing with Bulgarian residence by investment).
Unlike other programmes, applicants are required to invest rather than pay into a government fund or make a donation, allowing the future citizen the possibility of profit, as well as of a contribution to the Bulgarian economy.
A further advantage of the Bulgarian citizenship by investment programme is the wide range of qualifying investment classes. This approach is progressive as it avoids potential economic distortion. Unlike the Golden Visa programmes of Spain and Portugal for example, investment is not limited to real estate. Nor is the programme prescriptive as to the number of jobs to be created, as the U.S.’s EB 5 is.
A fast-track process allows acquiring citizenship within approximately 18 months from investing.
Under the Fast Track, the investment made must be maintained for two years following the date on which the applicant takes citizenship, as well as throughout the qualifying period.
An investor on the Bulgarian programme may make a wide range of investments, including:
In practice, the multiple eligible investment classes accommodate many investment styles and objectives. We will be pleased to discuss with you (and/or your financial advisors) your plans, and their eligibility under the programme.
Most of our existing clients have chosen government bonds, which are seen as low-risk but we are able to support our clients with their own preferred investment strategy or strategies.
On the Standard Track, an applicant would become a permanent resident on completing the qualifying investment. After holding a qualifying investment for 5 years, on further application, such a resident would qualify for naturalization.
On the Fast Track, if an investor (broadly) doubled their investment at any time after the first year from investing, they become eligible for citizenship within a further 6 months, rather than having to wait for the 5-year period to run out.
The most significant of these are:
New Balkans Law Office regularly advises on the requirements of the Bulgarian citizenship by investment programme and acts for applicants in all aspects of the process. See below for our experience and how to contact us.
Close family members of the investor are eligible to acquire permanent residence and obtain Bulgarian citizenship in several ways. The main applicant’s spouse and unmarried children under 18 are eligible to become permanent residents after the main applicant is granted resident status.
A main applicant’s spouse is only eligible if the spouses have been married for no less than 5 years at the time of application for citizenship.
Adult children of an investor are not eligible for permanent residence, but they are eligible for citizenship in their own right immediately after the investor themselves obtains citizenship.
NBLO is in a position to advise on the eligibility of an investor’s investment plans (although we cannot provide investment advice as such), to assist in the sourcing, clarification and preparation of supporting documents, to liaise with the relevant government bodies, to assist at each step, including by completing many of the steps on behalf of the applicant, to put together the applications and submit and represent, among others.
As a law firm with a strong and rich practice in immigration and nationality law, NBLO deals extensively with applications for citizenship both involving investment, and not.
Since our members are regulated lawyers, we adhere to the highest standards of professionalism and probity. This includes our duties under the European Union's anti-money laundering and counter-terrorism financing legislation. This serves to assure our clients that our other clients have passed suitable checks and are worthy associates.
Our work with both private clients and businesses in other areas of law helps us provide a high-quality and seamless service: we are able to draw on our extensive knowledge and experience from other areas ranging from personal taxation to company law (relevant to the realization of investment plans and the assessment of their eligibility under the programme), from family law (relevant to the citizenship applications by family members of the main applicant) to real estate and fund management law (relevant where an applicant has chosen to invest in either of these classes).
For more information about the program and to start the process of obtaining citizenship, please Contact Us
Sale of licences for EMMIS Communication
NBLO provides a multitude of legal services to USA media company EMMIS Communications which has several operations in the radio broadcasting, television broadcasting and magazine publishing markets. Specifically in Bulgaria, the company currently runs one of the largest radio station networks which includes such popular stations as FM Plus, Fresh FM, and Star FM. NBLO has fostered a close relationship with the company. NBLO handled all legal matters arising from the sale of their various licences and continues to provide commercial advice in this area as well as general corporate law advice on their Bulgarian operations.
© New Balkans Law Office 2018