FAQs about Bulgaria’s Citizenship by Investment Program

We wish to provide all interested investors with the relevant information so that they can rest assured that choosing Bulgaria’s Citizenship by Investment Program will be the best option.

The following is a recopilation of our clients’ frequently asked questions.

For more information, please contact us at sofia@newbalkanslawoffice.com or by our Contact Form.

Frequently Asked Questions:

 

General Questions

  • Who can apply for the Immigrant Investor Programme in Bulgaria?
    Any foreign citizen of legal age and with a clean criminal record who is not considered a threat to national security and can invest a minimum of 1,000,000 BGN, thus making him or her eligible to apply for Bulgarian citizenship.
     
  • Am I required to be able to speak Bulgarian?
    No. Speaking Bulgarian is not required.
     
  • What’s the difference between the Standard Track Application and the Fast Track Application?
    On the Standard Track, the applicant can acquire permanent residence after making the investment, and would hold the investment for a period of 5 years. At the end of the 5 years the applicant can apply for citizenship. On the Fast Track, the applicant can make an additional investment of 1,000,000 BGN (approximately 511,000 EUR) one year after the initial investment and he/she is immediately eligible to apply for citizenship.
     
  • Can my spouse and children obtain citizenship as well?
    Spouses and children of the applicant are eligible to acquire permanent residence. Though, they will not be granted citizenship at the same time as the applicant.
     
  • Do I ever have to travel to Bulgaria?
    Yes, but only for 2 times.
    The applicant will have to travel only to apply for his Permanent Residence Permit, and later to apply and obtain his ID card, which can be done in a short trip of 4 business days to apply and obtain it 3 days later.
    The applicant can apply for citizenship at a consulate abroad.
     
  • Am I required to have previous business management experience?
    No. No previous business management experience is required.
     
  • Are there any minimum educational requirements?
    No. There is no minimum educational requirement.
     
  • Are any job creation requirements like for the US EB-5 Investment Programme?
    No. There is no requirement for job creation, like the US EB-5 Investment Programme.
     

About the Investment

  • What’s the minimum investment amount?
    The minimum investment size is relatively low - 1,000,000 BGN (approximately 511,000 EUR).
     
  • What kind of investment profiles are there?
    There are a number of different qualifying investments, including but not limited to: government bonds, shares of a corporation admitted to trading on the Sofia stock exchange, investments in the capital of unquoted companies (a higher threshold applies).
     
  • What is the safest investment profile?
    Government bonds are usually seen as a low-risk safe investment.
     
  • Can the investment be financed by borrowing?
    Yes. The investment can be financed by borrowing. However, evidence of source of funds might be required.
     
  • How long do I have to wait for the investment verification?
    The investment verification usually takes 10 working days.
     

About the Process

  • How long will it take me to obtain Bulgarian citizenship?
    Depending on the track chosen the time varies. The Standard Track qualifies an applicant for naturalization after 5 years. The Fast Track qualifies an applicant for naturalization within 6 months after the first year of investing.
     
  • What's the difference between the Standard Track Application and the Fast Track Application?
    On the Standard Track, the applicant can acquire permanent residence after making the investment, and would hold the investment for a period of 5 years. At the end of the 5 years the applicant can apply for citizenship. On the Fast Track, the applicant can make an additional investment of 1,000,000 BGN (approximately 511,000 EUR) one year after the initial investment and he/she is immediately eligible to apply for citizenship.
     
  • When do I have to enter the country after obtaining the visa?
    The validity of the visa is 6 months after the date of issue. The applicant can enter the country when he or she wishes within this 6 months.
     
  • How long is the permanent residence permit valid for?
    The permanent residence permit is valid for the same duration as the applicant's passport.
     
  • How long is the permanent residence permit valid for?
    The permanent residence permit is valid for the same duration as the applicant's passport.
     
  • Should I apply for a permanent residence permit, ID card and citizenship in Bulgaria or at a Bulgarian diplomatic mission abroad?
    The applicant must apply for a permanent residence permit and ID card in Bulgaria. If eligible, the investor can apply for citizenship in Bulgaria or at a Bulgarian consulate abroad.
     
  • After obtaining a permanent residence permit, do I have to reside in Bulgaria for the whole process?
    No. Applicants are not required to be in Bulgaria during the whole process. However, when applying for a permanent residence permit and ID card the investor is required to be present in Bulgaria.
     
  • What kind of documents do I have to prepare?
    There are a number of documents that have to be prepared and legalized including, but not limited to, criminal record certificate, marriage license, proof of funds, etc.
     
  • Are there any additional legal fees or application fees?
    Standard application fees include visa fees (approximately 130 EUR), residence permit and ID card application fees (approximately 650 EUR), legalisation fees, etc.
     
  • How long do I have to wait for my citizenship application to be approved?
    The citizenship application is usually approved within a period of 6 months, but additional background checks and due diligence can lengthen the process a bit.
     


For more information, please contact us at sofia@newbalkanslawoffice.com or by our Contact Form.



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Joint venture structuring advice for Gama Enerji

NBLO provided joint venture structuring advice to Gama Enerji A.S., the energy investment subsidiary of GE operating in Turkey, Ireland and the Middle East in connection with a contemplated solar photovoltaic investment in Bulgaria.

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